Costa Rica Economic Activity November 2020

Costa Rica

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.

November’s improvement reflected a soft expansion in the manufacturing, information and communication, and professional services sectors. Meanwhile, the transportation and storage, and the commerce sectors recorded milder contractions.

In month-on-month terms adjusted for working days, economic activity grew 0.2% in November, the softest rate in four months (October: +0.3% mom). Meanwhile, annual average growth worsened, coming in at minus 4.6% in November, down from October’s minus 3.9% 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 November 20 20 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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