Puerto Rico is officially known as the Commonwealth of Puerto Rico. It is a Caribbean island founded by Spanish colonists. The capital is San Juan. Puerto Rico is an unincorporated U.S. territory. Spanish is spoken by the majority of the population and is the leading language of business, education and everyday life on the island. English is also an official language in the country, but only 10% of the population speaks English. Puerto Rico has been classified as a developed territory with an improved high-income economy. Its economy is based on manufacturing and services, including tourism.