Costa Rica Economic Activity July 2019

Costa Rica

Costa Rica: The economy accelerates in July

September 11, 2019

Annual economic growth in cyclically-adjusted terms accelerated to 1.5% in July from June’s revised 1.3% (previously reported: +1.5% year-on-year), nevertheless, economic activity remained subdued by historical standards.

Although economic growth ticked up in July, partly on strong activity growth in the ICT sector, it was still hampered by a continued decline in activity in the agriculture sector, which is struggling following a prolonged spell of dry weather, partly due to the El Niño effect. In addition, construction activity slumped notably due to uncertainty caused by the fiscal reform bill, according to a survey conducted by the Central Bank.

In month-on-month terms adjusted for working days, economic activity increased 0.2% in July, matching June’s growth. Annual average growth, meanwhile, slowed to 1.8% in July from 1.9% in June.

FocusEconomics Consensus Forecast panelists expect economic growth of 2.2% in 2019, which is down 0.4 percentage points from last month’s forecast, and 2.6% in 2020.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity July 2019

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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