Costa Rica: Economic activity grows at quickest pace in over 14 years in June
The economy gained further momentum in June, with economic activity rising 8.1% in annual terms, following May’s 8.0% increase and marking the strongest growth since April 2007. Although the reading was partly bolstered by a low base effect, it still pointed to robust underlying momentum nonetheless.
June’s upturn was primarily due to faster growth in mining and agriculture, forestry and fishing, as well as in the communication and information sector. Moreover, both the construction and hospitality and services sectors contracted at a softer paces.
Meanwhile, on a calendar-adjusted monthly basis, economic activity rose at a slower rate of 0.4% in June (May: +0.6% mom), logging the worst result in a year. Conversely, the trend improved sizably, with the annual average variation of economic activity coming in at minus 1.3% in June, up from May’s minus 2.6% reading.