Costa Rica Economic Activity February 2021

Costa Rica

Costa Rica: Decline in economic activity softens in February

April 9, 2021

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.

FocusEconomics Consensus Forecast panelists project the economy to expand 3.1% in 2021, which is unchanged from last month’s forecast. In 2022, panelists forecast the economy to grow 3.4%.

Author:, Junior Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity February 2021 1

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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