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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| 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 %) | 1.4 | 4.9 | -0.4 | 0.3 | 3.1 |
| 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
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 597.3 | -0.57 % | Dec 12 |
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Costa Rica Economic News
Costa Rica: Inflation accelerates in November
December 7, 2018
Consumer prices rose 0.42% in November compared to the previous month, up from the 0.37% increase in October.
Costa Rica: Economic activity growth slows in September
November 9, 2018
Annual working-day adjusted growth in economic activity slowed to 2.5% in September from 2.8% in August.
Costa Rica: Inflation ticks down in October
November 7, 2018
Consumer prices rose 0.37% in October compared to the previous month, up from the 0.22% increase in September.
Costa Rica: Economic activity growth creeps up in August
October 11, 2018
In August, annual growth in economic activity inched up to 3.8% from 3.7% in July.
Costa Rica: Inflation is steady in September
October 5, 2018
Consumer prices rose 0.22% in September compared to the previous month, marking a contrast with the 0.07% fall logged in August.
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