Costa Rica Economic Activity May 2021

Costa Rica

Costa Rica: Economic activity growth gains further traction in May

July 12, 2021

The economy continued to gain traction in May, with economic activity growth accelerating to 7.9% in annual terms (April: +7.3% yoy), and marking the best result in over a decade. Although the reading was largely flattered by a low base effect, it still pointed to robust underlying momentum nonetheless.

Looking at the details of the release, the upturn was largely due to stronger activity in the construction sector, as well as quicker output growth in the manufacturing sector. Moreover, activity in the hospitality and food sector also expanded at a markedly faster pace. That said, activity in the transportation and storage sector grew at a more moderate pace in May compared to the prior month.

On a calendar-adjusted monthly basis, economic activity growth eased to 0.6% in May, down from the 0.8% expansion recorded in April. Meanwhile, the trend pointed up, with annual average variation of economic activity coming in at minus 2.4% in May (April: minus 3.6%).

FocusEconomics Consensus Forecast panelists project the economy to expand 3.3% in 2021, which is up 0.2 percentage points from last month’s forecast. In 2022, panelists forecast the economy to grow 3.4%.

Author:, Junior Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 2021

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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