Tuesday 25 January 2022

Recovery process of the Costa Rican economy continues firm

Manufacturing grew in year-on-year terms for the seventh month at double-digit rates, mainly due to external demand for medical devices

Paying the bills

Latest

Government stops legalization of medical cannabis without daring to talk about a veto

QCOSTARICA - Legislators described the government's arguments for not...

Costa Rica’s Catholic Church asks for ‘reflection’ on the Hemp and Cannabis Law

QCOSTARICA - The Catholic Church asked Costa Rica's Government...

67 centenarians have been infected with covid-19, most have already recovered

QCOSTARICA - Since the pandemic began in Costa Rica,...

Police shut down a mega-party of 1,600 people in a warehouse located in La Uruca

QCOSTARICA - The Fuerza Publica (National Police) intervened, this...

Vehicle restrictions start at 12 am from today

QCOSTARICA - Starting today,  Monday, January 24, the vehicle...

Costa Rican firm will convert passenger planes to alleviate cargo demand

QCOSTARICA - Costa Rican talent will, starting in March,...

Facebook experiments with Costa Rica reducing political content

QCOSTARICA - Meta, the multinational technology conglomerate, is carrying...
Paying the bills

Share

QCOSTARICA – The recovery process of the Costa Rican economy continues firm. Economic activity grew at double-digit rates for the sixth consecutive month compared to the previous year, although its dynamism moderated, reported the business magazine Revista Summa.

Manufacturing grew in year-on-year terms for the seventh month at double-digit rates, mainly due to external demand for medical devices

In October 2021, the IMAE cycle trend series grew 10.0% in year-on-year terms, in contrast to the 5.7% drop in the same month of the previous year. In addition, production increased 7.3% on average from January to October 2021, compared to the same period of the previous year.

The evolution of the series adjusted for seasonality suggests that the vigor of economic growth is moderating. The annualized quarterly variation of this indicator went from 10.4% in September to 6.4% in October.

- Advertisement -

Most of the economic activities recovered their pre-pandemic production levels says the magazine, “The robust growth of manufacturing activity and the greater demand for information and communication services made it possible for these industries to recover their pre-pandemic production levels since the end of 2020. In October 2021, they presented higher levels of 14.6% and 7.7% to those observed in February of the previous year.”

However, some activities still show production levels below the pre-pandemic. In particular:

  • Hotel and restaurant services (-23.7% in relation to pre-pandemic levels), whose demand depends highly both on the mobility of internal consumers and the influx of tourists from abroad.
  • Public administration services (-5.1%), due to efforts to contain the Government’s current primary spending.
  • Construction (-3.8%), mainly due to execution problems that affect public investment.

However, if the year-on-year growth in October is considered (and not with respect to the level of economic activity before the pandemic), the greatest contribution to the recovery comes from the dynamism of manufacturing, hotels and restaurants, and transportation services and storage.

Manufacturing grew in year-on-year terms for the seventh month at double-digit rates, mainly due to external demand for medical devices. Hotel and restaurant services registered an interannual variation of 66.0%.

This growth is influenced by a base effect, since in the same month of the previous year the activity registered a contraction of 51.6%. The greater mobility of the population and the increase in the international flow of goods, explains the growth in transport activity.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"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.

Related Articles

Costa Rica aims to attract more tourists from Middle East as part of recovery plan

QCOSTARICA - Costa Rica is looking to recover its tourism sector,...

Avianca Announces Seven New Routes As It Continues Rapid Growth

Q TRAVEL (Routes) The strongest air network in Colombia and one...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.