Costa Rica: Economic activity hits highest level in over one year in September
November 11, 2013
In September, economic activity increased 4.6% over the same month last year, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Economica). The figure was above the revised 4.3% recorded in August (previously reported: +4.0% year-on-year) and marked the strongest expansion since June 2012. The monthly expansion was mostly driven by growth in the manufacturing and the financial intermediation sectors.
Compared to the previous month, economic activity rose 0.54% in seasonally adjusted terms, falling slightly short of the revised 0.59% increase recorded in August (previously reported: +0.58% month-on-month). Meanwhile, annual average growth in economic activity edged up from August's 2.9% to 3.0% in September.
According to the latest revision to the Macroeconomic Programme 2013-2014, the Central Bank sees the economy expanding 3.0% this year and 3.7% in 2014. FocusEconomics Consensus Forecast panelists see growth at 3.3% this year, which is down 0.1 percentage points from last month's projection. For 2014, participants see economic growth at 3.9%, which is also down 0.1 percentage points from last month's estimate.