Costa Rica Economic Outlook
April 9, 2019The economy grew at the slowest pace in nearly six years in the fourth quarter of 2018 as large public protests related to fiscal policy reform ate into economic activity. Private consumption growth slowed and was likely hampered by a large increase in unemployment, a weak increase in private sector loans and downbeat consumer confidence. Moreover, fixed investment also increased at a slower pace and the cash-strapped government slashed spending, while export growth remained strong despite moderating in the quarter. Turning to this year, higher consumer confidence in the first quarter bodes well for private spending, although consumers remained overwhelmingly pessimistic. In addition, although economic activity growth in January was weak, it did not change from December, putting an end to eight consecutive months of slowing growth.
Costa Rica Economic GrowthThis year, stronger fixed investment growth on the back of a more certain fiscal outlook should lead to an uptick in economic growth. Moreover, solid export growth linked to a weaker colón and February’s opening of a large industrial port in Limón should add to economic momentum. Ongoing instability in neighboring Nicaragua, however, could weigh on exports. Met the why particular Consensus Forecast panelists expect GDP to grow 2.8% in 2019, which is unchanged from last month’s forecast, and 2.9% in 2020.
Costa Rica Economy Data
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|Exchange Rate||601.7||-0.57 %||Apr 12|
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Costa Rica Economic News
Costa Rica: Dry weather holds back economy in February as agriculture output drops for fifth month running
April 11, 2019
Annual economic growth in cyclically-adjusted terms was unchanged in February from January’s revised 1.7% reading (previously reported: +1.6% year-on-year), according to the monthly index of economic activity published by the Central Bank of Costa Rica.
April 5, 2019
Consumer prices fell 0.14% in March compared to the previous month, contrasting the 0.08% increase in February.
Costa Rica: Economic growth slows to a near six-year low at the end of 2018, hit by large public protests
March 29, 2019
In the fourth quarter of 2018, the economy grew 1.4% compared to the same quarter a year earlier.
March 14, 2019
Annual economic growth in cyclically-adjusted terms was unchanged in January from December’s revised 1.6% reading (previously reported: +1.8% year-on-year), according to the monthly index of economic activity published by the Central Bank of Costa Rica.
March 7, 2019
Consumer prices rose 0.08% in February compared to the previous month, up slightly from the 0.05% increase in January.