Costa Rican Economy Slowly Recovers
Friday, November 13, 2020
After the IMAE reported year-on-year variations of -9% and -8%, respectively, in July and August, during September the Costa Rican economy continued to recover from the impact of the health crisis by reporting a 6% drop in production.
The Central Bank of Costa Rica (BCCR) reported that the economy is in the process of recovery, as a result of the process of reopening and gradual lifting of sanitary restrictions, which were imposed following the outbreak of covid-19. However, the upturn so far is not enough to fully recover the loss in production of the previous quarter, so the level of activity is still lower than in the last quarter of 2019.

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According to the official figures, in September the generalized contractions in economic activities persisted in year-on-year terms. The agricultural industry decreased by 2.6%, the largest reduction since February 2015. The decrease was due to the lower exportable supply of pineapple, due to the smaller area planted and the drop in productivity. It was also affected by lower external demand for bananas and foliage.

The BCCR report highlights that in the ninth month of the year, "... manufacturing decreased 2.3%, due to less processing of food products such as chicken, coffee, fruits and vegetables, and less manufacturing of construction-related materials, in line with the behavior of this activity."

Construction decreased 13.5%, both because of the lower number of buildings for private use (12.2%), and because of the drop in works for public use (16.2%). In the first case, it affected the decrease in residential and non-residential construction. In the first case, the decrease affected residential and non-residential construction, while public construction decreased due to delays in the development of educational and road infrastructure projects, according to the report.

See full document and official figures.
 
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September 2020
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The lower activity, which is due to the impact that the pandemic has had in Costa Rica and around the world, is seen in the five major economic activities (agriculture, manufacturing, construction, trade and services) that make up the monthly index of economic activity (IMAE).
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