Costa Rica GDP

Costa Rica

Costa Rica: GDP growth bucks trend, accelerates in Q2

September 30, 2015

In the second quarter of 2015, GDP expanded 2.5% over the same period of the previous year, coming in above Q1’s revised 2.2% increase (previously reported: +2.6% year-on-year). Q2’s acceleration is the first in seven quarters, and was mainly due to a strong increase in domestic demand, particularly investment, which more than offset a sharp deterioration in the external sector.

In Q2, domestic demand increased from Q1’s 3.8% increase to a much stronger 9.0% expansion, the strongest pace of growth since March 2011. Total consumption expanded 4.1% in Q2 (Q1: +4.4% year-on-year). Private consumption decelerated slightly to 4.1% (Q1: +4.5% yoy) while government spending recorded a 3.6% expansion in Q2, down slightly from Q1’s print of 3.7%. Gross fixed investment surged to a 16.8% expansion in Q2, well above the 0.6% increase recorded in Q1. As a result, total investment also witnessed a drastic increase of 22.2%, up from just 2.1% in Q1.

On the external side of the economy, exports of goods and services registered a 12.0% contraction in Q2 (Q1: -9.6% yoy). Imports also contracted, falling 1.2%, which was up from Q1’s 6.7% decrease. As exports dropped at a faster pace than imports, the external sector’s net contribution to overall growth deteriorated to minus 6.1 percentage points from the minus 1.5 percentage points recorded in Q1.

The Central Bank expects the economy to expand 2.8% in 2015 and 4.0% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.2% in 2015, which is down 0.1 percentage points from last month’s projection. For 2016, participants see economic growth accelerating to 3.8%.


Author:, Economist

Sample Report

Looking for forecasts related to GDP in Costa Rica? Download a sample report now.

Download

Costa Rica GDP Chart


Costa Rica GDP Q215 0

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


Costa Rica Economic News

  • Costa Rica: Economic activity growth hits an over two-year high in May

    July 12, 2018

    In May, annual growth in economic activity accelerated to 4.4% from a revised 4.0% expansion in April (previously reported: +2.8% year-on-year), according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR).

    Read more

  • Costa Rica: Inflation ticks up in June

    July 6, 2018

    Consumer prices rose 0.18% in June compared to the previous month, contrasting May’s 0.11% decrease.

    Read more

  • Costa Rica: Economic growth slows in the first quarter

    June 29, 2018

    The economy grew at the slowest rate in three years in the first quarter of the year, according to GDP data released by the Central Bank on 29 June.

    Read more

  • Costa Rica: Inflation dips in May

    June 8, 2018

    Consumer prices fell 0.11% in May compared to the previous month, down from the 0.08% decrease recorded in April.

    Read more

  • Costa Rica: Economic activity decelerates in March

    May 11, 2018

    In March, annual growth in economic activity decelerated to 3.1% from an upwardly revised 3.2% expansion in February (previously reported: +3.0% year-on-year), according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR). March’s slowdown in growth came amid a year-on-year contraction in the mining and quarrying sector and a stagnant construction sector.

    Read more

More news

Search form