Costa Rica Economic Activity January 2022

Costa Rica

Costa Rica: Economic activity expands at 10 month-low in January

March 14, 2022

Economic activity continued to lose steam in January, after growing 9.0% in annual terms (December: +9.5% yoy) and marking the lowest outturn in 10 months. January’s figure was due to a broad-based slowdown across a number of sectors: Agriculture, forestry and fishing, mining, transportation and manufacturing all lost pace compared to the previous month. That said, faster growth in the construction sector bolstered activity.

On a monthly basis, economic activity grew 0.4% in calendar-adjusted terms in January, following December’s 0.5% increase. Meanwhile, the trend improved, with the annual average growth of economic activity coming in at plus 9.1%, up from the previous month’s 8.1% reading.

FocusEconomics Consensus Forecast panelists project the economy to expand 5.7% in 2022, which is up 0.5 percentage points from last month’s forecast. In 2023, panelists forecast the economy to grow 3.6%.

Author:, Junior Economist

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