Economic Growth in Costa Rica
The Costa Rican economy recorded an average growth rate of 3.1% in the decade to 2022, above the 1.9% average for Central America and Caribbean. In 2022, real GDP growth was 4.6%. For more GDP information, visit our dedicated page.
Costa Rica GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Costa Rica from 2013 to 2022.
Source: Central Bank of Costa Rica.
Costa Rica GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.6 | 2.4 | -4.3 | 7.9 | 4.6 |
| GDP (USD bn) | 62.3 | 64.3 | 62.3 | 64.8 | 69.1 |
| GDP (CRC bn) | 36,015 | 37,832 | 36,495 | 40,327 | 44,810 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.9 | 5.0 | -3.5 | 10.5 | 11.1 |
Economic growth records best result since Q1 2022 in the third quarter
GDP growth accelerated moderately to 5.9% year on year in the third quarter, from 5.8% in the second quarter. Q3's reading marked the best result since Q1 2022.
The uptick was driven by stronger domestic demand. Private consumption sped up to 5.2% year on year in the third quarter (Q2: +4.5% yoy), which marked the best reading since Q1 2022. Falling consumer prices throughout the period provided support to households. Moreover, government spending improved to a 0.9% expansion in Q3 (Q2: +0.5% yoy). Meanwhile, fixed investment growth accelerated to 15.5% in Q3—as firms benefitted from lower interest rates in the period—from the 13.1% expansion logged in the previous quarter. On the flip side, the external sector deteriorated. Exports of goods and services growth fell to 7.8% in Q3 (Q2: +16.3% yoy), marking the worst result since Q1 2021. In addition, imports of goods and services growth waned to 6.8% in Q3 (Q2: +10.6% yoy).
Looking ahead, the Costa Rican economy is seen kicking into a lower gear. The external sector is set to lose further steam on weaker external demand from the U.S. Meanwhile, domestic activity will remain the key engine of growth as the Central Bank continues to lower rates, and inflation increases only gradually.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Costa Rican GDP projections for the next ten years from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Costa Rican GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Costa Rican GDP projections.
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