Wednesday 16 June 2021

Costa Rica Economic Activity Continues to Decline

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

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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FACT CHECK:
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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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