Costa Rica Economic Activity July 2022

Costa Rica

Costa Rica: Economic activity records slowest growth since February 2021 in July

September 7, 2022

Economic activity increased 0.5% in annual terms in July, which was a deterioration from June's 4.1% increase. July's result marked the worst reading since February 2021. The notable deterioration was primarily driven by contractions in the manufacturing and construction sectors. Meanwhile, the agriculture, forestry and fishing sector declined at a more moderate rate, while retail trade growth lost steam.

Rising interest rates, double-digit inflation and the negative consequences of the cyber-attack continued to impact activity in July. However, reviving tourism likely boosted activity.

In month-on-month terms, economic activity expanded 0.7% in July. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 8.0%, down from June's 9.4%.

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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Costa Rica Economic Activity Chart

Costa Rica Economic Activity July 2022

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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