Costa Rica Economic Activity March 2016

Costa Rica

Costa Rica: Economic activity decelerates in March

May 12, 2016

In March, economic activity expanded a robust 4.7% over the same month of the previous year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). March’s figure was down slightly from February’s revised 4.9% increase (previously reported: + 5.4% year-on-year), and marked a three-month low. In March, the largest gains were recorded in the financial services sector, which has recorded strong growth in the past and is driving Costa Rica’s recovery. Meanwhile, agricultural output observed the largest decrease, due in part to inclement weather associated with the El Niño phenomena.

Compared to the previous month, economic activity expanded 0.10% in March, which came in below the 0.21% increase recorded in February. Meanwhile, annual average growth in economic activity rose from 2.9% in February to 3.2% in March.

In its 2016-2017 Macroeconomic Program, the Central Bank noted that it revised the methodology for calculating national accounts and changed the base year to 2012.

According to the Central Bank’s 2016–2017 Macroeconomic Program, the Bank projects economic growth of 4.2% in 2016 and of 4.5% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.7% in 2016, which is unchanged from last month’s projection. For 2017, participants see GDP growing also 3.7%.


Author:, Economist

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Costa Rica Economic Activity March 2016

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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