External Debt in Costa Rica
Costa Rica - External Debt
Growth 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 - External Debt Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| External Debt (% of GDP) | 43.1 | 44.7 | 46.4 | 47.9 | 49.7 |
Costa Rica External Debt Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 571.0 | -0.57 % | Jan 01 |
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Economic News
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Costa Rica: Economic activity records weakest reading since February 2021 in April
June 10, 2022
Economic activity increased 5.0% in April (March: +8.7%).
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Costa Rica: Inflation comes in at highest level since May 2009 in May
June 8, 2022
Consumer prices rose 1.44% from the previous month in May, moderating from the 1.58% increase seen in April.
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Costa Rica: Central Bank carries out fourth consecutive rate hike at April meeting
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.
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Costa Rica: Inflation comes in at highest level since November 2014 in March
April 7, 2022
Consumer prices increased 0.88% in March over the previous month, following the 1.09% rise seen in February.
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Costa Rica: Q4 GDP records softest reading since Q1 2021
March 31, 2022
GDP growth moderated to 9.2% year-on-year in the fourth quarter, from 12.6% in the third quarter.
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