Costa Rica Economic Activity

Costa Rica

Economic activity decelerates further in January

In January, economic activity increased 3.1% over the same month last year according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was below the 3.3% expansion recorded in December. In January, seven of the twelve components of the index registered improvements, with other business services and construction recording the largest rates of expansion. Manufacturing, however, decelerated for the fourth consecutive month thus holding back an overall improvement in the index. Compared to the previous month, economic activity rose 0.01% in seasonally-adjusted terms, marking a slightly higher reading than the 0.05% contraction recorded in December. Meanwhile, annual average growth in economic activity remained at December's 3.5%. According to the latest revision of the Macroeconomic Programme 2014-2015, the Central Bank expects the economy to have expanded 3.5% in 2013 and projects a 3.8% expansion in 2014. FocusEconomics Consensus Forecast panelists see growth at 3.9% this year, which is up 0.1 percentage points from last month's projection. For 2015, participants see economic growth at 4.1%.

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity January 2014

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: Costa Rica Central Bank (BCCR) and FocusEconomics calculations.

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