Costa Rica: Decline in economic activity softens in February
Economic activity fell 4.7% in annual terms in February (January: -4.8% yoy). The reading marked the best result since February 2020.
Looking at the details of the release, February’s softer drop was chiefly due to the agriculture, forestry and fishing, as well as the services sub-sectors contracting at more moderate rates. Meanwhile, output growth in the manufacturing sub-sector accelerated.
On a calendar-adjusted monthly basis, economic activity rose at a softer pace of 0.2% in February (January: +0.3% mom), the worst result since June 2020. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 6.0%, down from January’s minus 5.4% reading.