Costa Rica: Growth in economic activity accelerates at four-year high rate in May
July 12, 2016
In May, economic activity expanded 5.4% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). May’s figure was up from the revised 5.3% increase recorded in April (previously reported: +4.7% year-on-year) and marked a four-year high. In May, the strongest improvements were recorded in the manufacturing sector, followed by financial services which has been an important factor of Costa Rica’s economic recovery. Moreover, the agricultural sector recorded an improvement in May.
Compared to the previous month, economic activity expanded 0.48% in May, which came in above the revised 0.36% increase recorded in April (previously reported: + 0.22% month-on-month). Meanwhile, annual average growth in economic activity rose from 3.6% in April to 3.8% in May.
Author: Andrea Vetrugno, Economist