Consumers: Pessimism Increases in Costa Rica

Between February and August of this year, the Consumer Confidence Index decreased six points, as a result of people not perceiving effective and short-term measures that tend to revive the national economy.

Thursday, August 29, 2019

The current level of confidence reflects consumers pessimistic about the economic situation, a condition that has been present for a year, according to the report prepared by the School of Statistics of the University of Costa Rica.

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The report explains that "... the current level of confidence is, along with that of November 2018, the lowest recorded in the 17 years of the survey. In the last two surveys, confidence shows a definite downward trend. It is probable that this fall is explained because consumers are not perceiving effective and short-term measures that tend to reactivate the national economy.

In addition, it should be noted that may be contributing to this situation the entry into force of Value Added Tax (VAT), a measure that is part of the Tax Reform approved in the Legislative Assembly in December last year, seeking to generate more economic resources for the government to address the financial crisis that the country is going through.

The classification of consumers reflects the current uncertainty, because in the last six months, pessimists increased from 39.1% to 52.5% and optimists decreased from 11.6% to 8.6%. This means that currently for every optimistic consumer there are 6.1 who are pessimists, a figure that was 3.4 six months ago. Another way to observe the fall in confidence is the balance of optimistic consumers less pessimistic, since it changed from -27.6 to -43.9 percentage points
."

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Business confidence in Costa Rica fell in the third quarter to levels reported in 2009, a year marked by the global financial crisis, and in consumer’s pessimism has also rebounded, because no effective and short-term measures are perceived that tend to reactivate the national economy.

Businessmen are not very optimistic about the development of their businesses in the coming months, as comparing today's Business Confidence Index (IEC) (5.3) with that of a year ago (6.2) shows a significant decline. In addition, this indicator accumulates 10 quarters of gradual slowdown, reported the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP).

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