Costa Rica: Economic activity decelerates in November
January 11, 2011
In November, economic activity increased 2.7% over the same month last year, according to the monthly index of economic activity (IMAE, indice Mensual de Actividad Economica). The reading was below the revised 3.2% expansion observed in October (previously reported: +2.9% year-on-year) and reflected contractions in the manufacturing and construction sectors, which were partially offset by growth in the commerce and hotels sectors. On a monthly basis, economic activity inched up a paltry 0.16% in November in seasonally adjusted terms, which mirrored the expansion recorded in October. Moreover, the trend is beginning to point downwards, with annual average economic growth moderating from 4.8% in October to 4.6% in November, breaking the upward trend observed since October 2009.