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Costa Rica: State Indebtedness Accelerates

The rapid growth of debt is not only from the central government but also that of municipalities and state enterprises.

Thursday, October 3, 2013

Up to August the balance of the central bank's debt grew by 39% compared to the same period in 2012, followed by municipalities with 23%.

These two are joined by the nonfinancial public entities with 20% and the Central Government with 25%. The figures were revealed by the Ministry of Finance and the Central Bank of Costa Rica.

"The consequence of what happened, in the last year, is that the balance of the state debt was $27 billion. That accounts for 59% of gross domestic product (GDP) estimated for 2014 and is eight percentage points higher than it was in August 2012, when the debt was 51% of GDP ", reported Nacion.com.

Source: Nacion.com