The economy of Costa Rica advanced 1.4 percent year-on-year in the second quarter of 2019, slowing from a downwardly revised 1.6 percent expansion in the previous period. It was the weakest growth rate since the last quarter of 2009, as output shrank further in agriculture (-1.8 percent vs -1.3 percent in Q1), construction (-8.7 percent vs -2.6 percent) and trade (-0.4 percent vs -0.3 percent). Also, output growth eased in real estate (2.9 percent vs 3.1 percent); financial activities & insurance (4.1 percent vs 5.6 percent); public administration (0.2 percent vs 0.6 percent); and professional activities (3.4 percent vs 3.6 percent). On the expenditure side, fixed investment contracted 6.9 percent (vs -1.6 percent in Q1); public spending eased (1.6 percent vs 2 percent) while household consumption rose 1.4 percent (the same as in Q1). GDP Annual Growth Rate in Costa Rica averaged 4.34 percent from 1992 until 2019, reaching an all time high of 10.20 percent in the third quarter of 1992 and a record low of -2.40 percent in the first quarter of 2009.
GDP Annual Growth Rate in Costa Rica is expected to be 2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Costa Rica to stand at 2.40 in 12 months time. In the long-term, the Costa Rica GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.