GDP in Costa Rica
Costa Rica - GDP (billions of U.S. Dollars)
Economic growth hits one-and-a-half-year high in Q4 2019 but outlook worsens
In the fourth quarter of 2019, the economy grew 3.3% compared to the same quarter a year earlier, up from the revised 2.5% growth reading in the third quarter (previously reported: +2.4% year-on-year) and the fastest reading since Q2 2018.
Government consumption surged 10.2% in the fourth quarter compared to the same quarter a year earlier, up from 6.0% growth in Q3 and largely due to a low base effect following public sector strikes in Q4 2018. Private consumption accelerated to 2.0% in Q4 from 1.6% in Q3, likely in part due to an incremental increase in consumer confidence. Moreover, although fixed investment decreased 4.7% in Q4, seemingly on lower bank lending and business confidence, the decrease moderated compared to Q3.
Exports of goods and services increased 3.7% in Q4 compared to the same quarter a year earlier, up from the 2.6% increase in Q3. Imports, meanwhile, contracted 1.6% in Q4, contrasting the 2.0% increase in Q3. Overall, the external sector contributed 1.8 percentage points to economic growth in Q4, up from the 0.2 percentage-point contribution in Q3.
Turning to the first quarter of this year, the economy likely slowed as the number of coronavirus cases reported nationally climbed through March, forcing authorities to impose containment measures such as banning mass gatherings and tightening international travel restrictions. Moreover, weakening economic activity among trading partners such as the U.S. likely dampened export prospects. However, recently announced fiscal and monetary policy stimulus should help mitigate the economic damage.
Our Consensus Forecast panelists are currently revising their economic growth forecasts. We will provide new Consensus Forecasts from 21 April.
Costa Rica - GDP (USD bn) Data
|GDP (USD bn)||50.7||54.8||57.2||58.4||60.5|
5 years of economic forecasts for more than 30 economic indicators.
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.