Costa Rica Economic Activity July 2016

Costa Rica

Growth in economic activity decelerates slightly in July

In July, economic activity slowed down slightly to a 5.1% increase over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). July’s figure came in below the revised 5.2% increase recorded in June (previously reported: +4.9% year-on-year). In July, the strongest improvements were recorded in the services sector, with the financial sector making the most significant contribution to growth. Moreover, the manufacturing and agricultural sectors picked up in July.

Compared to the previous month, economic activity expanded 0.37% in July, which came in slightly above the revised 0.36% increase recorded in June (previously reported: + 0.27% month-on-month). Meanwhile, the overall trend improved as annual average growth in economic activity rose from 3.9% in June to 4.2% in July.

According to the Central Bank’s revised 2016–2017 Macroeconomic Program, the Bank projects economic growth of 4.2% in 2016 and of 4.3% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.9% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, participants also see GDP growing 3.9%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity July 2016 0

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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