Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity eases to 14-month low in July

September 11, 2014

In July, economic activity rose 3.4% 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 3.8% expansion recorded in June and marked the lowest growth since May 2013. Eight of the twelve components of the index registered deteriorations; financial intermediation, financial services and transportation tallied the fastest rates of expansion. Conversely, the manufacturing industry contracted.

Compared to the previous month, economic activity rose 0.21%, which was slightly up from the 0.19% expansion recorded in June. Meanwhile, annual average growth in economic activity inched down from June’s 4.3% to 4.2% in July.

According to July’s revision to the Macroeconomic Programme 2014–2015, the Central Bank projects a 3.6% expansion in 2014 and economic growth of 3.4% for the following year. FocusEconomics Consensus Forecast panelists foresee growth of 3.7% this year, which is down 0.1 percentage points from last month’s projection. For 2015, participants see economic growth at 3.9%.


Author: Teresa Kersting, Economist

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Costa Rica Economic Activity July 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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