More Realism in National Accounts in Costa Rica

With the modification in the calculation methodology, total exports dropped almost $2.7 billion while the corresponding account for services exports increased by more than $600 million.  

Monday, July 14, 2014

The Central Bank of Costa Rica has adopted the sixth edition of the Balance of Payments and International Investment Position (MBP6), which states that it exported goods consisting of only processing of intermediate products or raw materials will no longer be taking into account. The economic result of this work will now be included as income for manufacturing services.

In this regard it is noted that "... the international accounts are an essential component for the diagnosis of the country's external position and for the formulation of corrective policies that may be required."

"... Part of the rationale for this change is that these goods, which are only processed, lack a change of ownership in the production chain., Ie companies that are at home are performing work that is not on behalf of themselves and at their own risk."

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