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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November 11, 2022
Economic activity grew 1.7% in September (August: +4.4%).
November 7, 2022
Inflation fell to 9.0% in October, following September’s 10.4%.
October 31, 2022
Preliminary data shows that GDP growth lost momentum in Q3, falling to 2.4% year on year from 6.1% in the second quarter.
October 26, 2022
At its 26 October meeting, the Central Bank of Costa Rica (BCCR) raised rates by 50 basis points, bringing the policy rate to 9.00%.
October 7, 2022
Inflation came in at 10.4% in September, down from August’s 12.1%.