Costa Rica Economic Activity May 2017

Costa Rica

Costa Rica: Economic activity continues its upward trend in May

July 12, 2017

Economic activity increased 3.9% in annual terms in May, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) as published by the Central Bank of Costa Rica (BCCR). May’s print came in above April’s revised 3.7% growth (previously reported: +3.6% year-on-year) and marks the second consecutive monthly acceleration as well as a four-month high. The acceleration was sufficiently broad-based as 11 of the 15 sub-components recorded an improved performance from the previous month. The ramp-up was primarily driven by significantly stronger growth in the services and trade sector. The mining and construction sectors also boosted the reading.

In monthly terms, economic activity was steady in May at April’s revised 0.33% rise (previously reported: +0.35% month-on-month). May’s print marks the highest reading since October 2016 and continues the upward trend seen since the outset of the year. Meanwhile, annual average growth was also steady at the previous month’s reading of a 3.9%, the lowest level in over two years.

The BCCR expects the economy to expand 4.1% in both 2017 and 2018. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 4.0% in 2017, which is unchanged from last month’s forecast. In 2018, our panelists expect GDP growth to edge down to 3.9%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 2017

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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