Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity growth improves slightly in December

February 11, 2015

In December, economic activity rose 3.7% over the same month of the previous year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure came in slightly above the 3.6% expansion recorded in November and marked the largest growth rate since June 2014. Seven of the 12 components of the index recorded lower growth rates than in the previous month. Financial intermediation, transport and communications recorded the largest gains. Conversely, the agriculture, forestry and fishing industry contracted and the electricity and water sector expanded at the slowest pace of all industries.

Compared to the previous month, economic activity expanded 0.09%, coming in below the 0.15% expansion recorded in November. Meanwhile, annual average growth in economic activity remained at November’s 3.5%, the lowest rate in 17 months.

According to the Central Bank’s 2015-2016 Macroeconomic Program, the Bank sees economic growth of 3.4% in 2015 and of 3.1% in 2016. FocusEconomics Consensus Forecast panelists foresee growth of 3.6% in 2015, which is unchanged from last month’s projection. For 2016, participants see economic growth at 3.8%.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity December 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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