Costa Rica: Economic activity growth accelerates in April for the first time since November 2016
June 9, 2017
Economic activity increased 3.6% year-on-year in April, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) calculated by the Central Bank of Costa Rica (BCCR), coming in above March’s revised 3.5% rise (previously reported: +3.6% year-on-year). The print marked the first acceleration of the index this year after decelerating for four consecutive months. Although the expansion was nearly broad-based across sectors, the ramp-up was driven by stronger growth in the professional services compared with the previous month. Manufacturing also recorded an uptick in growth from a month earlier, while growth in construction activities slowed due to a fall in public infrastructure projects.
On a sequential basis, economic activity increased 0.35% in April and came in above March’s revised 0.29% rise (previously reported: +0.35% month-on-month). Meanwhile, annual average growth in economic activity was 3.9% in April, which was down from 4.0% a month earlier.
Author: Christopher Thomas, Economist