Costa Rica: Economic Activity Falls 5% in 2020

In December 2020, the Monthly Index of Economic Activity reported a year-on-year variation of -5.1%, a drop that is explained by the restrictions imposed due to the covid-19 outbreak.

Monday, February 15, 2021

Since the calculation of the Monthly Index of Economic Activity (IMAE) series began in 1991, the average annual gross production, measured by the IMAE, has only fallen on two occasions, specifically in 2009 and 2020. Both cases coincide with world crises, but the impact has been much more severe for Costa Rica in the case of 2020, according to an official report.

Check out the "System for monitoring markets and the economic situation in Central American countries", prepared by CentralAmericaData.

According to the Central Bank of Costa Rica (BCCR), "... data for the fourth quarter of 2020 indicate that the national economy continues to recover. Thus, the annualized quarterly growth of the seasonally adjusted series registered a 11.1% variation. In addition, December 2020 recorded the highest level of production since the beginning of the pandemic."

In December 2020, manufacturing and business and computer services increased their output on a year-on-year basis. In contrast, the rest of the economic activities decreased their level of activity, reported the BCCR.

See full document and statistics.

More on this topic

One Year of Crisis: How are Economies Recovering?

March 2021

Twelve months after Central America began a health and economic crisis triggered by the covid-19 outbreak, Guatemala was the fastest recovering economy and Panamanian economic activity is the slowest to return to pre-pandemic levels.

In March 2020, the first cases of covid-19 began to be detected in the countries of the region.

Guatemala: Economic Activity Begins to Expand

December 2020

After seven months of reporting drops in production levels, which were caused by the crisis generated by the covid-19 outbreak, during October the Monthly Index of Economic Activity registered a 1.3% year-on-year variation.

The health emergency led to a severe economic crisis, which began to become evident in March, when the Monthly Index of Economic Activity (IMAE) fell 5% year-on-year.

Costa Rican Economy Slowly Recovers

November 2020

After the IMAE reported year-on-year variations of -9% and -8%, respectively, in July and August, during September the Costa Rican economy continued to recover from the impact of the health crisis by reporting a 6% drop in production.

The Central Bank of Costa Rica (BCCR) reported that the economy is in the process of recovery, as a result of the process of reopening and gradual lifting of sanitary restrictions, which were imposed following the outbreak of covid-19. However, the upturn so far is not enough to fully recover the loss in production of the previous quarter, so the level of activity is still lower than in the last quarter of 2019.

Costa Rica: Economic Activity Recovers

January 2020

With the 2.9% year-on-year change reported in the IMAE in November 2019, the economy has accumulated six consecutive months of acceleration.

The country's production, measured through the Monthly Index of Economic Activity (IMAE), registered a 2.9% year-on-year growth in November, the highest since July 2018, reported the Central Bank of Costa Rica (BCCR).

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