Costa Rica Economic Activity January 2016

Costa Rica

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%.

According to the Central Bank’s 2016–2017 Macroeconomic Program, the Bank projects economic growth of 4.2% in 2016 and of 4.5% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.7% in 2016, which is unchanged from last month’s projection. For 2017, participants see GDP growing also 3.7%.

Author: Jean-Philippe Pourcelot, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity January 2016

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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