Costa Rica Economic Outlook
September 14, 2021
After GDP contracted at a softer pace in Q1, leading indicators point to a continued recovery in Q2. Economic activity improved through April–June, although this was partly due to a low base effect as the corresponding period in 2020 saw a sharp pandemic-induced contraction in activity. Moreover, a lower unemployment rate in the quarter likely bolstered spending, while faster growth on average in both merchandise imports and exports suggests improving demand dynamics in the period. Meanwhile, after receiving a sizable vaccine donation from the U.S. in mid-July, the country’s inoculation efforts have advanced at a rapid pace: In just over a month, the amount of people with at least one Covid-19 vaccine dose went from nearly 35% in mid-July to around 60% in early September. Moreover, authorities further eased restrictions on the services sector and personal mobility from 1 September.Costa Rica Economic Growth
A broad-based rebound in activity should help the economy bounce back to growth in 2021. A tighter labor market should support household spending, while the external sector will likely benefit from easing restrictions. Nevertheless, risks to the outlook persist due to lingering uncertainty over the evolution of the pandemic and the spread of new Covid-19 variants. FocusEconomics panelists see GDP expanding 3.9% in 2021, which is up 0.6 percentage points from last month’s forecast, and 3.3% in 2022.Costa Rica Economy Data
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Costa Rica Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 571.0 | -0.57 % | Jan 01 |
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Costa Rica Economic News
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Costa Rica: Economic activity grows at quickest pace in over 14 years in June
September 10, 2021
The economy gained further momentum in June, with economic activity rising 8.1% in annual terms, following May's 8.0% increase and marking the strongest growth since April 2007.
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Costa Rica: Inflation picks up in August
September 9, 2021
Consumer prices increased 0.28% in August over the previous month, contrasting the 0.21% fall seen in July.
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Costa Rica: Inflation drops in July
August 13, 2021
Consumer prices dropped 0.21% in July over the previous month, contrasting the 0.54% increase recorded in June.
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Costa Rica: Central Bank keeps rate unchanged in July
July 21, 2021
At its 21 July meeting, the Central Bank of Costa Rica once again decided to hold fire, keeping the monetary policy rate unchanged at its record low of 0.75%—where it has been since 17 June 2020.
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Costa Rica: Economic activity growth gains further traction in May
July 12, 2021
The economy continued to gain traction in May, with economic activity growth accelerating to 7.9% in annual terms (April: +7.3% yoy), and marking the best result in over a decade.
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