Costa Rica Economic Activity August 2016

Costa Rica

Costa Rica: Growth in economic activity decelerates slightly in August

October 12, 2016

In August, economic activity slowed down slightly to a 4.5% increase from the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). August’s figure came in below the revised 4.8% increase recorded in July (previously reported: +5.1% year-on-year). In August, the strongest improvements were recorded in the services sector, with the financial sector making the most significant contribution to growth again. The manufacturing and transport sectors also picked up in August.

Compared to the previous month, economic activity expanded 0.27% in August, slightly above the revised 0.24% increase recorded in July (previously reported: + 0.37% month-on-month). Meanwhile, the overall trend improved as annual average growth in economic activity rose from 4.1% in July to 4.3% in August.

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 3.9% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, participants also see GDP growing 3.9%, which is also up 0.1 percentage points from last month’s projection.


Author:, Economist

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Costa Rica Economic Activity August 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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