Costa Rica: Economic activity decelerates further in December
February 11, 2014
In December, economic activity increased 4.0% over the same month of the previous year according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was below the 4.4% increase recorded in November. In December, six of the twelve components of the index registered improvements, with transport, storage and communications registering the largest rates of expansion. Manufacturing, however, decelerated for the third consecutive month thus holding back an overall improvement in the index. Compared to the previous month, economic activity rose 0.20% in seasonally-adjusted terms, falling short of the 0.36% increase recorded in November. Meanwhile, annual average growth in economic activity inched up from November's 3.4% to 3.5%, thus contributing to the trend's upward slope. According to the latest revision to the Macroeconomic Programme 2013-2014, the Central Bank expects the economy to have expanded 3.0% in 2013 and projects a 3.7% expansion in 2014. FocusEconomics Consensus Forecast panelists see growth at 3.8% this year, which is unchanged from last month's projection. For 2015, participants see economic growth at 4.1%.