Costa Rica Economic Activity January 2017

Costa Rica

Costa Rica: Another slowdown in economic activity growth in January

March 14, 2017

In January, economic activity increased 3.8% from the same month a year earlier, according to the monthly index of economic activity (IMAE, Incide Mensual de Actividad Económica) calculated by the Central Bank of Costa Rica (BCCR), coming in below December’s revised 4.3% rise (previously reported: +4.1% year-on-year). The print marked the second consecutive monthly deceleration of the index and the lowest reading since July 2016. The expansion was nearly broad-based across sectors, led by growth in the construction and agricultural sectors, while the manufacturing sector—the sector with the greatest weighting in the index—expanded at the slowest pace.

Compared to the previous month, economic activity increased 0.18% in January, coming in slightly below December’s revised 0.22% rise (previously reported: +0.29% month-on-month). Meanwhile, the annual average growth in economic activity was 4.3% in January, inching down from 4.4% a month earlier.

The BCCR expects the economy to expand 4.1% in both 2017 and 2018. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 4.0% in 2017, which is unchanged from last month’s forecast. In 2018, our panelists expect GDP growth to edge down to 3.9%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity January 2017 0

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: Costa Rica Central Bank (BCCR).

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