Friday 2 December 2022

Costa Rica’s Economic Activity Remains Low

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2 December 2022 - At The Banks - BCCR

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During January 2019, the Monthly Index of Economic Activity – Indice Mensual de Actividad (IMAE) –  in Costa Rica reported a 1.6% year-on-year increase, which is less than the 3.2% recorded in the same month last year.

With the exception of construction, all economic activities were less dynamic than in January 2018. The Central Bank of Costa Rica (BCCR) reported that agricultural activity and trade showed negative variations.

The report reviews “… The trend series of the Monthly Economic Activity Index presented in January 2019 a 1.6% year on year variation, 1.4 percentage points lower than the same period of the previous year, with an average variation in the last twelve months of 2.5% (3.2% in January 2018).

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Although the low growth in production since the end of 2018 is maintained, the available information suggests an interruption of the deceleration process observed since May of the previous year.

Agricultural activity decreased 1.2%, because of the negative evolution of the exportable supply of bananas and pineapples. The lower production in the banana activity is explained by the water deficit in the Caribbean area, which affected the quality and quantity of bunches.

Pineapple production was affected by the increase in the world supply of this product, mainly from the Philippines and Thailand, and the consequent drop in international prices, which led to a reduction in the number of hectares cultivated.

Commercial activity contracted by 0.2% (growth of 2.4% in January 2018) as a result of lower sales of consumer durables (electrical appliances and vehicles), possibly affected by uncertainty and consumer pessimism.”

See BCCR report.

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