Costa Rica: Economic activity remains strong in July
September 9, 2011
In July, economic activity expanded 4.2% over the same month the year before, according to the monthly index of economic activity (IMAE, indice Mensual de Actividad Economica). The reading was unchanged from the 4.2% expansion observed in June and marked the fastest pace since July 2010. The reading reflected an improvement in the manufacturing sector (June: +3.7% year-on-year; July: +4.4% yoy) and in construction (June: +2.2% yoy; July: +3.2% yoy), which was offset by a contraction in the agriculture sector. On a monthly basis, economic activity rose 0.32% in seasonally adjusted terms, which was above the 0.19% expansion recorded in June. However, the trend remained unchanged, as annual average economic growth expanded at June's 3.7% pace. In the July revision to the Macroeconomic Programme 2011-12, the Central Bank sees economic growth expanding 4.5% this year, and 4.7% in 2012.