Costa Rica Economic Activity

Costa Rica

Costa Rica: Growth in economic activity continues to slow in March

May 14, 2015

In March, economic activity expanded 1.7% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure, which was below the 2.0% increase tallied in February, marked the eleventh month of deceleration and the lowest reading in almost two years. Three of the twelve components of the index contracted, with agriculture and industrial manufacturing incurring the biggest losses.

Compared to the previous month, economic activity expanded 0.12%, contrasting in the 0.01% contraction recorded in February (previously reported: +0.10% month-on-month). Meanwhile, annual average growth in economic activity fell from February’s 3.3% to 3.1%, the lowest rate since June 2011.

According to the Central Bank’s 2015–2016 Macroeconomic Program, the Bank sees economic growth of 3.4% in 2015 and of 4.1% in 2016. FocusEconomics Consensus Forecast panelists foresee growth of 3.5% in 2015, which is unchanged from last month’s projection. For 2016, participants see economic growth of 3.9%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity March 2015

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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