Costa Rica: Economic activity hits highest level in over a year in October
December 13, 2013
In October, economic activity increased 4.9% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was in line with the revised 4.9% recorded in September (previously reported: +4.6% year-on-year) and marked the strongest expansion since May 2012. Improvements were recorded in all but one category of the indicator; the manufacturing registered the largest improvement.
Compared to the previous month, economic activity rose 0.43% in seasonally-adjusted terms, falling slightly short of the 0.59% increase recorded in September. Meanwhile, annual average growth in economic activity edged up from September's 3.1% to 3.2% in October.
According to the latest revision to the Macroeconomic Programme 2013-2014, the Central Bank sees the economy expanding 3.0% this year and 3.7% in 2014. FocusEconomics Consensus Forecast panelists see growth at 3.2% this year, which is down 0.1 percentage points from last month's projection. For 2014, participants see economic growth at 3.8%, which is also down 0.1 percentage points from last month's estimate.