Although, extending comparison periods shows a slowdown compared to the annual growth in July, August and September, when the indicator showed 4.3%, 4.1% and 3.1% respectively.
The manufacturing industry grew at an annual rate of 0.3% showing some signs of recovery growing on average by 1.6% in annual terms over the last three months, in contrast with businesses with the free zone regime where in November there was a drop in the level of activity.
Agricultural activity grew at an annual rate of 2.3% and began recovering from adverse weather experienced in the past months. This situation reduced growth in products such as pineapples and bananas, so the sector performed well below the first half of the year when the annual average rate was 5.3%.
Services linked to domestic demand as well as trade and financial brokerage, with annual growth of 4.1% and 11.2% respectively, continued the growth trend observed in 2010.
Commercial activity was driven by car sales, personal electronics, electric household and clothing. This increased demand is also reflected in transportation and storage activities, especially in ports and docks and other activities related to the import of goods necessary to meet rising domestic demand.
For the first time in nine months the activity of the manufacturing sector in September recorded a slight growth of 0.7%, compared to the same period last year.
From a statement issued by the Central Bank of Costa Rica:
In the first nine months of 2015 domestic production, measured by the cycle trend of the Monthly Economic Activity Index, registered an average growth of 2.1%, while the annual rate for September was 2.6% (3.6% and 3.0% in the same period in 2014, respectively). While the economy is growing less than that observed a year ago, this demonstrates an acceleration in growth since March. For its part, the IMAE without Free Zones registered a growth of 3.0% (3.4% a year earlier).
Between January and July the Gross Domestic Product (GDP) grew by 3.8% compared to the same period in 2010.
According to a report by Aldesa :
In terms of components, final household spending remains strong, growing by 4.8% in the indicated period and keeping in line with the expectations of the Central Bank of Costa Rica (BCCR), which estimates that domestic demand this year will be main driver of economic activity.
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