Costa Rica Economic Activity November 2015

Costa Rica

Costa Rica: Economic activity in November records strongest expansion in over a year

January 11, 2016

In November, economic activity expanded 3.6% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). November’s figure was slightly up from October’s 3.1% reading and marked the best result since June 2014. In November, the largest gains were recorded in the service sector and in the manufacturing sector, which is showing signs of recovery.

Compared to the previous month, economic activity expanded 0.56%, which was marginally above the 0.53% increase recorded in October. November’s print marked the strongest expansion since January 2012. Meanwhile, annual average growth in economic activity remained stable in November at October’s 2.5%.

According to the Central Bank’s 2016–2017 Macroeconomic Program, the Bank projects economic growth of 4.2% in 2016 and of 4.0% in 2017. FocusEconomics Consensus Forecast panelists foresee growth of 2.9% in 2016, which is down 0.2 percentage points from last month’s projection. For 2017, panel participants expect economic growth of 3.6%.


Author: Jean-Philippe Pourcelot, Economist

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Costa Rica Economic Activity November 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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