Economic Activity Begins 2021 on a Downward Trend

During January of this year, production in Costa Rica decreased 4.8% in year-on-year terms, a decline that is explained by the economic crisis resulting from the pandemic caused by the outbreak of covid-19.

Monday, March 15, 2021

In January 2021, the production of manufacturing and computer services grew 1.9% and 0.7%, respectively, in year-on-year terms. In contrast, the rest of the economic activities showed drops in their level of activity in relation to January 2020, states a report by the Central Bank of Costa Rica (BCCR).

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

The BCCR report specifies that "... agricultural activity decreased 2.3% with respect to January 2020, mainly due to the decrease in the production of:

i. Bananas, due to the external demand and the uncertainty of some producers about the evolution of international prices of the fruit.
ii. Coffee, due to delays in the bean harvest in the main producing areas.
iii. Sugar, due to the late start of the 2020-2021 harvest due to climatic conditions.
"

Construction decreased 7.7%, which means that the contraction in this activity has accumulated for more than two years. In the case of private construction, it was affected by lower housing and non-residential construction (warehouses, commercial premises and parking lots). Notwithstanding the above, there was an increase in the construction of industrial buildings and towers for housing and offices, explains the document.

See full document and statistics.



More on this topic

Costa Rican Economy Remains in Crisis

April 2021

During February 2021, economic activity fell 4.7% in year-on-year terms, a drop that evidences that the economic crisis caused by the covid-19 outbreak continues to affect Costa Rica.

According to the Central Bank of Costa Rica (BCCR), as per the cycle trend series of the Monthly Index of Economic Activity (IMAE), the inter-annual variation of production reached its lowest point in June 2020, at which point it began a gradual recovery process.

Costa Rica: Economic Activity Falls 5% in 2020

February 2021

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.

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.

Economic Activity: Slight Improvement in Costa Rica

October 2020

In the context of the crisis generated by the outbreak of covid-19 and after reporting a -9% year-on-year variation in July, in August the IMAE registered a smaller reduction by contracting 8% compared to the same month in 2019.

The fall in the volume of production is greater in the activities of hotels and restaurants (59.3%), transport and storage (27.4%) and trade (15.5%), all of which is closely related to the greater incidence in these sectors of national and international restrictions on the movement of people and goods, reported the Central Bank of Costa Rica (BCCR).

Costa Rica: Economic Activity Still Down

September 2020

After reporting in June a 7% year-on-year variation, in July the monthly index of economic activity continued to fall, registering an 8% drop with respect to the same month in 2019, a decrease that is explained by the economic crisis affecting the country.

The lower activity, which is due to the impact that the pandemic has had in Costa Rica and around the world, is seen in the five major economic activities (agriculture, manufacturing, construction, trade and services) that make up the monthly index of economic activity (IMAE).

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