Costa Rica: Robust expansion in Q4
March 31, 2011
In the fourth quarter, GDP added 3.7% over the same period last year, which was unchanged from the 3.7% increase recorded in the third quarter (previously reported: +3.9% year-on-year). As a result, the economy expanded a robust 4.2% in the full year 2010, which contrasted the 1.3% contraction recorded in 2009. Total consumption accelerated from the 3.8% increase (previously reported: +3.6% yoy) recorded in the third quarter to 4.7%. Meanwhile, gross fixed investment expanded 2.5% over the same period last year, which was slower than the revised 3.2% expansion (previously reported: -1.2% yoy) recorded in the third quarter. Exports of goods and services expanded 3.1%, contrasting the 1.7% contraction (previously reported: +1.5% yoy) recorded in the third quarter, while imports increased 10.5% (Q3: +16.2% yoy). As a result, the net contribution from the external sector to overall growth improved from minus 8.5 percentage points in the third quarter to minus 3.3 percentage points in the fourth. At the sector level, the services sector expanded 5.0%, while the industrial sector registered a flat reading and the agricultural sector decelerated over the same period last year. The Central Bank estimates the economy will expand 4.3% this year and grow 4.5% in 2012.