Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity growth slides to 16-month low in August

October 10, 2014

In August, economic activity rose 2.8% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure came in below the revised 3.1% expansion recorded in July (previously reported: +3.4% year-on-year) and marked the lowest growth since April 2013. Ten of the twelve components of the index registered deteriorations; financial intermediation, financial services and transportation tallied the fastest rates of expansion. The manufacturing industry contracted.

Compared to the previous month, economic activity rose 0.24%, which was slightly up from the 0.17% expansion recorded in July. Meanwhile, annual average growth in economic activity inched down from July’s 4.1% to 3.9% in August.

According to July’s revision to the Macroeconomic Programme 2014–2015, the Central Bank projects a 3.6% expansion in 2014 and economic growth of 3.4% for the following year. FocusEconomics Consensus Forecast panelists foresee growth of 3.7% this year, which is down 0.1 percentage points from last month’s projection. For 2015, participants see economic growth at 3.9%.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity August 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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