Wednesday 23 June 2021

Costa Rica Economy Slows Down For The Seventh Consecutive Month

The more than three month long national strike negatively impacted economic growth

The Costa Rican economy slowed for the seventh month in a row, according to the most recent figures of the Índice Mensual de Actividad Económica (IMAE) – Monthly Index of Economic Activity -, as of last December.

According to data from the Banco Central (Central Bank), in December 2018 the majority of economic activities moderated their growth compared to the same month of the previous year, with a year-on-year variation of 1.8% in the general IMAE indicator (3.1% in December 2017).

The growth of the IMAE during the twelve months of 2018, compared to the previous twelve months was 2.7%.

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The slowdown was mainly due to the contraction observed in:

  • Public education, due to the strike against the Tax Reform
  • The manufacture of the definitive regime, affected by the socio-political situation facing Nicaragua and the slowdown in domestic demand, and
  • The agricultural activity, by the decrease in the production of pineapple and coffee, as well as the low growth in banana.

In addition, the lower increase in commerical activity was due to a decrease in vehicle sales.

 

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FACT CHECK:
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