Costa Rica Economic Outlook
July 14, 2020
The economy will have contracted sharply in the Q2 due to lockdown restrictions introduced in March, after almost grinding to a halt in Q1. Economic activity plummeted in April and May according to Central Bank data. Moreover, merchandise exports fell in April–May by around 15% in annual terms, as global demand dried up. Meanwhile, although government spending was broadly stable in January–April compared to the same period last year, this was due to an increase in debt payments masking a drop in capital spending; revenue also slipped, resulting in a slightly higher fiscal deficit. More positively, the government has been relaxing coronavirus restrictions since 1 May, although the process is gradual and all activity will require social distancing. Moreover, the World Bank loaned USD 300 million to the government on 26 June.Costa Rica Economic Growth
The economy will shrink this year as coronavirus containment measures hit activity. However, monetary policy stimulus should soften the blow. Moreover, the country’s accession to the OECD should provide a longer-term boost via its impact on investor sentiment. FocusEconomics panelists project GDP to contract 3.7% in 2020, which is down 0.3 percentage points from last month’s forecast, before growing 3.0% in 2021.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: Consumer prices record biggest drop in July since June 2016
August 7, 2020
Consumer prices rose 0.26% from the previous month in July, swinging from June's 0.02% drop.
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Costa Rica: Central Bank leaves interest rate unchanged in July
July 22, 2020
At its monetary policy meeting on 22 July, the Central Bank of Costa Rica (BCCR) maintained the monetary policy rate (MPR) of 0.75%, to where it was lowered from 1.25% on 17 June.
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Costa Rica: Economic activity plummets again in May
July 10, 2020
Economic activity decreased 7.5% in year-on-year terms in May, down from the 6.7% decrease recorded in April, according to the Central Bank of Costa Rica’s monthly activity index.
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Costa Rica: Inflation falls to lowest level in four years in June
July 7, 2020
Consumer prices dropped 0.02% in June over the last month, a more moderate fall than May's 0.15% drop.
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Costa Rica: GDP grows at softest pace since Q2 2019
June 30, 2020
GDP expanded 0.6% year-on-year in the first quarter of 2020 (Q4 2019: +3.2 yoy), marking the softest growth rate since Q2 2019 and largely reflecting Covid-19 containment measures introduced in March. The downturn was broad-based.
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