Costa Rica Economic Outlook
November 10, 2020
The economic panorama likely remained downbeat in Q3 due to the ongoing health crisis. Economic activity contracted at a sharper pace in July–August, while the unemployment rate remained high in the same period. More positively, however, exports recovered and imports fell at a softer pace in Q3. Turning to Q4, further restrictions have been eased, with air borders reopening to all countries on 1 November—without the need for a 14-day quarantine upon arrival nor proof of a negative coronavirus test —aiming to boost tourism and employment in the sector. However, this could lead to an increase in Covid-19 cases, which continued to rise in the country through September and October. In other news, in late October, the government modified the 2021 draft budget to include a 7.5% reduction in primary spending compared to 2020, in an attempt to control public expenditure.Costa Rica Economic Growth
The economy is expected to slowly recover in 2021, after this year’s pandemic-induced contraction. However, the country faces many downside risks, including weakened government finances to face maturing debt, social unrest due to the proposed measures to try to secure a USD 1.75 billion IMF loan, and uncertainty over the course of the pandemic. FocusEconomics panelists see GDP expanding 3.3% in 2021, which is up 0.3 percentage points from last month’s forecast, and 3.5% in 2022.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 climbs in December
January 12, 2021
Consumer prices increased over the previous month in December, clocking in a 0.53% rise, notably up from November’s flat reading and marking a 17-month high.
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Costa Rica: Contraction in economic activity eases further in November
January 12, 2021
Economic activity continued to shrink in November, although at 6.5% year-on-year it is the mildest contraction since March, following October’s 6.6% drop.
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Costa Rica: GDP contracts at a softer rate in Q3
December 30, 2020
The economy shrank again in the third quarter, although at a notably softer pace than in the second (Q3: -7.2% year-on-year; Q2: -8.9% yoy).
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Costa Rica: Central Bank keeps monetary policy unchanged in December
December 17, 2020
At its monetary policy meeting on 16 December, the Central Bank of Costa Rica decided to maintain the monetary policy rate at its record low of 0.75%, having cut it from 1.25% on 17 June.
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Costa Rica: Contraction in economic activity continues to ease in October
December 15, 2020
Economic activity continued to decrease in October, although at 6.6% year-on-year it is the softest contraction since March, following September’s 6.8% contraction (previously reported: -7.1% year-on-year).
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