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Moody’s changes the outlook on Costa Rica’s ratings to negative from stable; affirms B2 ratings

Moody's Investors Service on Tuesday (June 2) changed the outlook on Costa Rica's ratings to negative from stable. Concurrently, Moody's has affirmed Costa Rica's B2 long-term issuer and senior unsecured bond ratings. The negative outlook reflects Costa Rica's increased funding risks due to higher borrowing...

Govt will announce Monday the ‘new normality’ for Costa Rica

(QCOSTARICA) On Monday, May 11, President Carlos Alvarado and Health Minister Daniel Salas will announce the schedule for reopening economic activities and "managing for a new normality" after the pandemic of the new coronavirus forced social distancing and restricted commercial and tourist activities. In an...

U.S. Dollar exchange rose ¢10.50 in last four sessions

The average price of the U.S. dollar in the Monex market, where amounts greater than $1,000 are traded, rose ¢10.50 in the last four sessions, going from ¢568.06, on Wednesday, March 18, to ¢578.64, this Tuesday, March 24. The Banco Central (Central Bank) decided to...

What will be the impact of the coronavirus on the Costa Rica economy?

The impact of the coronavirus on Costa Rica's economy depends on the extent of contagion and how long it will last, as well as the effectiveness of government measures, such as interest rate cuts. However, the impact would be felt to a greater or lesser...

Hologic opens Costa Rican financial services center

Massachusetts-based medical device manufacturer Hologic, Inc. on Tuesday (February 18) inaugurated its 32-employee financial services center in Costa Rica, expanding the company's presence in the Central American country. The service center has been in operation since June 2019 in the Coyol Free Trade Zone in...

Costa Rica flinches as crime taints its reputation for the pura vida

Cleaner and less chaotic, Costa Rica is Latin America-lite. Unlike most of the rest of the continent, you can drink the tap water there, order an eco-Uber and embrace a hassle-free lifestyle. It’s like a friendlier, more fun Switzerland with enviable weather and gorgeous beaches....

Costa Rica Economic Activity Grows 2.5%

During October 2019, a 2.5% year-on-year variation was reported in the IMAE, a rise that is explained by the behavior of manufacturing activity and the service sector. According to the report of the Banco Central de Costa Rica (BCCR) -  Central Bank - with the...

Costa Rica Rising Interest Rates

The Basic Passive Rate (Tasa Básica Pasiva -  TBP) rose from 5.50% to 5.60%, while the Effective Rate in Dollars (Tasa Efectiva Dólares - TED) also rose, in this case from 2.33% to 2.39%. The Banco Central de Costa Rica (BCCR) -  Central Bank -...

Costa Rica’s economic activity shows rebound

Costa Rica's economic activity shows a rebound in the last three months, according to the last series of the Indice mensual de actividad económica (IMAE) -  Monthly economic activity index - published, Monday (November 11) by the Banco Central (Central Bank). The Central Bank says...

Costa Rica sets the foundations with development potential in the Fourth Industrial Revolution

What is known as the Fourth Industrial Revolution will bring about the disappearance and transformation of thousands of jobs; At the same time, it will give great emphasis to information and communication technologies. However, there will be other areas with great potentials, such as biotechnology...

Costa Rica Toy Shops Maintain 2018 Prices

In Costa Rica, some toy businesses have decided not to raise prices during 2019,  uniting with financial institutions with special offers to consumers to increase sales in the economic slowdown. According to reports from the Central Bank of Costa Rica (Banco Central de Costa Rica...

Savers Inclined To Save In Dollars

Savers in Costa Rica maintain a preference for saving their money in dollars, above doing so in colones, the national currency. Saving in colones has not only become less attractive but also stopped growing. According to Banco Central, the inclination towards foreign currency (dollars) is...

The Costa Rica Economic Recession – The “Elephant” In The Room

I’ve lived in Costa Rica for over twenty-one years, practicing law for seventeen of those years. I practiced law in Victoria, B.C, for fourteen years prior to moving to Costa Rica in August 1998. I would say, with that background, that I have a...

Costa Rica is ‘technically’ in recession says report by the School of Economics of the National University

Car dealers, appliance retailers and suppliers of construction materials, among others, have had negative results for more than ten months, according to the “¿Qué está pasando con el consumo privado en Costa Rica?” (What is happening with private consumption in Costa Rica?) report carried...

Costa Rica’s Monetary Policy Rate Falls Again

A “high uncertainty” in the global economy, associated to the tensions between the U.S. and China, together with the slow growth of production in Costa Rica caused the Central Bank of Costa Rica (BCCR) to reduce, for the fifth consecutive time this year, its...

Costa Rica Commercial Sector Generates Fewer Jobs

In the last two years, the number of jobs generated by Cost Rica's commercial sector has fallen 7%, because of the slowdown in the country's economic activity. According to information from the Instituto Nacional de Estadística y Censos (INEC) - National Institute of Statistics and...

Uncertainty Persists in Costa Rica, Even With Tax Reform

In Costa Rica, the Banco Central (Central Bank) predicted that confidence would again prevail among businessmen and consumers once the tax reform was approved, but that has not been the case. In December 2018, after a year of Legislative debates and after being reviewed by...

Costa Rica Business Sector Calls For Kick-Start To Economy

At the beginning of the second year of the administration of Carlos Alvarado, the low execution of the projects worries businessmen, who ask the government to prioritize, with the objective of achieving the economic reactivation that the country requires. The entry into force of the...

Costa Rican Economy Keeps Slowing Down

The Monthly Economic Activity Index (Indice Mensual de Actividad Economica - IMAE) by the Banco Central de Costa Rica (BCCR), reported a 1.6% year on year increase in April, a variation that is lower than the 1.8% growth reported in March. Excluding financial services and...

Local Currency Shortage Pushes Interest Rates Up

In Costa Rica, the government's strong need for financing and the Central Bank's exchange rate interventions have been putting pressure on the local financial market, pushing up passive rates in Colones. The decrease in liquidity in Colones generated by the pressure exerted by the government...

Costa Rica: 1.7% Inflation up to January 2019

The consumer price index did not show any major changes in January 2019, as it barely varied by 0.05% with respect to December 2018, mainly because of the Transport and Education prices. Of the 315 goods and services included in the 'canasta basica' (basic consumption...

Kudos To President Carlos And Other Ramblings

Rico's TICO BULL - Kudos to President Carlos Alvarado. I was one of the many, or few, that never believed he could do what two presidents before him could. Not even Oscar Arias. Get passed in the legislative assembly the tax reform bill. It was...

Costa Rica GDP Up 3.2% in 2017

The increase reported at the end of the fourth quarter of 2017 is mainly explained by higher spending on final household consumption and higher gross capital formation. From a report by the Central Bank of Costa Rica: In the fourth quarter of 2017, economic activity, measured...

President-elect Alvarado Faces Biggest Deficit In Three Decades

The challenge facing the next government led by President-elect Carlos Alvarado, is a Costa Rica economy facing its biggest fiscal deficit in 30 years, when more than one-third of the central government's debt is due and without many instruments to finance it, with permission...

More Warnings Over Fiscal Deficit

Standard & Poor's maintained Costa Rica's debt rating at BB, but warned that it could lower it this year if the next government (on May 8) does not take measures to resolve the fiscal problem. In its review of the long-term debt rating and...

Costa Rica Economic Activity Up 3.5%

The performance of the construction sector at the end of the year explained the acceleration registered in the country's economic activity up to December 2017. From a report by the Central Bank of Costa Rica (Banco Central de Costa Rica): The country's production of goods and...

Costa Rica Economic Activity Continues to Decline

The economic slowdown recorded in October is mainly due to the adverse weather effects from tropical storm Nate, which greatly affected construction and agricultural production, says a report by the Banco Central (BCCR) - Costa Rica's Central Bank. The trend cycle series of the Monthly...

What rural, coastal Puerto Ricans can teach us about thriving in times of crisis

Q FRONT PAGE - Puerto Ricans are searching for solutions to the island’s worst economic and social crisis in a long time. An unprecedented debt level is creating widespread uncertainty about employment and the state’s ability to provide basic services. This crisis is not going...

Costa Rica Economic Outlook Up To May

THE Q - Although the gradual process of credit dedollarization continues, the Central Bank has warned that a preference remains on the part of savers for instruments denominated in foreign currency. From a statement issued by the Central Bank of Costa Rica (Banco Central de...

IMF Mission Concludes Visit to Costa Rica

PRESS RELEASE - A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of...

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