Costa Rica: Economy records slowest expansion since November 2009 in March
May 12, 2020
Economic activity increased 0.9% in year-in-year terms in March, which followed February's 1.3% increase. March's reading marked the weakest growth since November 2009, and was in part due to lockdown measures introduced in the month to reduce the spread of coronavirus. In particular, March's reading came on the back of a worsening downturn in the construction sector.
On a working-day adjusted monthly basis, economic activity fell 0.2% in March, as it did in February. The reading marked the worst result since February 2009. Meanwhile, annual average growth came in at 1.6%, down from February's 1.7%.
Author: Edward Gardner, Economist