Costa Rica Economic Forecast

Costa Rica Economic Outlook

December 4, 2018

The economy appeared to lose its footing in the third quarter, after the second quarter’s year-on-year acceleration. According to the Central Bank’s monthly index, economic activity decelerated in the third quarter compared to the previous quarter, likely linked in part to large-scale protests. Meanwhile, union strikes against the landmark fiscal reform bill, which have been ongoing since September, have diminished in recent weeks. The bill, which includes changes to Costa Rica’s tax structures and limits on government spending, was deemed legally acceptable on 23 November by the constitutional branch of the Supreme Court, passed a final vote in the Legislative Assembly on 3 December, and was signed off by the president on the same day. The bill was considered as urgent given Costa Rica’s deteriorating fiscal position. The Central Bank recently said that the new measures would reduce the deficit and allow the government to stabilize its debt accumulation.

Costa Rica Economic Growth

The economy should be supported next year by stronger export growth, a steady increase in household consumption and a more certain fiscal outlook. However, the effects of fiscal consolidation and tighter monetary conditions are likely to limit growth, while instability in neighboring Nicaragua poses a risk. FocusEconomics Consensus Forecast panelists expect GDP to grow 3.0% in 2019, which is down 0.1 percentage points from last month’s forecast, and 3.2% in 2020.

Costa Rica Economy Data

20132014201520162017
Population (million)-  -  -  -  -  
GDP per capita (USD)-  -  -  -  -  
GDP (USD bn)-  -  -  -  -  
Economic Growth (GDP, annual variation in %)-  -  -  -  -  
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)-  -  -  -  -  
Unemployment Rate-  -  -  -  -  
Fiscal Balance (% of GDP)-  -  -  -  -  
Public Debt (% of GDP)-  -  -  -  -  
Money (annual variation in %)-  -  -  -  -  
Inflation Rate (CPI, annual variation in %, eop)-  -  -  -  -  
Inflation Rate (CPI, annual variation in %)-  -  -  -  -  
Inflation (PPI, annual variation in %)1.44.9-0.40.33.1
Benchmark Interest Rate (%)-  -  -  -  -  
Exchange Rate (vs USD)-  -  -  -  -  
Exchange Rate (vs USD, aop)-  -  -  -  -  
Current Account (% of GDP)-  -  -  -  -  
Current Account Balance (USD bn)-  -  -  -  -  
Trade Balance (USD billion)-  -  -  -  -  
Exports (USD billion)-  -  -  -  -  
Imports (USD billion)-  -  -  -  -  
Exports (annual variation in %)-  -  -  -  -  
Imports (annual variation in %)-  -  -  -  -  
International Reserves (USD)-  -  -  -  -  
External Debt (% of GDP)-  -  -  -  -  

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Costa Rica Facts

ValueChangeDate
Exchange Rate597.3-0.57 %Dec 12

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