Costa Rica: Economic activity growth hits an over two-year high in May
In May, annual growth in economic activity accelerated to 4.4% from a revised 4.0% expansion in April (previously reported: +2.8% 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 April 2016.
The acceleration in May came on the back of a broad-based increase in economic activity, with a notably stronger construction sector—which is recovering from a significant downturn last year—propelling year-on-year growth.
In month-on-month terms, the economic activity growth rate remained steady at April’s revised 0.5% in May. Meanwhile, year-on-year average growth ticked up to 3.0% from April’s 2.9%.