Costa Rica Economic Activity May 2018

Costa Rica

Costa Rica: Economic activity growth hits an over two-year high in May

July 12, 2018

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%.

The BCCR expects the economy to expand 3.6% in 2018 and 3.9% in 2019. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.4% in 2018, which is unchanged from last month’s forecast. In 2019, our panelists expect GDP growth to come in at 3.5%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 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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