Costa Rica: Economic Activity Up 2.8% in 2019

As of December 2019, IMAE recorded a 2.8% increase, partly due to the performance of the manufacturing and service sectors.

Wednesday, February 12, 2020

This result places the average annual growth in production at 1.9%, lower than the previous year's (2.6%), which, as the Central Bank has pointed out, reflects the economic slowdown experienced by the country since April 2016 and which reached its lowest point in May 2019, a situation caused by a combination of circumstances (uncertainty associated with the fiscal situation, external shocks to trade flows and adverse weather conditions), the official report explains.

The report from the Central Bank of Costa Rica (BCCR) states that "... Agricultural activity increased its production (1.6%) for the fifth consecutive month, after a prolonged period of decline.

This result is linked to the recovery of the coffee activity, because of the higher production of some coffee plantations that were in a period of renewal, as well as the biennial effect typical of this crop.

In addition, the normalization of weather conditions had a positive impact on the production of bananas (mainly for the external market), vegetables, roots, tubers and rice. Commercial activity grew 1.3% due to higher sales of vehicles, food, medicines and personal care products.

See full report (in Spanish).

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More on this topic

Economic Activity: Contrasting Realities in Costa Rica

August 2019

While in June the production of special regime companies increased 10% with respect to the same month in 2018, companies operating outside those regimes grew just 0.3%.

The Central Bank of Costa Rica (BCCR) reported that the production of special regimes (SR) companies grew 10.2% in June compared to the same month last year, as a result of increased external demand for medical implements, computer and business services.

Economic Activity Up 4% at the Beginning of 2019

March 2019

Because of the performance of the Financial Intermediation and Agriculture and Livestock sectors, economic activity reported a 4% year-on-year increase in January 2019.

From the report of the Central Bank of Honduras:

In the first month of the year, the national production of goods and services grew 2.9% (4.1% to January 2018), measured through the original series of the Monthly Economic Activity Index (IMAE); on the other hand, the trend cycle series revealed a 4.0% year-on-year rate (3.8% in January 2018).

Costa Rica: Economic Activity Slows Down

January 2019

During November 2018, the Monthly Index of Economic Activity in the country reported a 2% year-on-year increase, which is less than the 3% increase recorded in October last year.

Compared with November 2017, most economic activities moderated their growth, which was reflected in the slowdown of the overall indicator.

Economic Activity in Honduras Up 4%

January 2019

Because of the performance of the Financial Intermediation and Manufacturing sectors, economic activity reported a 3.7% year-on-year increase in November 2018.

The upward trend in Financial Intermediation, Insurance and Pension Funds is explained by the increase in interest income derived from loan balances granted by banks, together with the performance of pension institutes due to higher contributions received and returns on their investments, reported the Central Bank of Honduras (BCH).

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