Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity accelerates in September

November 11, 2015

In September, economic activity expanded 2.6% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). September’s figure was slightly up from August’s 2.4% (previously reported: +2.2% year-on-year) reading and marked the fastest growth rate in nine months. In September, the largest gains were recorded in the service sector and construction.

Compared to the previous month, economic activity expanded 0.40%, which was marginally down from the 0.42% increase recorded in August (previously reported: 0.30%). Meanwhile, annual average growth in economic activity held at August’s 2.3% reading in September—the lowest rate since February 2010.

According to the Central Bank’s 2015–2016 Macroeconomic Program, the Bank projects economic growth of 2.8% in 2015 and of 4.0% in 2016. FocusEconomics Consensus Forecast panelists foresee growth of 2.9% in 2015, which is down 0.2 percentage points from last month’s projection. For 2016, panel participants expect economic growth of 3.6%, which is also down 0.1 percentage points from last month’s forecast.

Author: Jean-Philippe Pourcelot, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity September 2015

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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