Sunday, 24 May 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

Dollar Exchange Drops Below ¢570

The "yo-yo" dollar exchange today, Wednesday, April 15, is at a...

What can we expect for the dollar exchange with the ‘coronavirus effect’?

The dollar exchange rate is currently under strong pressure, towards a...

MOST READ

Costa Rica’s Ministry of Health investigating “atypical case” of coronavirus

(QCOSTARICA) The Ministry of Health is investigating an "atypical case" of coronavirus in Costa Rica, where a patient tested positive for the first time...

Joel Campbell and his wife light up social networks with a super-sensual photo

Fernanda Mora, the wife of Costa Rican footballer Joel Campbell, published a hot photograph with her sweetheart, which raised the temperature of her followers...

Daniel Ortega blames Costa Rica for closing the border

Nicaragua's president,Daniel Ortega, in a live broadcast Monday evening accused Costa Rica of stopping the transit of goods through the Central American Isthmus for...

Two more new bridges on Santa Ana Route 121 will be ready in a month

After more than 18 months, residents of Santa Ana and drivers on the ruta 121 - the old road to Piedades - can enjoy...

US drugmaker reports promising early results from COVID-19 vaccine test

US biotech firm Moderna reported promising early results on Monday from the first clinical tests of an experimental vaccine against the novel coronavirus performed...

Despite call not to, cyclists disrespected the minister and took to the streets in groups

(QCOSTARICA) The long arm of the Minister of Health reached out to a number of cyclists who decided to disobey the order not to...

Let's Keep This Going!

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