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Costa Rica: Economy expands at solid pace in 2014

February 2, 2015

According to a preliminary estimate from the Central Bank (BCCR), the economy grew 3.5% in 2014. The reading mirrors 2013’s result. The figure is still subject to revision; and more detailed data for 2014, including the Q4 results, will be released on 31 March.

Total consumption rose 3.9% over the previous year, which was a slight improvement compared to the 3.3% expansion recorded in the previous year. Household consumption sped up to a 3.9% increase (2013: +3.3% year-on-year) and public spending rose 3.5% in annual terms (2013: +2.8% yoy). Conversely, fixed investment growth decreased from 2013’s 12.3% expansion to a weaker 4.5% increase in 2014.

Exports of goods and services swung from a 3.6% expansion in 2013 to a 1.7% contraction in 2014 and imports of goods and services swung from a 2.1% increase in 2013 to a 4.0% drop in 2014. As a result, the external sector’s net contribution to overall economic growth remained at 2013’s 0.1 percentage points in 2014.

The Central Bank expects the economy to expand 3.4% in 2015 and 4.1?% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.6% in 2015, which is unchanged from last month’s projection. For 2016, participants see economic growth accelerating to 3.9%.

Author: Teresa Kersting, Economist

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Costa Rica GDP Chart

Costa Rica GDP Annual February 2015

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

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