Costa Rica GDP
GDP growth gathers steam in Q2
The Costa Rican economy picked up pace in the second quarter of 2023, when GDP growth accelerated to 5.1% year on year, up from the prior quarter’s 4.4% increase. Q2’s upturn was the strongest since Q1 2022.
Domestically, the improvement was broad-based; private consumption grew at a stronger annual 3.8% in Q2, accelerating from Q1’s 3.1%. Inflation averaged 0.7% in Q2, the lowest level since Q1 2021, alleviating the pressure on households’ disposable income and purchasing power. Moreover, government spending returned to growth, posting a 0.5% expansion in Q2, contrasting Q1’s 0.5% decline. Lastly, fixed investment growth sped up to 9.6% in Q2 (Q1: +2.5% yoy), likely thanks to lower interest rates.
Turning to the external sector, exports of goods and services growth eased to 14.2% year on year in Q2, down from the prior quarter’s 15.6% increase. Conversely, imports of goods and services growth accelerated to an annual 13.4% in Q2 (Q1: +2.6% yoy). Consequently, the external sector likely contributed to overall GDP growth.
Costa Rica GDP Chart
Costa Rica GDP Data
|Economic Growth (GDP, ann. var. %)||2.6||2.4||-4.3||7.8||4.3|
|GDP (USD bn)||62.3||64.3||62.3||64.4||68.2|
|GDP (CRC bn)||36,015||37,832||36,495||40,113||44,252|
|Economic Growth (Nominal GDP, ann. var. %)||4.9||5.0||-3.5||9.9||10.3|