Strike's Real Impact

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.

Tuesday, November 13, 2018

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.

The slowdown observed reflected the effect on economic activity of both demand factors (internal and external), as well as cyclical effects on supply. On the demand side, the moderate growth of credit to the private sector was highlighted before the increases in uncertainty when no solution was found to the structural problem of public finance.

On the other hand, the political situation in Nicaragua caused a reduction in Nicaraguan demand for the export products. In addition, the difficulties caused for the transit to the rest of Central America of the exportable supply.

At the same time, economic activity in September showed the effects of protestations by some trade union organizations in opposition to the Public Finance Strengthening Law Project.

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More on this topic

Costa Rica: Economic Activity Recovers

January 2020

With the 2.9% year-on-year change reported in the IMAE in November 2019, the economy has accumulated six consecutive months of acceleration.

The country's production, measured through the Monthly Index of Economic Activity (IMAE), registered a 2.9% year-on-year growth in November, the highest since July 2018, reported the Central Bank of Costa Rica (BCCR).

Strike and Economic Slowdown

February 2019

Because of the strong impact of the strike of public employees in the last months of the year, at the end of 2018 economic activity in Costa Rica reported a growth of just 2%, down from 3% reported at the end of 2017.

As of December 2018, the majority of economic activities moderated their growth with respect to what was observed in the same month of the previous year, with a 1.8% year-on-year variation in the general IMAE indicator, informed the Central Bank of Costa Rica.

Construction Keeps Dynamizing Economic Activity

December 2018

Partly because of the growth in private construction, economic activity in Costa Rica reported a 2.9% year-on-year increase in October.

The Central Bank of Costa Rica (BCCR) reported that during the tenth month of the year, 71% of the year-on-year variation is the result of the positive evolution of construction (because of the dynamism of private construction), manufacturing and financial services.

Private Services Dynamize Economic Activity

December 2018

During October, economic activity in Guatemala reported a 3.3% increase over the same month in 2017, mainly because of the performance of private services and wholesale and retail trade.

The Banco de Guatemala (Banguat) reported that the economic activity according to the IMAE estimation, in October 2018, showed a 3.3% growth rate (3.7% in October 2017).

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