Costa Rica Economic Activity

Costa Rica

Costa Rica: Economic activity decelerates slightly in November

January 3, 2014

In November 2013, economic activity increased 4.6% 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 slightly below the 4.9% increase recorded in October. Nine of the twelve components of the index deteriorated. Manufacturing and electricity and water provision decelerated the most, whereas improvements were seen in agriculture as well as in transports and communications.

Compared to the previous month, economic activity rose 0.36% in seasonally-adjusted terms, falling slightly short of the 0.39% increase recorded in October. Meanwhile, annual average growth in economic activity edged up from October's 3.3% to 3.4%, 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 4.2%.


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Costa Rica Economic Activity Chart

Costa Rica Economic Activity November 2013

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: Costa Rica Central Bank (BCCR) and FocusEconomics calculations.

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