Costa Rica Economic Activity

Costa Rica

Costa Rica: Growth in economic activity hits nearly-two-year low in February

April 13, 2015

In February, economic activity rose 2.2% 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 2.5% increase tallied in January, marked the tenth month of deceleration and the lowest reading in almost two years. Seven of the twelve components of the index recorded lower growth rates than in the previous month. The electricity and water component saw the largest gains. Conversely, financial intermediation services decelerated significantly and the agriculture, forestry and fishing industries contracted.

Compared to the previous month, economic activity expanded 0.10%, contrasting in the 0.05% contraction recorded in January. Meanwhile, annual average growth in economic activity fell from January’s 3.4% to 3.3%, the lowest rate in 17 months.

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 3.6% 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 February 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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