Costa Rica Economic Activity June 2018

Costa Rica

Costa Rica: Economic activity growth accelerates in June

August 10, 2018

In June, annual growth in economic activity accelerated to 4.2% from a revised 4.0% in May (previously reported: +4.4% year-on-year), according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR). This represents the highest growth rate since May 2016.

The acceleration in June came on the back of a broad-based increase in economic activity, with a fast-recovering construction sector and a strong information and communications sector propelling year-on-year growth. The construction sector, which began to recover in March this year after recording ten months of sustained contraction, received a growth impulse in June thanks to increased non-residential construction activity.

In month-on-month terms, the economic activity growth rate slowed to 0.4% in June from May’s 0.5%. Meanwhile, year-on-year annual average growth ticked up to 3.1% from May’s 3.0%.

The BCCR expects the economy to expand 3.2% in 2018 and 3.4% in 2019. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.2% in 2018, which is down 0.2 percentage points from last month’s forecast. In 2019, our panelists expect GDP growth to come in at 3.4%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity June 2018

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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