Costa Rica Economic Activity May 2020

Costa Rica

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.

FocusEconomics Consensus Forecast panelists project the economy to contract 3.7% in 2020, which is down 0.3 percentage points from last month’s forecast. In 2021, panelists forecast the economy to grow 3.0%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 20 20

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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