Costa Rica Economic Activity May 2016

Costa Rica

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.

According to the Central Bank’s revised 2016–2017 Macroeconomic Program, the Bank projects economic growth of 4.2% in 2016 and of 4.3% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.8% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, participants see GDP growing also 3.8%.


Author:, Economist

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Costa Rica Economic Activity May 2016

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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