Costa Rica: Economic activity accelerates in July
September 11, 2013
In July, economic activity increased 3.0% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was above the revised 2.7% recorded in June, and marked the strongest expansion since December of last year. The monthly expansion was mostly driven by growth in the manufacturing sector.
Compared to the previous month, economic activity rose 0.29% in seasonally adjusted terms, following the revised 0.38% increase recorded in June (previously reported: 0.29% month-on-month). Despite the monthly increase, the trend continues to point downwards, with annual average growth in economic activity slowing from 2.8% in June to 2.7% in July.
According to the latest revision to the Macroeconomic Programme 2013-2014, the Central Bank sees the economy expanding 3.0% this year (previously reported: +4.0%) and 3.7% in 2014. FocusEconomics Consensus Forecast panellists see growth at 3.8% this year, which is down 0.1 percentage points from last month's projection. For 2014, participants see economic growth at 4.3%.