External Debt in Costa Rica
Costa Rica - External Debt
Growth in Q1 2022 likely slowed from 2021’s rally. Economic activity contracted in every month of Q1 2022 in seasonally-adjusted month-on-month terms due to rising inflation, interest rate hikes and the country’s worst Covid-19 wave to date. This trend should be lasting in Q2: The positive impact of rising commodity prices on the key exports sector is likely being outweighed by scorching inflation, steeper production costs and even tighter monetary policy. Still, a rebound in tourism and a region-leading vaccination scheme will be supporting activity. On 9 May, President Chaves declared a state of emergency after a Russia-based group of cyber attackers struck key government institutions, including the Ministry of Finance. The attacks have likely led to several million dollars in lost output already. In the longer term, the risk of future breaches may deter foreign investment and trade.Costa Rica - External Debt Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| External Debt (% of GDP) | 43.1 | 44.7 | 46.4 | 47.9 | 49.7 |
Costa Rica External Debt Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 571.0 | -0.57 % | Jan 01 |
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Economic News
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Costa Rica: GDP growth records slowest increase since Q1 2021 in the second quarter
August 1, 2022
Economic growth waned in the second quarter, with GDP increasing 5.4% on an annual basis (Q1: +8.4% year on year).
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Costa Rica: Central Bank raises policy rate by 200 basis points at July meeting
July 27, 2022
At its 27 July meeting, the Central Bank of Costa Rica (BCCR) raised rates by 200 basis points—the largest hike on record—bringing the monetary policy rate to 7.50%.
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Costa Rica: Economic activity records slowest expansion since February 2021 in May
July 13, 2022
Economic activity grew 3.6% in annual terms during May, down from April's 5.0% increase.
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Costa Rica: Inflation comes in at highest level since April 2009 in June
July 7, 2022
Consumer prices increased 1.78% in June over the previous month, picking up from May's 1.44% rise.
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Costa Rica: GDP grows at softest pace in a year in Q1
June 28, 2022
Growth moderated in the first quarter, with GDP expanding 6.0% on an annual basis (Q4 2021: +9.3% year on year).
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