Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity growth records worst performance in over one and a half years

January 8, 2015

In November, economic activity rose 2.6% 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 below the 2.8% expansion recorded in October and marked the lowest growth rate since March 2013. Six 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 contracted 0.03%, which contrasted the 0.10% expansion recorded in October. Meanwhile, annual average growth in economic activity fell from October’s 3.8% to 3.6% in November, the worst result since August 2013.

According to the 2015 budget, the government projects economic growth of 3.4% for 2015. FocusEconomics Consensus Forecast panelists foresee growth of 3.6% in 2015, which is down 0.1 percentage points 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 November 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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