Wednesday, 12 August 2020

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.

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

- paying the bills -

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.

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.

- paying the bills -

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

Rico
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

Central Bank estimates for this year the biggest economic contraction since 1982

(QCOSTARICA) The Banco Central de Costa Rica (BCCR) - Central Bank...

Central Bank defines maximum interest rate for credit cards

(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) published early...

MOST READ

Kidnappings of foreign retirees in Latin America

(EXPAT FOCUS) First, this article is to put kidnappings in Latin America into perspective and not to instill fear in anyone about retiring or...

Government eases restrictions in the GAM

(QCOSTARICA) Bowing to pressure from different sectors of the economy, the Costa Rica government ease commercial restrictions for the cantons on orange alert of...

The most beautiful places in Costa Rica to visit after quarantine

Nestled between the stunning waters of the Caribbean Sea and the Pacific Ocean, sits the Central American paradise of Costa Rica. The small, Spanish-speaking...

Copa Airlines plan to restart some flights in mid August include Costa Rica

(Q TRAVEL) Copa Airlines, the flag carrier of Panama, said on Thursday it has received government approval to restart flights in mid-August to about...

Legislators pressing for a reduction in the 2021 Marchamo

Legislators are pressing for a reduction in the 2021 Marchamo (circulation permit) due to the vehicular restrictions in place since the start of the...

Californian invites Afro-descendants to escape racism in Costa Rica

(QCOSTARICA) The wave of events that triggered the death of George Floyd in the United States is new evidence of the systematic racism that...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

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.