GDP in Costa Rica
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
|Economic Growth (GDP, annual variation in %)||4.3||4.7||2.1||3.0||3.8|
5 years of economic forecasts for more than 30 economic indicators.
Costa Rica GDP Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
|Exchange Rate||590.2||1.24 %||May 24|
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May 12, 2017
Economic activity in Costa Rica increased 3.6% year-on-year in March, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) calculated by the Central Bank of Costa Rica (BCCR), coming in below February’s revised 3.7% rise (previously reported: +3.9% year-on-year).
May 8, 2017
Consumer prices rebounded in April and rose 0.15% month-on-month, contrasting March’s 0.42% decline.
April 11, 2017
In February, economic activity in Costa Rica increased 3.9% from the same month a year earlier, according to the monthly index of economic activity (IMAE, Incide Mensual de Actividad Económica) calculated by the Central Bank of Costa Rica (BCCR), coming in well below January’s revised 4.6% rise (previously reported: +3.8% year-on-year).
April 7, 2017
Consumer prices fell 0.42% month-on-month in March, contrasting February’s 0.40% rise and marking the first monthly drop since October.
March 31, 2017
According to data released by the Central Bank on 31 March, the economy ended last year on a high note.