Costa Rica: Economic activity continues to decelerate
January 11, 2013
In November, economic activity increased 2.5% over the same month the previous year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure, the lowest since March 2011, came in slightly below the 2.6% expansion recorded in October. The deceleration was mostly driven by softer growth in the agriculture sector as well as by a contraction in the transport and communications sector.
Compared to the previous month, economic activity added 0.57% in seasonally adjusted terms, almost threefold of the 0.20% increase recorded in October. As a result of the weaker annual reading, annual average economic growth fell from 5.5% in October to 5.2%.
According to the first draft of the Macroeconomic Programme 2013-2014, the Central Bank sees the economy expanding between 3.75% and 4.25% this year.