GDP in Costa Rica

Costa Rica GDP (USD bn) | Economic News & Forecasts

Costa Rica - GDP (billions of U.S. Dollars)

Economy records best result since Q3 1992 in the third quarter

GDP growth improved to 12.1% year-on-year in the third quarter from 9.7% in the second quarter, marking the best result since Q3 1992. On a seasonally-adjusted quarter-on-quarter basis, the economy grew at the second highest rate since current records began, climbing 3.9% in Q3 (Q2: +1.9% s.a. qoq).

In annual terms, the improvement was led by the domestic economy: Household spending growth accelerated to 8.1% year-on-year in the third quarter, which marked the best reading since Q1 2012 (Q2: +7.2% yoy), while government consumption rebounded, growing 2.7% (Q2: -4.7% yoy). Conversely, fixed investment growth moderated to 8.1% in Q3, from 15.3% in the prior quarter.

Externally, growth in exports of goods and services softened to 27.4% in Q3 (Q2: +34.1% yoy). In addition, growth in imports of goods and services moderated to 18.7% in the quarter (Q2: +26.7% yoy).

Moving forward to Q4, GDP is expected to have grown at a more moderate albeit still-robust rate, amid a subsiding base effect. Despite slowing somewhat from the previous quarter, economic activity grew solidly in October and November, hinting at healthy underlying dynamics. However, ongoing pandemic-related uncertainty is a key risk to the outlook, with a rapid rise in daily Covid-19 rates at the end of December a cause for concern.

FocusEconomics panelists see the economy expanding 4.4% in 2022, which is up 0.3 percentage points from last month’s projection, and growing 3.5% in 2023.

Costa Rica - GDP (USD bn) Data

2015   2016   2017   2018   2019  
GDP (USD bn)54.8  57.2  58.4  60.5  61.8  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.

Download

Costa Rica Facts

Value Change Date
Exchange Rate571.0-0.57 %Jan 01

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form