Costa Rica Economic Outlook
bet360备用网址February 18, 2020The economy appeared to gain traction in the fourth quarter, after growth accelerated in Q3. Cyclically-adjusted economic activity growth hit a near one-and-a-half-year high in December, and the growth rate in Q4 comfortably surpassed that of Q3. Stronger government spending due to a low base effect likely powered the acceleration in the fourth quarter. Rising consumer confidence in Q4 will have supported private consumption; however, a simultaneous increase in the unemployment rate and a sharp decrease in bank lending will have had the opposite effect. The drop in bank lending will have also weighed on fixed investment, and came despite several interest rate cuts by the Central Bank in 2019. In other news, Moody’s downgraded Costa Rica’s credit rating to B2 from B1 on 10 February, due to a poor fiscal profile, and changed the outlook to stable from negative.
Costa Rica Economic GrowthGrowth should accelerate this year, notably thanks to a rebound in fixed investment, aided by interest rate cuts. However, downbeat business and consumer confidence, a slowdown in the U.S. and constrained government spending will all weigh on prospects. FocusEconomics panelists project GDP to grow 2.5% in 2020, which is down 0.1 percentage points from last month’s forecast, and 2.9% in 2021.
Costa Rica Economy Data
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Costa Rica Economic News
March 13, 2020
bet360备用网址Annual economic growth in cyclically-adjusted terms held steady at 2.5% in January, unchanged from December’s downwardly revised reading (previously reported: +2.8% year-on-year). January’s result was in part due to a slight acceleration in activity growth in the agriculture sector, which was offset by a heavier decline in the construction sector. In month-on-month terms adjusted for working days, economic activity rose 0.2% in January, as it did in December.
March 6, 2020
bet360备用网址Consumer prices increased 0.29% in February in month-on-month terms, up from the 0.11% increase in January.
February 17, 2020
At its 29 January monetary policy meeting, the Central Bank of Costa Rica (BCCR) reduced the monetary policy rate (MPR) to 2.25% from 2.75%, which marks a near three-year low and the eighth rate cut since last March.
February 11, 2020
bet360备用网址Annual economic growth in cyclically-adjusted terms accelerated to 2.8% in December from November’s downwardly revised 2.7% (previously reported: +2.9% year-on-year), representing the highest reading in nearly one-and-a-half years.
February 7, 2020
Consumer prices increased 0.11% in January in month-on-month terms, contrasting the 0.12% decrease in December.