Costa Rica Economic Outlook
June 14, 2022Growth in Q1 2022 likely slowed from 2021’s rally. Economic activity contracted in every month of Q1 2022 in seasonally-adjusted month-on-month terms due to rising inflation, interest rate hikes and the country’s worst Covid-19 wave to date. This trend should be lasting in Q2: The positive impact of rising commodity prices on the key exports sector is likely being outweighed by scorching inflation, steeper production costs and even tighter monetary policy. Still, a rebound in tourism and a region-leading vaccination scheme will be supporting activity. On 9 May, President Chaves declared a state of emergency after a Russia-based group of cyber attackers struck key government institutions, including the Ministry of Finance. The attacks have likely led to several million dollars in lost output already. In the longer term, the risk of future breaches may deter foreign investment and trade.
Costa Rica Economic GrowthIn 2022, the economy should grow slower than in 2021 and below pre-pandemic averages. Economic slowdown among major trading partners will likely weaken investment and trade, while higher inflation will erode private spending. New Covid-19 variants, a fragmented parliament and sharp monetary tightening at home and in the U.S. further cloud the outlook. FocusEconomics panelists see GDP expanding 3.5% in 2022, which is unchanged from last month’s forecast, and 3.1% in 2023.
Costa Rica Economy Data
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Costa Rica Facts
|Exchange Rate||571.0||-0.57 %||Jan 01|
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Costa Rica Economic News
August 11, 2022
Economic activity increased 3.6% terms in June, which was a deterioration from May's 4.0% increase.
August 9, 2022
Consumer prices increased 1.09% from the previous month in July, which was below June's 1.78% rise.
August 1, 2022
Economic growth waned in the second quarter, with GDP increasing 5.4% on an annual basis (Q1: +8.4% year on year).
July 27, 2022
At its 27 July meeting, the Central Bank of Costa Rica (BCCR) raised rates by 200 basis points—the largest hike on record—bringing the monetary policy rate to 7.50%.
July 13, 2022
Economic activity grew 3.6% in annual terms during May, down from April's 5.0% increase.