Costa Rica: Economic activity accelerates in February
April 10, 2014
In February, economic activity increased 3.4% over the same month last year according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was up from the 3.1% expansion recorded in January. In February, economic growth was broad-based as eleven of the twelve components of the index registered improvements. The construction and financial intermediation services categories recorded the largest rates of expansion.
Compared to the previous month, economic activity rose 0.31% in seasonally-adjusted terms, marking a higher reading than the 0.01% expansion recorded in January. Meanwhile, annual average growth in economic activity remained at January's 3.6%, which marks the highest rate in the past eleven 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 see growth at 3.8% this year, which is unchanged from last month's projection. For 2015, participants see economic growth at 4.1%.
Author: Armando Ciccarelli, Head of Data Solutions