Costa Rica: Economic activity plummets again in May
July 10, 2020
Economic activity decreased 7.5% in year-on-year terms in May, down from the 6.7% decrease recorded in April, according to the Central Bank of Costa Rica’s monthly activity index.
May’s print was due to the effects of the lockdown measures authorities imposed in March to arrest the spread of coronavirus, coupled with the concurrent global economic downturn. In terms of sectors, the retail, services and manufacturing sectors all suffered sharp declines in May, while construction and agriculture contracted at softer paces.
Author: Edward Gardner, Economist