Costa Rica Economic Activity August 2021

Costa Rica

Costa Rica: Economic activity grows for sixth consecutive month in August

October 11, 2021

The economic rebound waned marginally in August, with activity rising 11.6% in annual terms, following July’s 11.7% increase which had marked the strongest growth in 29 years. Despite a low base effect buttressing the overall result, it still hinted at strong underlying momentum nonetheless.

August’s result was mainly due to a slowdown in both the agriculture, manufacturing, and information and communication sectors. That said, the construction sector expanded at a markedly faster pace in the same period. Overall, growth remained robust, with nearly all sectors registering similar growth rates to the previous month.

Meanwhile, on a calendar-adjusted monthly basis, economic activity moderated in August, growing 0.6% (July: +0.9% mom) and marking the lowest reading in over a year. Meanwhile, the trend improved notably, with the annual average variation of economic activity coming in at plus 1.9% in August, accelerating from July’s 0.4% reading.

FocusEconomics Consensus Forecast panelists project the economy to expand 3.9% in 2021, which is unchanged from last month’s forecast. In 2022, panelists forecast the economy to grow 3.4%.

Author:, Junior Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity August 2021 3

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

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