Costa Rica Economic Activity June 2022

Costa Rica

Costa Rica: Economic activity growth drops to over one-year low in June

August 11, 2022

Economic activity increased 3.6% terms in June, which was a deterioration from May's 4.0% increase. The figure marked the worst reading since February 2021. The deceleration was chiefly driven by deeper contractions in the agriculture and construction sectors.

Economic activity likely continued be impacted in June by supply chain disruptions, rising inflation and an aggressive cyber-attack which affected both the public and the private sector and was declared a national emergency. As such, in month-on-month terms, economic activity contracted 0.3% in June.

Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 9.3% in June, down from May's 9.9%.

FocusEconomics panelists see the economy expanding 3.6% in 2022, which is unchanged from last month’s forecast, and 3.0% in 2023.


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