Current Account in Costa Rica
Costa Rica - Current AccountThe economic panorama likely remained downbeat in Q3 due to the ongoing health crisis. Economic activity contracted at a sharper pace in July–August, while the unemployment rate remained high in the same period. More positively, however, exports recovered and imports fell at a softer pace in Q3. Turning to Q4, further restrictions have been eased, with air borders reopening to all countries on 1 November—without the need for a 14-day quarantine upon arrival nor proof of a negative coronavirus test —aiming to boost tourism and employment in the sector. However, this could lead to an increase in Covid-19 cases, which continued to rise in the country through September and October. In other news, in late October, the government modified the 2021 draft budget to include a 7.5% reduction in primary spending compared to 2020, in an attempt to control public expenditure.
Costa Rica - Current Account Data
|Current Account (% of GDP)||-3.5||-2.2||-3.4||-3.3||-2.5|
5 years of economic forecasts for more than 30 economic indicators.
Costa Rica Current Account Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
|Exchange Rate||571.0||-0.57 %||Jan 01|
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April 21, 2021
At its 21 April meeting, the Central Bank of Costa Rica opted once again to maintain the monetary policy rate at its record low of 0.75%, where it has been since 17 June 2020.
April 9, 2021
Economic activity fell 4.7% in annual terms in February (January: -4.8% yoy).
March 31, 2021
The economy shrank in the final quarter of 2020, albeit at a notably more moderate pace than in the third quarter (Q4: -3.7% year-on-year; Q3: -7.0% yoy), according to rebased national accounts data, with the new base year referring to 2017 prices.
March 17, 2021
At its 17 March meeting, the Central Bank of Costa Rica once again decided to keep the monetary policy rate unchanged at its record low of 0.75%, where it has been since 17 June last year.
March 15, 2021
Economic activity slid 4.8% year-on-year in January (December: -5.0% yoy).