Costa Rica Economic Activity October 2020

Costa Rica

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.

FocusEconomics Consensus Forecast panelists project the economy to expand 3.2% in 2021, which is down 0.1 percentage points from last month’s forecast. In 2022, panelists forecast the economy to grow 3.5%.

Author:, Junior Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity October 20 20

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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