Costa Rica: Economic activity picks up speed in April
June 10, 2011
In April, economic activity increased 3.9% over the same month the year before, according to the monthly index of economic activity (IMAE, indice Mensual de Actividad Economica). The reading was above the 3.3% expansion observed in March and marked the fastest pace since July 2010. The acceleration reflected an improvement in the manufacturing sector (March: +0.6% year-on-year; April: +2.1% yoy) and in the construction industry (March: +0.0% yoy; April: +1.2% yoy). On a monthly basis, economic activity rose 0.49% in April in seasonally adjusted terms, which was above the 0.44% expansion recorded in March. However, the trend continues to point downwards, with annual average economic growth moderating from 3.5% in March to 3.4% in April. The Central Bank estimates the economy to expand 4.3% this year and 4.5% next year.