Tuesday 7 February 2023

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

China apologizes to Costa Rica for balloon flyover

QCOSTARICA - You have most likely heard about the...

Drivers get the scare of their lives on route 27 due to the fall of a huge stone

QCOSTARICA - A huge falling rock that narrowly reached...

Two new foci of avian influenza detected in Costa Rica

QCOSTARICA - Two foci of avian influenza were confirmed...

Daniel Ortega proposes that all countries have their “atomic weapon”

Q24N (EFE) The president of Nicaragua, Daniel Ortega, stated...

Online Casinos vs. Sports Betting: Which is Better for You?

Let's break this issue down into two main industry...

Reasons to use Crypto while gambling

Of course, it's hard not to pay attention to...

Why did the price of bread drop? Global and local conditions drive sales

QCOSTARICA - The Musmanni chain of bakeries applied a...

Dollar Exchange

¢574.12 Buy

¢581.69 Sell

7 February 2023 - At The Banks - BCCR

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
Avatar photo
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

China apologizes to Costa Rica for balloon flyover

QCOSTARICA - You have most likely heard about the Chinese spy...

Drivers get the scare of their lives on route 27 due to the fall of a huge stone

QCOSTARICA - A huge falling rock that narrowly reached the road...

Subscribe to our stories

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