Costa Rica: Economic activity remains strong in February
April 12, 2011
In February, economic activity increased 2.9% 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 2.7% expansion observed in January and reflected an improvement in the manufacturing sector (February: -0.2% year-on-year; January: -1.0% yoy) as well as a faster growth in hotels and transport sectors. On a monthly basis, economic activity rose 0.40% in February in seasonally adjusted terms, virtually unchanged from the 0.42% expansion recorded in January. However, the trend continues to point downwards, with annual average economic growth moderating from 4.2% in January to 3.9% in February. The Central Bank estimates the economy to expand 4.3% this year and 4.5% next year.