Services Boost Economic Activity

In Costa Rica, the Monthly Economic Activity Index reported a 1.8% year-on-year increase in March, and business, education, health and financial services accounted for 60% of the increase.

Monday, May 13, 2019

Compared with March 2018, most economic activities moderated their growth, which was reflected in the deceleration of the overall indicator. The agricultural industry and trade were the only ones to show a decline, explains a report by the Central Bank of Costa Rica (BCCR).

The document states that "... Particularly, agricultural activity contracted for the sixth consecutive month (-1.2% in the month under review), as a result of supply shocks, mainly associated with: i) the El Niño phenomenon, which caused a significant decrease in rainfall in the province of Limón and maintained a predominantly dry condition throughout the country; ii) the increase in the exportable production of pineapple from the Philippines and Thailand, which led to a drop in international prices and a reduction in the number of hectares cultivated in our country. The products with the greatest reduction are pineapple and banana, and to a lesser extent onion, chayote and vegetable crops.

Manufacturing grew 0.7%, because of the good performance of the special regime companies (7.8%), particularly in the production of medical devices (catheters, transfusion equipment and breast implants). In contrast, the companies of the final regime decreased their activity (-3.3%), mainly those related to the production of paper products and beverages.

See full report.

More on this topic

Economic Activity Remains Low

March 2019

During January 2019, the Monthly Index of Economic Activity in Costa Rica reported a 1.6% year-on-year increase, which is less than the 3.2% recorded in the same month last year.

With the exception of construction, all economic activities were less dynamic than in January 2018. The Central Bank of Costa Rica (BCCR) reported that agricultural activity and trade showed negative variations.

Strike's Real Impact

November 2018

In September, economic activity in Costa Rica barely grew 2.5%, 0.3% over the previous month, mainly because of the effects of the activity stoppage caused by public employee unions.

The Central Bank of Costa Rica reported that the country's production, measured by the trend cycle series of the Monthly Economic Activity Index (IMAE), presented in September 2018 a year-on-year growth of 2.5%, which is 0.3 percentage points (p.p.) lower than the year-on-year growth of the previous month and 0.6 p.p. to September 2017.

Panama MIEA Grows 6.31% Between January and June

September 2013

The most active sectors were: fishing, construction, mining and quarrying, transport, storage and communications, hotels and restaurants, manufacturing and others.

From information published by the Comptroller General of the Republic of Panama:

The Monthly Index of Economic Activity (MIEA) in the Republic, for the cumulative period from January to June 2013, measured in terms of the original series, grew by 6.31% compared to the same period in 2012. The sectors which showed greatest dynamism in the economy were: fishing, construction, mining and quarrying, community, social and personal services, transport, storage and communications, hotels and restaurants, manufacturing, educational services and private health and financial intermediation. The other sectors registered positive results but at a slower pace, with the exception of trade which continued to show a decline, because of limitations in the Colon Free Zone.

Costa Rica: Industry Still in Doldrums

June 2013

The manufacturing sector has accumulated three months of negative interannual variations, which is consistent with the lack of optimism expressed by some businessmen.

From a report on 'Pulso Bursátil', the blog by Aldesa:

After adjustment in the data on economic from the Central Bank, what has emerged is the state of economic downturn being suffered by the country's industrial sector, which has accumulated three months of negative interannual variations, and which in some ways is more consistent with consumer and business confidence levels, which show little optimism.

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