Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity growth stable in January

March 13, 2015

In January, economic activity rose 2.9% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure met December’s result, which had marked the lowest growth rate since April 2013. 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 0.07%, contrasting in the 0.01% contraction recorded in December. Meanwhile, annual average growth in economic activity remained at December’s 3.5%, the lowest rate in 16 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 3.9%.

Author: Teresa Kersting, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity January 2015

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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