Costa Rica: Economic activity continues to decelerate in May
July 16, 2012
In May, economic activity increased 5.1% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure came in below the revised 6.0% expansion recorded in April (previously reported: +7.2%% year-on-year). As in previous months, the deceleration was buttressed mostly by softer growth in the manufacturing sector, which slowed for the third month in a row but expanded a still healthy 9.4%. Compared to the previous month, economic activity decreased 0.29% in seasonally adjusted terms, which followed on a 0.14% contraction in April. Despite the weaker reading, the trend picked-up, with annual average economic growth inching up from 5.5% in April to 5.6% in May, its highest level since June 2008.