Friday 29 September 2023

Costa Rica Economic Activity Continues to Decline

The Central Bank attributes the effects of Nate for the economic slowdown

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29 September 2023 - At The Banks - Source: BCCR

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The economic slowdown recorded in October is mainly due to the adverse weather effects from tropical storm Nate, which greatly affected construction and agricultural production, says a report by the Banco Central (BCCR) – Costa Rica’s Central Bank.

The trend cycle series of the Monthly Index of Economic Activity (IMAE) had an interannual variation of 2.3% in October 2017, 2 percentage points (pp) lower than the variation seen one year earlier.

On the other hand, average growth in October was 3.1% and the variation in the last twelve months was 3.3%.

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The Central Bank report concludes that Nate greatly affected the construction industry, accommodation activities and production of agriculture destined for the local market.

See full report (in Spanish).

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