Exports in Costa Rica
Costa Rica recorded an average growth rate of 5.5% in exports in the decade to 2022. In 2022, exports growth was 13.1%. For more exports information, visit our dedicated page.
Costa Rica Exports Chart
Note: This chart displays Exports (G&S, ann. var. %) for Costa Rica from 2013 to 2022.
Source: Central Bank of Costa Rica.
Costa Rica Exports Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Exports (G&S, ann. var. %) | 4.9 | 4.3 | -10.6 | 16.0 | 13.1 |
Economic growth records best result since Q1 2022 in the third quarter
GDP growth accelerated moderately to 5.9% year on year in the third quarter, from 5.8% in the second quarter. Q3's reading marked the best result since Q1 2022.
The uptick was driven by stronger domestic demand. Private consumption sped up to 5.2% year on year in the third quarter (Q2: +4.5% yoy), which marked the best reading since Q1 2022. Falling consumer prices throughout the period provided support to households. Moreover, government spending improved to a 0.9% expansion in Q3 (Q2: +0.5% yoy). Meanwhile, fixed investment growth accelerated to 15.5% in Q3—as firms benefitted from lower interest rates in the period—from the 13.1% expansion logged in the previous quarter. On the flip side, the external sector deteriorated. Exports of goods and services growth fell to 7.8% in Q3 (Q2: +16.3% yoy), marking the worst result since Q1 2021. In addition, imports of goods and services growth waned to 6.8% in Q3 (Q2: +10.6% yoy).
Looking ahead, the Costa Rican economy is seen kicking into a lower gear. The external sector is set to lose further steam on weaker external demand from the U.S. Meanwhile, domestic activity will remain the key engine of growth as the Central Bank continues to lower rates, and inflation increases only gradually.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Costa Rican exports projections for the next ten years from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exports forecast available for Costa Rican exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Costa Rican exports projections.
Want to get access to the full dataset of Costa Rican exports forecasts? Send an email to info@focus-economics.com.