Sunday 16 May 2021

Strong Rebound in Construction Boosts Costa Rica’s economy

Increase in private buildings accelerated economic activity trend of the last 10 months

A strong recovery in construction modified the growth trend that the Costa Rican economy had been showing, which now reports 10 consecutive months of acceleration.

The monthly index of economic activity (IMAE) began to accelerate as of August last year and reported, as of May, a year-on-year variation of 4.4%, the Central Bank of Costa Rica (BCCR) reported Thursday afternoon.

- Advertisement -

The Bank explained that construction activity had a variation of 13.3% in May, compared to the same month of 2017.

The construction of private projects was the most dynamic with a year-on-year increase of 16%, compared to public that varied 0.1%.

According to the report, commercial and industrial projects were the most dynamic during the last year.

Henry Vargas, director of the Macroeconomic Statistics Department of the BCCR, explained that the most recent survey on private construction by the Bank was the one that showed the significant improvement of this sector.

- Advertisement -

Another one of the sectors that helped the economic acceleration was in manufacturing, in specific the greater demand for medical devices, that increased their inter-annual production of 28% to last May.

“The growth in medical devices was almost unprecedented, in the special regime (free zone) we are used to seeing variation rates of 15%, but not 28%,” explained Vargas.

The rest of the economic activities maintained a level of increase very similar to that of the last months.

The agricultural sector showed a variation of 4.1% in May; trade 3.3% and services 4.2%, according to the Central Bank.

Source (in Spanish): La Nacion

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

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

New restrictions outrage hospital staff while business applauds “balance”

QCOSTARICA - The measures announced by the Government to reduce COVID-19...

These are the sanitary measures that will be applied from today, May 10

NOTE: Monday afternoon the government announced changes in the vehicle restrictions...

MOST READ

Recope requests the sixth consecutive increase in fuel prices for 2021

QCOSTARICA - The Refinadora Costarricense de Petróleo(RECOPE - the refinery that does not refine anything - requested the sixth consecutive fuel hike in 2021. As...

Top 3 Japanese-Inspired Online Slots

Slots are the most popular category in any casino. Gambling websites feature hundreds of these games, simplistic and elaborate. Reel symbols range from cherries...

College of Physicians proposes to apply 150,000 doses weekly; tighten vehicle restrictions

QCOSTARICA - Applying 150,000 doses per week of the covid-19 vaccine and establishing stricter vehicle restrictions temporarily, are the two main proposals of the...

Why Colombian protesters are taking to the streets

QCOLOMBIA – For the past two weeks, mass protests that started on April 28, have rocked Colombia, leaving at least 42 people dead and hundreds...

Covid vaccine passport, salvation or division?

EL UNIVERSAL Washington / Brussels - The desperation to reactivate economies, in the midst of the coronavirus pandemic, has prompted an idea: to create...

Nicaragua, the safest country to travel in the region despite Covid-19: Study

TODAY NICARAGUA – A study based on data from the WHO and the University of Oxford placed Nicaragua as one of the “10 safest...

Rodolfo Méndez will complete the Circunvalación, a work that he started in 1978

QCOSTARICA - It's been almost 43 years since the Circunvalación (Ruta 39) project, to provide the capital with a peripheral ring road, was started,...

How to Make the Most Out of Your Travel Experience

There’s no one out there that doesn’t love the sense of adventure that comes with exploring a new place. Whether you’re planning a short...

Travel agencies estimate 10,000 Costa Ricans who will travel to the United Stares to be vaccinated

QCOSTARICA - The demand of Costa Ricans to go to get vaccinated against covid-19 in the United States increased strongly from Semana Santa, so...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

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.