Current Account in Costa Rica
Costa Rica - Current AccountGrowth in Q1 2022 likely slowed from 2021’s rally. Economic activity contracted in every month of Q1 2022 in seasonally-adjusted month-on-month terms due to rising inflation, interest rate hikes and the country’s worst Covid-19 wave to date. This trend should be lasting in Q2: The positive impact of rising commodity prices on the key exports sector is likely being outweighed by scorching inflation, steeper production costs and even tighter monetary policy. Still, a rebound in tourism and a region-leading vaccination scheme will be supporting activity. On 9 May, President Chaves declared a state of emergency after a Russia-based group of cyber attackers struck key government institutions, including the Ministry of Finance. The attacks have likely led to several million dollars in lost output already. In the longer term, the risk of future breaches may deter foreign investment and trade.
Costa Rica - Current Account Data
|Current Account (% of GDP)||-3.5||-2.2||-3.4||-3.3||-2.5|
5 years of economic forecasts for more than 30 economic indicators.
Costa Rica Current Account Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
|Exchange Rate||571.0||-0.57 %||Jan 01|
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June 10, 2022
Economic activity increased 5.0% in April (March: +8.7%).
June 8, 2022
Consumer prices rose 1.44% from the previous month in May, moderating from the 1.58% increase seen in April.
April 27, 2022
At its 27 April meeting, the Central Bank of Costa Rica (BCCR) raised the monetary policy rate by 150 basis points to 4.00%, marking the fourth consecutive hike since December 2021. The decision came amid the highest inflation figure since November 2014 in March and thus went further above the upper bound of the Bank’s 2.0–4.0% target band.
April 7, 2022
Consumer prices increased 0.88% in March over the previous month, following the 1.09% rise seen in February.
March 31, 2022
GDP growth moderated to 9.2% year-on-year in the fourth quarter, from 12.6% in the third quarter.