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Costa Rica Economic Data & Projections

Costa Rica Economic Outlook

Diverse and service-driven economy:

Costa Rica’s economy is one of the most stable in Central America, driven by a combination of tourism, high-tech manufacturing, and agriculture. The country is a leading exporter of medical devices and electronic components, benefiting from strong trade relationships with the United States and the European Union. Tourism remains a major economic pillar, with Costa Rica’s rich biodiversity and environmental policies attracting millions of visitors annually.

Investment and sustainability:

Costa Rica has made substantial progress in attracting foreign direct investment, particularly in the high-tech and services sectors. Its relatively business-friendly climate, political stability, and strong education system have positioned it as a key player in the global supply chain for advanced manufacturing. Additionally, the country is a leader in renewable energy, with over 98% of its electricity coming from renewable sources.

Challenges:

Despite its economic success, Costa Rica faces challenges such as high public debt, persistent fiscal deficits, and growing social inequality. The government has struggled to implement tax and pension reforms, leading to periodic fiscal crises. Additionally, high living costs and income disparities remain pressing issues, limiting inclusive economic growth.

Costa Rica economic outlook:

Costa Rica’s economic prospects remain positive, with growth driven by exports, foreign investment, and tourism. However, addressing fiscal imbalances and improving infrastructure will be critical to sustaining long-term stability. Continued investment in education, innovation, and green energy will be essential for maintaining competitiveness in the global market.

Costa Rica's Macroeconomic Analysis:

Nominal GDP of USD 95.2 billion in 2024.

Nominal GDP of USD 95.2 billion in 2024.

GDP per capita of USD 17,878 compared to the global average of USD 10,589.

GDP per capita of USD 17,878 compared to the global average of USD 10,589.

Average real GDP growth of 3.5% over the last decade.

Average real GDP growth of 3.5% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2022, services accounted for 68.0% of overall GDP, manufacturing 13.6%, other industrial activity 14.6%, and agriculture 3.8%. Looking at GDP by expenditure, private consumption accounted for 65.4% of GDP in 2023, government consumption 14.9%, fixed investment 15.4%, and net exports 4.3%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2022, manufactured products made up 61.4% of total merchandise exports, mineral fuels 0.0%, food 35.4%, ores and metals 1.5% and agricultural raw materials 1.5%, with other categories accounting for 0.2% of the total. In the same period, manufactured products made up 71.7% of total merchandise imports, mineral fuels 12.7%, food 12.5%, ores and metals 1.9% and agricultural raw materials 1.2%, with other goods accounting for 0.0% of the total. Total exports were worth USD 20.70 billion in 2024, while total imports were USD 23.20 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 3.5% in the decade to 2024. To read more about GDP growth in Costa Rica, go to our dedicated page.

Fiscal policy

Costa Rica's fiscal deficit averaged 5.3% of GDP in the decade to 2023. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 11.3% in the decade to 2024. For more information on Costa Rica's unemployment click here.

Inflation

Inflation averaged 2.0% in the decade to 2024. Go to our Costa Rica inflation page for extra insight.

Monetary Policy

Costa Rica's monetary policy rate ended 2024 at 4.00%, down from 5.25% a decade earlier. See our Costa Rica monetary policy page for additional details.

Exchange Rate

From end-2014 to end-2024 the colón strengthened by 6.2% vs the U.S. dollar. For more info on the colón, click here.

Economic situation in Costa Rica

Year-on-year economic growth accelerated in Q4 from Q3 due to a rebound in fixed investment and larger expansions in both private and public consumption. Turning to Q1 2025, our panel expects growth to have slowed, inching closer to the pre-pandemic 10-year average of 3.8%, which suggests that the economy is moving back to its long-run trend. Economic activity growth slowed in January–February from Q4 due to a steeper fall in agricultural output and softer outturns in the construction and communication sectors. In addition, over the same two-month period, goods exports lost steam and tourist arrivals shrank at a similar pace than in Q4. Moreover, despite remaining below the Central Bank’s 2.0–4.0% target band, inflation was at its highest since Q1 2023 in Q1, boding poorly for household spending.

Costa Rica Economic Forecasts

Projections out to 2034.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 22 expert analysts.

Want to get insight on the economic outlook for Costa Rica in the coming years? FocusEconomics collects projections out to 2034 on 48 economic indicators for Costa Rica from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Costa Rica economy. To download a sample report on the Costa Rica's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Costa Rica Economic Indicators

2020 2021 2022 2023 2024
Population (million) 5.1 5.2 5.2 5.3 5.3
GDP (USD bn) 62.3 64.8 69.1 86.5 95.2
GDP per Capita (USD) 12,147 12,504 13,214 16,381 17,885
GDP (CRC bn) 36,495 40,327 44,810 47,059 49,116
Economic Growth (Nominal GDP, ann. var. %) -3.5 10.5 11.1 5.0 4.4
Economic Growth (Real GDP, ann. var. %) -4.3 7.9 4.6 5.1 4.3
Domestic Demand (ann. var. %) -4.8 8.6 0.9 3.1 4.2
Private Consumption (ann. var. %) -6.9 8.3 2.6 5.0 4.0
Government Consumption (ann. var. %) 0.8 1.7 2.4 0.1 0.7
Fixed Investment (ann. var. %) -3.4 7.8 1.5 8.6 4.3
Exports (G&S, ann. var. %) -10.6 15.9 18.5 10.0 5.8
Imports (G&S, ann. var. %) -12.9 19.2 8.1 5.2 6.0
Unemployment (% of active population, eop) 20.0 13.7 11.7 7.3 6.9
Fiscal Balance (% of GDP) -8.0 -5.0 -2.4 -3.3 -3.8
Public Debt (% of GDP) 66.9 67.6 63.0 61.1 -
Money (ann. var. of M2 %) 14.3 2.2 -5.0 16.4 17.6
Inflation (CPI, ann. var. %, eop) 0.9 3.3 7.9 -1.8 0.8
Inflation (CPI, ann. var. %, aop) 0.7 1.7 8.3 0.5 -0.4
Inflation (PPI, ann. var. %, eop) 2.7 13.9 8.1 -5.7 -1.1
Policy Interest Rate (%, eop) 0.75 1.25 9.00 6.00 4.00
Basic Rate (%, eop) 3.50 2.90 6.35 5.36 4.13
Exchange Rate (CRC per USD, eop) 609 644 599 520 509
Exchange Rate (CRC per USD, aop) 586 623 649 544 516
Current Account Balance (USD bn) -0.7 -2.1 -2.3 -1.2 -1.3
Current Account Balance (% of GDP) -1.0 -3.2 -3.3 -1.4 -1.4
Merchandise Trade Balance (USD bn) -2.0 -2.8 -4.7 -3.2 -2.5
Merchandise Exports (USD bn) 12.1 14.8 16.6 18.9 20.7
Merchandise Imports (USD bn) 14.1 17.7 21.3 22.0 23.2
Merchandise Exports (ann. var. %) 2.0 22.9 12.3 13.5 9.4
Merchandise Imports (ann. var. %) -10.3 25.5 20.6 3.4 5.1
Foreign Direct Investment (USD bn) 1.8 3.2 3.2 3.9 -
International Reserves (USD bn) 7.2 6.9 8.6 13.2 14.2
International Reserves (months of imports) 6.2 4.7 4.8 7.2 7.3
External Debt (USD bn) 31.0 31.7 35.1 38.4 40.0
External Debt (% of GDP) 49.8 48.9 50.8 44.4 42.0
Free Sample Report

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