Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity decelerates slightly in March

May 12, 2014

In March, economic activity increased 3.3% over the same month last year according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was down slightly from the 3.4% expansion recorded in February. Although nine of the twelve components of the index registered improvements, a drop in transport, storage and communications as well as in other business services drove the slight deceleration. The financial intermediation services category as well as the financial services and insurance categories recorded the largest rates of expansion.

Compared to the previous month, economic activity rose 0.28%, which was slightly lower than the 0.31% expansion recorded in February. Meanwhile, annual average growth in economic activity rose from February’s 3.6% to 3.7% in March, which marked the highest rate in the past 12 months.

According to the Macroeconomic Programme 2014–2015, the Central Bank projects a 3.8% expansion in 2014 and economic growth of 4.1% for the following year. FocusEconomics Consensus Forecast panelists foresee growth of 3.8% this year, which is unchanged from last month’s projection. For 2015, participants see economic growth at 4.0%.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity March 2014

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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