Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity accelerates in April to six-month high

May 11, 2014

In April, economic activity increased 4.6% over the same month last year according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure overshoot the revised 3.3% expansion recorded in March (previously reported: +3.4%) and represented the highest growth rate since October 2013. Seven of the twelve components of the index registered improvements; hotels, construction and agriculture, forestry and fishery recorded the largest rates of expansion. Conversely, the financial intermediation services category contracted at the fastest pace.

Compared to the previous month, economic activity rose 0.49%, which was up from the 0.28% expansion recorded in March. Meanwhile, annual average growth in economic activity rose from March’s 3.8% to 4.0% in April, which marked the highest growth rate in the past 14 months.

According to the Macroeconomic Programme 2014–2015, the Central Bank projects a 3.8% expansion in 2014 and economic growth of 4.1% for the following year. FocusEconomics Consensus Forecast panelists foresee growth of 3.8% this year, which is unchanged from last month’s projection. For 2015, participants see economic growth at 4.0%.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity April 2014

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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