Costa Rica Economic Activity

Costa Rica

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

July 10, 2015

In May, economic activity expanded 1.3% 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 revised 1.4% increase tallied in April (previously reported: +1.1% year-over-year), marked the 13th month of deceleration and the lowest reading since September 2009. As in the previous month, agriculture and manufacturing registered the most significant contractions, while transport, storage and communications, as well as financial services and insurance saw the largest gains.

Compared to the previous month, economic activity expanded 0.23%, slightly up from the 0.14% increase recorded in April (previously reported: +0.04% month-on-month). Meanwhile, annual average growth in economic activity fell from April’s 2.8% to 2.6%, the lowest rate since February 2010.

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 3.4% in 2015, which is unchanged from last month’s projection. For 2016, participants see economic growth of 3.8%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 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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