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.
Author: Jan Lammersen, Economist