Costa Rica: Economic activity in January records strongest expansion in over three years
March 11, 2016
In January, economic activity expanded a solid 4.9% over the same month of the previous year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). January’s figure was up from December’s 4.3% and marked the best result since May 2012. In January, the largest gains were recorded in the services sector and in the manufacturing sector, which is showing signs of recovery.
Compared to the previous month, economic activity expanded 0.36% in January, which came in below the revised 0.44% increase recorded in December (previously reported: +0.37% month-on-month). Meanwhile, annual average growth in economic activity edged up from 2.2% in December to 2.4% in January.
In its 2016-2017 Macroeconomic Program, the Central Bank noted that it revised the methodology for calculating national accounts and changed the base year to 2012. The Central Bank will release the revised figures progressively and the values shown in this report do not reflect the base year changes. According to the Central Bank, GDP growth for 2015 was estimated to be 3.7%.