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.

Check out the "System for monitoring markets and economic situation in Central American countries", developed by CentralAmericaData.

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.
More on this topic
Costa Rican Economy Remains in Crisis
April 2021
During February 2021, economic activity fell 4.7% in year-on-year terms, a drop that evidences that the economic crisis caused by the covid-19 outbreak continues to affect Costa Rica.
According to the Central Bank of Costa Rica (BCCR), as per the cycle trend series of the Monthly Index of Economic Activity (IMAE), the inter-annual variation of production reached its lowest point in June 2020, at which point it began a gradual recovery process.
Economic Activity Begins 2021 on a Downward Trend
March 2021
During January of this year, production in Costa Rica decreased 4.8% in year-on-year terms, a decline that is explained by the economic crisis resulting from the pandemic caused by the outbreak of covid-19.
In January 2021, the production of manufacturing and computer services grew 1.9% and 0.7%, respectively, in year-on-year terms. In contrast, the rest of the economic activities showed drops in their level of activity in relation to January 2020, states a report by the Central Bank of Costa Rica (BCCR).
Economic Activity: Slight Improvement in Costa Rica
October 2020
In the context of the crisis generated by the outbreak of covid-19 and after reporting a -9% year-on-year variation in July, in August the IMAE registered a smaller reduction by contracting 8% compared to the same month in 2019.
The fall in the volume of production is greater in the activities of hotels and restaurants (59.3%), transport and storage (27.4%) and trade (15.5%), all of which is closely related to the greater incidence in these sectors of national and international restrictions on the movement of people and goods, reported the Central Bank of Costa Rica (BCCR).
Costa Rica: Economic Activity Still Down
September 2020
After reporting in June a 7% year-on-year variation, in July the monthly index of economic activity continued to fall, registering an 8% drop with respect to the same month in 2019, a decrease that is explained by the economic crisis affecting the country.
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).
Costa Rica
Index Measurement of Economic Activity
Index of Economic Activity
Daily Update Government PurchasesDownload brochure (only in spanish)Trade Inteligence Subscriber Access NewsletterContact Us MarketDataMexico Español
2008-2022 ©
Trade InteligenceWho we areContact Us