Costa Rica Economic Outlook
December 7, 2017Recent data shows that the economy is slowing somewhat as it approaches the end of an otherwise solid year of growth. Annual economic activity, as measured monthly by the Central Bank, moderated in September due to weaker performances in the construction, and mining and quarrying sectors, but was supported by a recovering agricultural sector. On 9 November, the government presented a revised congressional proposal designed to increase urgently-needed fiscal sustainability from next year, after a previous reform attempt was unsuccessful. The proposal includes caps on public salaries, a move towards a rule-based fiscal framework and a replacement of the current sales tax with a value-added tax. Meanwhile, according to the Costa Rican National Emergency Commission, damages caused by Tropical Storm Nate—which affected Costa Rica on 5 October—approximated to USD 365 million.
Costa Rica Economic GrowthA strong external sector should continue supporting the economy next year, with key export markets such as the U.S. expected to perform strongly. However, the government’s fiscal difficulties, including high debt levels and persistent fiscal deficits; the impact of Tropical Storm Nate; and creeping inflationary pressures weigh on the outlook. The Met the why particular Consensus Forecast panel sees GDP expanding 3.7% in 2018, which is down 0.1 percentage points from last month’s projection. In 2019, the panel foresees a 3.8% expansion.
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|Exchange Rate||568.1||-0.57 %||Dec 06|
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Costa Rica Economic News
November 11, 2017
Annual growth in economic activity decreased from a revised 3.1% in August (previously reported: +3.2% year-on-year) to 2.7% in September, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR).
November 7, 2017
In October, consumer prices increased 0.56% month-on-month, up from September’s 0.25% increase.
October 11, 2017
Annual growth in economic activity in Costa Rica decreased from a revised 3.7% in July (previously reported: +4.4% year-on-year) to 3.2% in August, according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR).
October 9, 2017
In September, consumer prices increased 0.25% month-on-month, contrasting August’s 0.22% fall.
September 29, 2017
The economy picked up steam in Q2, as a good performance in the external sector outweighed poorer domestic dynamics.