Costa Rica Economic Activity March 2020

Costa Rica

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%.

FocusEconomics Consensus Forecast panelists project the economy to contract 1.7% in 2020, which is down 4.2 percentage points from last month’s forecast. In 2021, panelists forecast the economy to grow 2.9%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity February 20 20 0

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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