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.