Costa Rica GDP Q3 2016

Costa Rica

Costa Rica: Growth decelerates in Q3

December 30, 2016

In the third quarter of 2016, GDP expanded 4.4% over the same period of the previous year. The reading marked a slowdown from Q2’s growth of 5.3%. All the components of domestic demand decelerated and the external sector also weighed on the economic performance.

In Q3, total consumption moderated from Q2’s 4.2% increase to a slower, but still robust, 3.2% expansion. Private consumption rose 3.5%, down from Q2’s 4.9% increase, and government spending picked up slightly from the 1.7% expansion of the previous quarter to a 2.1% increase in Q3. Fixed investment improved from Q2’s 5.7% drop to a 0.1% decrease in Q3.

On the external side of the economy, exports of goods and services moderated from the astounding 12.5% growth of Q2 to expand 4.1% over the same quarter of the previous year. Imports growth also slowed down to 4.4% in Q3, which was below Q2’s 11.4% increase. The result was a negative contribution to overall growth from the external sector of minus 0.3 percentage points, deteriorating from the minus 0.1 percentage point detraction seen in Q2.

The Central Bank expects the economy to expand 4.1% in 2017 and 4.1% in 2018. FocusEconomics Consensus Forecast panelists expect GDP to expand 3.9% in 2017, which is unchanged from last month’s projection. For 2018, participants see economic growth of 3.9%.


Author:, Economist

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Costa Rica GDP Q316

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


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