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Every colon counts for the 1.2 million Ticos hit by the VAT

(QCOSTARICA) The entry into force of the 1% of the Value Added Tax (VAT) in the basic basket (canasta basica) items, as of this Wednesday, July 1, represents a blow that will not necessarily go unnoticed by an important group of the neediest and...

Legislators fault Carlos Alvarado for unemployment and not the COVID-19

(QCOSTARICA) The inability of the Carlos Alvarado government to boost the economy is the reason why unemployment shot up to 15.7% and not the coronavirus pandemic, according to opposition legislators. To blame the pandemic's health emergency is to want to hide the truth since before...

Tourism Sector: “We Need Phase 3”

(QCOSTARICA) The tourism sector is requesting phase 3 of the reopening program laid out by the government last month, necessary to give the economy a breather, that includes among other things, the return of international tourists and extending the hours of the beaches. Tourism entrepreneurs...

Colombia To Permit International Flights From September 1, Reopens Ticket Sales

Colombia’s Transportation Minister, Angela Orozco, announced last week that Colombia’s airports will reopen to international flights beginning September 1. Domestic flights are expected to resume July 1, though this has not been confirmed by the government. Presidential Decree 749 of 2020 prohibits all domestic air...

Perception of the economy: 76% of Costa Rican say it is the worst time to buy a house

(QCOSTARICA) Consumer perception has plummeted to its lowest level in almost two decades due to the crisis generated by the new coronavirus pandemic. This is revealed by the most recent survey of the Consumer Confidence Index (Índice de Confianza del Consumidor - ICC), the results...

Inflation dropped in April

(QCOSTARICA) For the second consecutive month, the prices of the goods and services that make up the basic food basket of Costa Ricans closed with negative figures; that is, the average price in general fell. In April, inflation was -0.44%. In March it had been...

Business Sector Proposes Essential Structural Changes

(QCOSTARICA) Costa Rica businessmen propose that given the economic crisis and the new normality that the country will face, the government should promote key strategies such as the sale of state assets, the transformation of public employment and the elimination of privileges in terms...

Minister of the Presidency: ‘No new taxes on Friday’

(QCOSTARICA) "No new taxes will be announced on Friday," said the Minister of the Presidency (Chief of Staff), Marcelo Prieto, who has ruled out, for now, adding new taxes to revive the economy. "I can assure you that there is no announcement of new taxes...

Legislator asks to reactivate tourism sector as soon as possible

Reactivating tourism as soon as possible is essential for thousands of families, according to Roberto Thompson, Legislator for the Liberacion Nacional (PLN), presenting two bills before the current legislative session, which would help mitigate the impact of the Coronavirus. The covid-19 pandemic forced the country...

Border closure for foreigners to remain in force until May 15

Costa Rica Health authorities announced this Monday that the closure of the border to foreigners will continue until May 15. The measure introduced mid-March was initially until April 12, then extended to Apr 30, and now for 15 more days. Up to that date, only Costa...

What is the economic blow this new virus will be to the country and people of Costa Rica?

The economic impact of the coronavirus covid-19 is just beginning, as businesses, big and small begin to evaluate the economies in the face of actions of the government to prevent the spread of the contagion and the population facing uncertainty. Perhaps the hardest hit will...

Government readies economic support measures for sectors hardest hit by coronavirus in Costa Rica

The Government of Carlos Alvarado is expected to present today, Saturday, March 14, a series of economic measures to counteract the negative effects that the covid-19 coronavirus is having on Costa Rican productive sectors. President Carlos Alvarado made the announcement on his Twitter account. Mañana anunciaremos...

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...

New minimum wages in Nicaragua

As of Sunday, March 1, more than 100,000 workers, mostly from the formal sector, will receive an adjustment in their salary that will be reflected in their paycheck of the first half of March, as established by the Ministry of Labor (Mitrab). Though the minimum...

Nicaragua Restaurants Suffering the Crisis

As of November 30th, the restaurant and bar association registered a drop of between 20% and 50% in its sales, and they do not foresee any major changes in the coming months. The Cámara Nicaragüense de Restaurantes y Similares (Canires). – Nicaraguan Chamber of Restaurants...

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...

Consumer uncertainty remains, but there is a little less pessimism

Currently, 6.5% of Costa Ricans say that the Government is doing a good job, 21.0% say that what is necessary and 71.0% that poor work is being done. Consumer confidence improved significantly between September and November, but despite this, a significant degree of uncertainty remains. 2019...

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...

Uncertainty Discourages Investments in Nicaragua

Between the first semester of 2018 and the same period of 2019, the flows of Foreign Direct Investment reaching the country decreased by 25%, a decrease that is explained by the uncertainty that predominates among businessmen, derived from the political and economic crisis. According to...

Inflationary Rhythm Slows Down

In September, the Indice de Precios Al Consumidor - Consumer Price Index (CPI) - the Instituto Nacional de Stadistica y Censos (INEC) - National Institute of Statistics and Censuses, reported a 2.5% year-on-year variation, down from 2.9% in August. Of the 315 goods and services...

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...

Nicaragua recedes in economic freedom

The 2019 Index of Economic Freedom placed Nicaragua in the 107th freest of 180 countries evaluated worldwide, a drop of seven positions compared to the previous year’s report. Since April 2018, government supporters began taking private property throughout Nicaragua, affecting national and foreign investment. The report,...

Slowly but surely, Costa Rica bond issue heads for port

The government of Carlos Alvarado is making progress in its efforts to place a US$1.5 billion bond in international markets, known as Eurobonos (Eurobonds). The placement will have major consequences for the exchange rate, interest rates and the whole process of the reactivation of the...

Gold Shines Amid Long Dark Night, How Does Nicaragua Benefit?

Nicaragua’s gold exports continue to rise, and because of the trade war between the United States and China, it has appreciated at an accelerated rate Photo EFE/Jorge Torres. Gold prices are rising to their highest prices in six years in world markets – last Friday in...

Nicaragua imports less fuel as consumption drops

Nicaragua paid a total of US$411.5 million in the first 5 months of this year for the purchase of 5.7 million barrels of crude oil and its derivatives, 3.95% lower compared to the same period of 2018 when the country paid US$428.4 million, according...

After Venezuela, Nicaragua will be the economy that will fall most this year in Latin America

The Economic Commission for Latin America and the Caribbean (ECLAC) said that Nicaragua will be one of the three economies where imports will be contracted, as well as the Gross Domestic Product (GDP), a forecast that is in line with the International Monetary Fund...

Brake in consumption and fall in agriculture accentuate economic slowdown

The drop in household consumption, together with the fall of the agricultural sector and trade, accentuated the collapse of Costa Rican production. The Gross Domestic Product (GDP), in the first quarter of this year, had an interannual variation of 1.78%, while in the same period...

Less Bureaucracy to Boost the Economy

As one of the measures that the Costa Rican government plans to implement is that it will no longer be necessary to have all the requirements to open a business certified, and only an affidavit will be necessary. The government will implement a regulatory moratorium...

Nicaragua: Inflation Keeps Accelerating

In May, the Banco Central de Nicaragua (BCN) reports the CPI rose 6%, reinforcing the upward trend that has been reported since February. AFP/Getty Images In February, the indicator stood at 3.3%, in March it was 5.1% and in April, 5.8%. The May figure reinforces 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...

Venezuelan oil exports fall 17% in May

Venezuelan oil exports fell by 17% in May compared to April, due to the difficulty to sell barrels of heavy crude oil that US refiners used to buy and process before the sanctions imposed on the Nicolás Maduro government, reported Reuters. The fall is due...

Opposition asks government to put aside CO2 to boost economic reactivation

With the economy wilting and employment falling, the opposition is asking the government of Carlos Alvarado to put carbonization aside and focus on boosting the economy.    

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