Costa Rica GDP Q2 2016

Costa Rica

Costa Rica: Economic growth inches down in Q2

October 3, 2016

In the second quarter of 2016, GDP expanded 4.1% over the same period last year. The reading marked a slowdown over Q1’s revised growth of 4.5% (previously reported: +4.8% year-on-year). All the components of domestic demand decelerated and the external sector also weighed on the economic performance.

In Q2, total consumption moderated from Q1’s 4.3% increase to a slower, but still robust, 4.0% expansion. Private consumption rose 4.4%, down from Q1’s 4.8% increase and government spending eased slightly from the 2.1% expansion of the previous quarter to a 2.0% increase in Q2. Fixed investment growth decelerated the fastest, falling from 8.5% growth in Q1 to 0.5% in Q2.

On the external side of the economy, exports of goods and services increased 9.0% again, matching Q1’s reading. Imports, on the other hand, were the only component that picked up, expanding 10.1% in Q2, which was up from Q1’s 9.6% increase. The result was a negative contribution to overall growth from the external sector of minus 0.7 percentage points, deteriorating from the minus 0.6 percentage point detraction seen in Q1.

The Central Bank expects the economy to expand 4.2% in 2016 and 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 see economic growth of 3.9%.

Author:, Economist

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Costa Rica GDP Chart

Costa Rica GDP Q216

Note: Year-on-year changes of GDP in %.
Source: Costa Rica Central Bank (BCCR) and FocusEconomics Consensus Forecast.

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