Costa Rica Economic Activity June 2021

Costa Rica

Costa Rica: Economic activity grows at quickest pace in over 14 years in June

September 10, 2021

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.

FocusEconomics Consensus Forecast panelists project the economy to expand 3.8% in 2021, which is up 0.5 percentage points from last month’s forecast. In 2022, panelists forecast the economy to grow 3.3%.


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Costa Rica Economic Activity June 2021 1

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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