This paper opens by examining the recent record of economic growth in Puerto Rico, changes in structure of output and employment and the gross flows to and from the Island—in both financial and human terms. We then review the record of personal consumption expenditures in Puerto Rico through time series of national accounts and a comparison of budget studies administered in 1941, 1953 and 1963. The 1963 survey is analyzed in more detail using multivariate functions and many socioeconomic and demographic variables. The results are then compared with other developing countries. Finally, the distribution of consumption is examined by income class to trace the class-character of the import leakage.