Costa Rica: Economic activity decelerates further in December
February 11, 2011
In December, economic activity increased 2.3% over the same month the year before, according to the monthly index of economic activity (IMAE, indice Mensual de Actividad Economica). The reading was below the revised 2.6% expansion observed in November (previously reported: +2.7% year-on-year) and reflected a deeper contraction in the manufacturing sector (November: -1.6% yoy; December: -2.5% yoy) as well as a drop in construction, partially offsetting growth in the commerce, hotels and transport sectors. On a monthly basis, economic activity rose 0.28% in December in seasonally adjusted terms, above the 0.18% expansion recorded in November. However, the trend continues to point downwards, with annual average economic growth moderating from 4.7% in November to 4.4% in December. The Central Bank estimates the economy to expand 4.3% this year and 4.5% next year.