Costa Rica Economic Outlook
November 9, 2021
After GDP grew at the fastest rate in 23 years in Q2, high-frequency indicators hint at a continued recovery though the third quarter. Economic activity grew at a strong pace in July–August, gaining steam from Q2’s average amid a surge in the construction sector. Moreover, both merchandise exports and imports grew at faster rates on average in July–September compared to Q2. Turning to Q4, thanks to a swift vaccination campaign and a dramatic fall in the number of new Covid-19 cases, authorities recently opted to ease mobility-related restrictions from 1 November and business-related restrictions from 1 December. Among the most important changes, businesses that require proof of vaccination may begin to operate at full capacity. Regardless, starting from 8 January 2022, all firms must require vaccine certificates.Costa Rica Economic Growth
In 2022, GDP is expected to grow at a healthy albeit more moderate pace as the base effect subsides and activity returns somewhat to normal. Fixed investment is projected to expand at a robust rate, spearheading overall growth. Risks to the outlook persist due to lingering uncertainty over the evolution of the pandemic and the spread of new Covid-19 variants. FocusEconomics panelists see GDP expanding 3.4% in 2022, which unchanged from last month’s forecast, and 3.0% in 2023.Costa Rica Economy Data
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Costa Rica Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 571.0 | -0.57 % | Jan 01 |
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Costa Rica Economic News
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Costa Rica: Inflation increases in October
November 5, 2021
Consumer prices rose 0.49% in October over the previous month, moderating from September's 0.63% rise.
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Costa Rica: Central Bank keeps policy rate unchanged in October
October 26, 2021
At its meeting held on 25 October, the Central Bank of Costa Rica (BCCR) kept the monetary policy rate unchanged at its record low of 0.75%—where it has been since June 2020.
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Costa Rica: Economic activity grows for sixth consecutive month in August
October 11, 2021
The economic rebound waned marginally in August, with activity rising 11.6% in annual terms, following July’s 11.7% increase which had marked the strongest growth in 29 years.
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Costa Rica: GDP growth accelerates to over 23-year high in Q2, partly on favorable base effect
September 30, 2021
GDP rebounded at the quickest pace in over 23 years in the second quarter of 2021 (Q2: +9.4% yoy; Q1: -2.1% yoy), according to rebased national accounts data, with the new base year referring to 2017 prices.
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Costa Rica: Central Bank stands pat in September
September 15, 2021
At its 15 September meeting, the Central Bank of Costa Rica kept the monetary policy rate unchanged at its record low of 0.75%—where it has been for over a year.
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