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Minister of Finance: ‘The Mortgage Is Killing Us’

In an interview with La Nación, the Minister of Finance (Ministro de Hacienda), Rodrigo Chaves, answers why his diagnosis of public debt differs from that projected by the Central Bank and explains the handling of Eurobonds money. In addition, he defends the need to borrow...

Costa Rica among the 50 richest countries in the world

Costa Rica ranks last among the 50 richest countries in the world, according to GOBankingRates. The annual GDP per capita, that is, the result of dividing the total production of a country in a year, among its number of inhabitants, is US$11,810.08 According to GoBankingRates,...

Costa Rica’s Economic Growth Is Not Accelerating

In the second quarter of 2019, Costa Rica's Gross Domestic Product (GDP) grew 1.4% year-on-year, below the 3% reported for the same period in 2018, the Banco Central de Costa Rica (BCCR) - Central Bank - reported. The BCCR said that "a continuing a loss...

Costa Rica needs to work harder on its fiscal deficit

International rating agencies Fitch Ratings and Moody’s Investors Service will not make a decision in the short term on their assessment of economic risk in Costa Rica. They are, however, worried about the size of the deficit, despite the implementation of tye Plan Fiscal (Fiiscal...

Happiness may be a choice – except that it’s constrained by vested economic interests

Our knowledge about what it is that people need to feel happy and satisfied with in their lives keeps growing, yet the extent to which people actually feel happy and satisfied with their lives has largely stagnated. There might be small shifts each year that...

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...

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...

Interest Payments Stifling Costa Rica’s Public Finances

In Costa Rica, interest payments rose from 1.5% to 1.7% of GDP, and this increase accounts for 32% of the increase in total spending up to August, which went from 11.8% to 12.1% of GDP. From a statement issued by the Ministry of Finance: At the...

Costa Rica Credit Card Debt Up 21%

Between April 2016 and April 2017, the balance of credit card debt in Costa Rica grew by 21%, equivalent to 3.7% of GDP, says a study by the Ministry of Economy, Industry and Commerce (MEIC). The MEIC study, through the Directorate of Economic and Market...

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