Costa Rica Economic Activity July 2017

Costa Rica

Costa Rica: Growth in economic activity decelerates in July

September 11, 2017

Growth in economic activity in Costa Rica decreased slightly from a revised 4.6% in June (previously reported: 4.2% year-on-year) to 4.4% in July in annual terms, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR). July’s print marks the first moderation of the pace of growth since March but is nonetheless a solid result. Looking at the result in more detail reveals that the services and manufacturing sectors did the heavy lifting, registering the fastest growth rates in July.

In monthly terms, the pace of growth in economic activity also moderated, inching down from a revised 0.36% in June (previously reported: 0.28% month-on-month) to 0.25% in July. The slowdown in July is the second consecutive monthly deceleration, contrasting the upward trend seen in the first five months of the year. Annual average growth, however, was steady at June’s revised 4.5% (previously reported: 4.3%), marking the highest level since February.

The BCCR expects the economy to expand 3.8% in 2017 and 4.1% in 2018. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.8% in 2017, which is down 0.2 percentage points from last month’s forecast. In 2018, our panelists expect GDP growth to edge down to 3.9%.


Author:, Economist

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Costa Rica Economic Activity July 2017

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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