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).
October’s reading reflected a small expansion in the professional services sector and smaller contraction in the transportation and storage sector, as well as in the commerce and the mining and quarrying sectors. However, the contraction in other sectors—finance and tourism-related—accelerated pace in October.
In month-on-month terms adjusted for working days, economic activity rose 0.3% in October, softening from the 0.4% increase recorded in September. Meanwhile, annual average growth came in at minus 3.9% in November, down from September’s 3.2% print.
Author: Marta Casanovas , Junior Economist