Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity growth decelerates to 17-month low in September

November 11, 2014

In September, economic activity rose 3.0% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure came in below the 3.4% expansion recorded in August and marked the lowest growth rate since April of last year. Seven of the 12 components of the index recorded lower growth rates than in the previous month. While financial intermediation, financial services and transportation tallied the fastest rates of expansion, the electricity and water industry as well as the manufacturing industry recorded the smallest gains.

Compared to the previous month, economic activity rose a mild 0.09%, which was slightly down from the 0.18% expansion recorded in August. Meanwhile, annual average growth in economic activity fell from August’s 4.3% to 4.1% in September, the worst result since the beginning of this year.

According to the 2015 budget, the government projects a 3.6% expansion in 2014 and economic growth of 3.4% for the following year. FocusEconomics Consensus Forecast panelists foresee growth of 3.7% this year, which is unchanged from last month’s projection. For 2015, participants see economic growth also at 3.7%, which is also unchanged from last month’s projection.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity September 2014

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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