External Debt in Costa Rica
Costa Rica - External DebtThe economy suffered in Q1 due to a deterioration in the construction sector, and a severe downturn in the accommodation and food services sector, particularly in March when the government declared a national emergency due to coronavirus. To help mitigate the financial strain on businesses and consumers, the government has announced fiscal policy changes, including a moratorium on various taxes and direct payments to vulnerable households. To help pay for these, the government requested financial support from the IMF, which was approved on 29 April to the tune of USD 504 million; at the end of March, the World Bank lent the government USD 157 million. On 8 May, Fitch Ratings downgraded Costa Rica's credit rating to B from B+, and assigned a negative rating outlook. In recent weeks, the government has been gradually reducing some restrictions on activity to slowly re-boot the economy.
Costa Rica - External Debt Data
|External Debt (% of GDP)||42.6||43.1||44.7||46.5||48.1|
5 years of economic forecasts for more than 30 economic indicators.
Costa Rica External Debt Chart
Source: Costa Rica Central Bank and FocusEconomics calculations.
Costa Rica Facts
|Exchange Rate||571.0||-0.57 %||Jan 01|
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May 12, 2020
Economic activity increased 0.9% in year-in-year terms in March, which followed February's 1.3% increase.
May 7, 2020
Consumer prices fell 0.44% in April over the previous month, coming in below the 0.03% fall in March.
April 29, 2020
At its monetary policy meeting on 29 April, the Central Bank of Costa Rica (BCCR) left the monetary policy rate (MPR) unchanged at 1.25%, where it has been since being cut by 25 basis points on 16 March to help mitigate the negative economic effects of the coronavirus pandemic and associated social distancing measures. This comes after the BCCR estimated on 24 April that the Costa Rican economy would contract 3.6% this year, with the greatest contractions in the second and third quarters, followed by a recovery in 2021 of 2.3%.
April 8, 2020
Annual economic growth in cyclically-adjusted terms accelerated mildly to 2.7% in February from the revised 2.6% reading in January (previously reported: +2.5% year-on-year). February’s result was supported by healthy growth in the manufacturing sector and information and communication technology sector.
April 8, 2020
Consumer prices decreased 0.03% in March compared to the previous month, contrasting the 0.29% in increase in February.