(QCOSTARICA) – The index measuring confidence in the commercial sector in the second quarter of the year recorded the lowest level registered since it began in 2008, during the global financial crisis
From a statement issued by the Chamber of Commerce in Costa Rica:
The Business Confidence Index Sector (ICSC), collated by the Chamber of Commerce of Costa Rica, for the second quarter of 2015 stood at 79 points, which is the lowest value recorded since this quarterly measurement was first made (2008).
With this result, trade has seen five consecutive quarters of not surpassing the minimum confidence threshold of 100 points. For purposes of the ICSC, results of less than 100 indicate distrust. The margin of error is + 3 percentage points and a confidence level of 95%.
Source: Centralamericandata.com
This is obviously not good news for the Costa Rica Economy. The Government will have to take some drastic and unpopular action with respect to decreasing Public Sector wages and spending, along with creating new Private Sector employment opportunities, through the stimulation of foreign investment for business expansion in the Free Trade Zones and otherwise. This action must be taken now, in order to avoid what otherwise will be a drastic decline in the lifestyles of many Costa Ricans.