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%.
Author: Edward Gardner, Economist