Costa Rica Economic Activity May 2022

Costa Rica

Costa Rica: Economic activity records slowest expansion since February 2021 in May

July 13, 2022

Economic activity grew 3.6% in annual terms during May, down from April's 5.0% increase. This marked the worst reading since February 2021. Looking at the details of the release, the result largely reflected a more pronounced drop in the construction sector. More positively, the agriculture, forestry and fishing sector improved.

Global economic trends, such as rising global commodity prices, a slowdown among key trading partners and growing international instability, continued to impact activity in May. This was reflected in sequential data: Economic activity in May contracted 1.7% in seasonally adjusted month-on-month terms, signaling for a deterioration in the economic panorama.

Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 9.8% in May, down from April's 10.7%.

FocusEconomics panelists see the economy expanding 3.6% in 2022, which is up 0.1 percentage points from last month’s forecast, and 3.1% in 2023.


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Costa Rica Economic Activity Chart

Costa Rica Economic Activity May 2022

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: Costa Rica Central Bank (BCCR).

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