GAO GAO-18-160: U.S. Territories: Public Debt Outlook
U.S. TERRITORIES Public Debt Outlook Report to Congressional Committees October 2017 GAO-18-160 United States Government Accountability Office United States Government Accountability Office Highlights of GAO-18-160, a report to Congressional Committees October 2017 U.S. TERRITORIES Public Debt Outlook What GAO Found Puerto Rico: Between fiscal years 2005 and 2014, the latest figures available, Puerto Rico’s total public debt outstanding (public debt) grew from $39.2 billion to $67.8 billion, reaching 66 percent of Gross Domestic Product (GDP). Despite some revenue growth, Puerto Rico’s net position was negative and declining during the period, reflecting its deteriorating financial position. Experts pointed to several factors as contributing to Puerto Rico’s high debt levels, and in September 2016 Puerto Rico missed up to $1.5 billion in debt payments. The outcome of the ongoing debt restructuring process will determine future debt repayment. …
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