Wednesday 8 February 2023

Slight Improvement in Economic Activity in Costa Rica

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8 February 2023 - At The Banks - BCCR

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After registering a 1.3% year-on-year variation in June, the Indice Mensual de Actividad Economica (IMAE) – Monthly Economic Activity Index – in July reached 1.5%, which is mainly explained by the performance of the special regimes manufacturing sector.

After the first seven months of the year, average growth stood at 1.5%, while the average rate of the last twelve months was 1.8%, both lower than that recorded in the same period last year, reported the Central Bank of Costa Rica (BCCR).

The document notes that “… the speed at which the economy has been slowing year-on-year is the lowest in the last four months. Evolution that matches the behavior of the number of insured registered by the Costa Rican Social Security, which grew 0.1% in July, after decreasing 0.4% in the second quarter of 2019.

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Because of their relative importance in the economy (90% participation), the companies of the definitive regime are the ones that explain the deceleration of the general indicator. This group presented a 0.2% growth.

The decrease in new commercial and residential buildings, which influenced the lower demand for building materials (cement, glass, earthenware and iron products), freight transport services, engineering and architecture.”

See full report (in Spanish)

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Q Costa Rica
Reports by QCR staff

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