GDP in Costa Rica

Costa Rica GDP | Economic News & Forecasts

Costa Rica - GDP

Economic growth picks up a tad in Q4; Carlos Alvarado elected president on 1 April

The economy performed modestly in the fourth quarter of last year. According to seasonally-adjusted data released by the Central Bank on 28 March, year-on-year economic growth accelerated to 3.1% in Q4, up slightly from 2.8% growth in Q3.

The domestic economy had a mixed performance in Q4. While year-on-year private consumption growth accelerated to 2.6% in Q4 from 2.4% in Q3, government consumption growth slowed to 2.8% in Q4 (Q3: +3.0% year-on-year). However, fixed investment weighed on growth in the quarter. On the back of political uncertainty in the run-up to presidential and legislative elections, and likely deterred by higher interest rates, fixed investment contracted 5.5% in Q4 (Q3: -12.3% yoy).

Year-on-year growth in exports of goods and services slowed to 2.1% in Q4 from 5.1% in Q3. Moreover, growth in imports accelerated to 3.0% in Q4 from 1.7% in Q3. Because of these dynamics, the external sector detracted 0.4 percentage points from economic growth in Q4, a downward swing from Q3’s 1.1 percentage-point contribution.

On 1 April, Carlos Alvarado of the incumbent Citizens’ Action Party was elected president, leaving the other contender, Fabricio Alvarado of the National Restoration Party, as runner-up. The president-elect will take up office on 8 May. A poll released on 23 March by the University of Costa Rica had showed that the two candidates were evenly matched in terms of public support. For the economy to find its mojo this year, this electoral outcome will have to inspire action in the country’s politically fragmented Legislative Assembly, particularly regarding fiscal policy, and boost confidence among consumers and businesses.

The Central Bank expects the economy to record growth of 3.6% in 2018 and 3.9% in 2019. The analysts Met the why particular surveyed this month forecast growth of 3.5% on average in 2018, which is down 0.1 percentage points from last month’s projection, and 3.7% in 2019.

Costa Rica - GDP Data

2013  2014  2015  2016  2017  
Economic Growth (GDP, annual variation in %)2.3  3.5  3.6  4.2  3.2  

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Costa Rica GDP Chart


Costa Rica GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Costa Rica Central Bank and Met the why particular calculations.

Costa Rica Facts

ValueChangeDate
Exchange Rate567.3-0.57 %Jun 14

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Economic News

  • Costa Rica: Inflation dips in May

    June 8, 2018

    Consumer prices fell 0.11% in May compared to the previous month, down from the 0.08% decrease recorded in April.

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  • Costa Rica: Economic activity decelerates in March

    May 11, 2018

    In March, annual growth in economic activity decelerated to 3.1% from an upwardly revised 3.2% expansion in February (previously reported: +3.0% year-on-year), according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR). March’s slowdown in growth came amid a year-on-year contraction in the mining and quarrying sector and a stagnant construction sector.

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  • Costa Rica: Inflation decelerates in April

    May 9, 2018

    Consumer prices fell 0.08% in April compared to the previous month, more than the 0.03% decrease recorded in March.

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  • Costa Rica: Economic activity decelerates in February

    April 11, 2018

    In February, year-on-year growth in economic activity decelerated to 3.0% from a 3.1% expansion in January, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR) on 11 April. February’s weaker result was driven by a slower expansion in transportation and storage activity compared to January, alongside weaker growth in the activity groups of professional services, finance and insurance, and mining and quarrying.

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  • Costa Rica: Inflation accelerates in March

    April 6, 2018

    Consumer prices fell 0.03% in March compared to the previous month, contrasting a 0.21% month-on-month increase in February.

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