Consumption in Costa Rica
Costa Rica - Consumption
Economy records best result since Q3 1992 in the third quarter
GDP growth improved to 12.1% year-on-year in the third quarter from 9.7% in the second quarter, marking the best result since Q3 1992. On a seasonally-adjusted quarter-on-quarter basis, the economy grew at the second highest rate since current records began, climbing 3.9% in Q3 (Q2: +1.9% s.a. qoq).
In annual terms, the improvement was led by the domestic economy: Household spending growth accelerated to 8.1% year-on-year in the third quarter, which marked the best reading since Q1 2012 (Q2: +7.2% yoy), while government consumption rebounded, growing 2.7% (Q2: -4.7% yoy). Conversely, fixed investment growth moderated to 8.1% in Q3, from 15.3% in the prior quarter.
Externally, growth in exports of goods and services softened to 27.4% in Q3 (Q2: +34.1% yoy). In addition, growth in imports of goods and services moderated to 18.7% in the quarter (Q2: +26.7% yoy).
Moving forward to Q4, GDP is expected to have grown at a more moderate albeit still-robust rate, amid a subsiding base effect. Despite slowing somewhat from the previous quarter, economic activity grew solidly in October and November, hinting at healthy underlying dynamics. However, ongoing pandemic-related uncertainty is a key risk to the outlook, with a rapid rise in daily Covid-19 rates at the end of December a cause for concern.
FocusEconomics panelists see the economy expanding 4.4% in 2022, which is up 0.3 percentage points from last month’s projection, and growing 3.5% in 2023.
Costa Rica - Consumption Data
|Consumption (annual variation in %)||4.2||3.6||3.5||1.7||2.2|
5 years of economic forecasts for more than 30 economic indicators.
Costa Rica Consumption Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
|Exchange Rate||571.0||-0.57 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 11, 2022
Economic activity grew 9.8% terms in November, which followed October’s 10.5% increase and again marked the softest expansion since April.
December 30, 2021
GDP growth improved to 12.1% year-on-year in the third quarter from 9.7% in the second quarter, marking the best result since Q3 1992.
December 15, 2021
At its last meeting of the year held on 15 December, the Central Bank of Costa Rica (BCCR) raised the monetary policy rate by 50 basis points to 1.25% from its record low of 0.75%—where it had been since June 2020. The Bank noted robust economic growth in recent months, but mainly cited concerns over persistent global supply chain bottlenecks as potential drivers of further increases in price pressures.
November 11, 2021
Economic activity rose 11.5% terms in September, which was a deterioration from August's 11.9% increase.
November 5, 2021
Consumer prices rose 0.49% in October over the previous month, moderating from September's 0.63% rise.