Costa Rica Economic Activity June 2016

Costa Rica

Costa Rica: Growth in economic activity decelerates slightly in June

August 11, 2016

In June, economic activity slowed down slightly to a 4.9% increase over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). June’s figure came in below the revised 5.0% increase recorded in May (previously reported: +5.3% year-on-year). In June, the strongest improvements were recorded in the service sector, among which the financial sector was the one contributing most to growth. Moreover, the manufacturing and agricultural sectors picked up in June.

Compared to the previous month, economic activity expanded 0.27% in June, which came in above the revised 0.37% increase recorded in May (previously reported: + 0.36% month-on-month). Meanwhile, annual average growth in economic activity rose from 3.7% in May to 3.9% in June.

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 Chart

Costa Rica Economic Activity June 2016 0

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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