GDP in Costa Rica

Costa Rica GDP | Economic News & Forecasts

Costa Rica - GDP

Growth accelerates in Q4 on improved investment

According to data released by the Central Bank on 31 March, the economy ended last year on a high note. In the fourth quarter of 2016, GDP grew by 4.3% over the same quarter a year earlier, beating analysts’ projections of a 3.7% expansion. The reading marked an acceleration from Q3’s revised 3.4% expansion (previously reported: +4.4% year-on-year), and was driven by a notable improvement in fixed investment.

In Q4, total consumption moderated from Q3’s 3.8% increase to a slower 3.6% expansion. The greatest improvement was noted in fixed investment, which declined at a more moderate 0.4% pace (Q3: -3.2% yoy). Moreover, private consumption growth remained broadly stable at 3.8%, in line with Q3’s reading, while government spending growth slowed to 2.9% (Q3: +3.6% yoy).

The strong result also came largely on the back of a dynamic external sector. While exports growth remained robust, clocking in at 9.4% (Q3: +10.0% year-on-year), it was a drop in imports growth (Q4: +5.1% yoy; Q3: +3.3% yoy) that held the external sector’s overall contribution to economic growth steady. Net exports growth contributed 0.2 percentage points to GDP.

The BCCR expects economic growth to reach 4.1% in both 2017 and 2018. FocusEconomics Consensus Forecast panelists expect GDP to grow 4.0% in 2017, which is unchanged from last month’s projection. In 2018, our panelists see GDP growth edging down to 3.9%.

Costa Rica - GDP Data

2011  2012  2013  2014  2015  
Economic Growth (GDP, annual variation in %)4.3  4.7  2.1  3.0  3.8  

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Costa Rica GDP Chart


Costa Rica GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Costa Rica Central Bank and FocusEconomics calculations.

Costa Rica Facts

ValueChangeDate
Exchange Rate590.21.24 %May 24

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