Economic Challenges for 2019

During the new year, the main challenge for Costa Rica's economy will be to increase above 3%, given that 2018 was marked by a context of fiscal uncertainty and economic slowdown.

Friday, January 4, 2019

According to the Central Bank of Costa Rica, economic growth, measured by the year-on-year variation of the trend cycle of gross domestic product (GDP), slowed last year, and recorded to the third quarter a 2.1% rate (3.2% in the same period of 2017 and 2.8% as the average rate of the two previous quarters).

The review that "... The main challenge will be to achieve a dynamic economy above 3%, a figure that until recently did not represent a major struggle for the country, but today it is. In addition, dealing with upward pressures on interest rates and the dollar Price, again, will not be an easy matter."

Regarding the fiscal uncertainty affecting a large part of last year's economic agenda, this originated in the first instance, in the electoral process that lasted until April, and later in the difficulties faced in reaching an agreement that would contribute to restoring the sustainability of public finances in the medium term.

In this regard, the article adds that "... The process of fiscal adjustment will generate costs in economic growth and even in some macro-prices. Ultimately, all this will depend on how the National Treasury manages the few available resources it has each month."

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More on this topic

IMF: Costa Rican Economy Still Underdeveloped

February 2020

"Growth remains susceptible to adverse shocks to global growth, economic and socio-political stress in Nicaragua, the continued weakness in consumer and business confidence, and uncertainty regarding the implementation of the fiscal reform.”

After the slowdown in growth between 2017 and early 2019, the economy has recovered since mid-2019, as a result of a rebound in services, agriculture and manufacturing, which produced an estimated 2.1% growth in 2019, reported the International Monetary Fund (IMF).

Costa Rican Economic Balance in 2018

January 2019

The economic environment in 2018 was defined by a context of fiscal uncertainty, economic slowdown and greater financial volatility, together with a difficult external environment.

Regarding the fiscal uncertainty occupying a large part of last year's economic agenda, explains the Central Bank of Costa Rica (BCCR) which was originated, firstly, in the electoral process that lasted until April, and later in the difficulties faced to achieve an agreement that would help restore the sustainability of public finances in the medium term.

Costa Rica: Macroeconomic Program 2014-2015

January 2014

The Central Bank has lowered its inflation forecast to 4% for 2014 and projects increases in interest rates in colones and dollars.

From a Communiqué from the Central Bank of Costa Rica:

The Board of the Central Bank of Costa Rica, in Article 4 of the 5633-2014 session of January 29, 2014 approved the 2014-15 macroeconomic program.

Costa Rica's Economy Grows Under Threats

April 2012

The U.S. economic recovery has translated into growth for Costa Rica, which is facing a local scenario that could slow its current dynamism.

The Costa Rican economy has regained momentum after some slight signs of economic recovery in the U.S. and other markets, but domestic factors could become serious obstacles to growth this year, according to businessmen and analysts.

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