The economy of Costa Rica shrank 8.6 percent year-on-year in the second quarter of 2020, after expanding a downwardly revised 0.6 percent in the previous period. It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. Output shrank in manufacturing (-9.1% vs 4.7% in Q1); and financial activities & insurance (-1.4% vs 0.4%). Also, production contracted further in wholesale & retail trade (-16.6% vs -0.8%); restaurants & hotels (-59.4% vs -8.3%); transport & storage (-31.6% vs -0.5%); education, health & social security (-2.6% vs -2.4%); mining & quarrying (-24.5% vs -1.9%); utilities (-9.1% vs 4.7%); and agriculture, forestry & fishing (-1.2% vs -0.3%). In addition, growth slowed in information & communication (3.2% vs 5.1%); professional, administrative and scientific activities (0.3% vs 2.3%); and real estate (1.5% vs 3.1%). source: Central Bank of Costa Rica

GDP Annual Growth Rate in Costa Rica averaged 4.19 percent from 1992 until 2020, reaching an all time high of 10.10 percent in the third quarter of 1992 and a record low of -8.60 percent in the second quarter of 2020. This page provides the latest reported value for - Costa Rica GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Costa Rica GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Annual Growth Rate in Costa Rica is expected to be -5.00 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 5.50 in 12 months time. In the long-term, the Costa Rica GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 3.00 percent in 2022, according to our econometric models.

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Costa Rica GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.60 0.60 10.10 -8.60 1992 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-26 11:00 PM Q3 1.9% 1.5% 1.7%
2020-04-06 03:30 PM Q4 2.9% 2.3% 2.2%
2020-07-01 02:00 PM Q1 0.8% 2.9% 1%
2020-10-01 04:00 PM Q2 -8.6% 0.6% -10%
2020-12-30 07:00 PM Q3 -8.6% -6.3%
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News Stream
Costa Rica Economy Shrinks the Most on Record
The economy of Costa Rica shrank 8.6 percent year-on-year in the second quarter of 2020, after expanding a downwardly revised 0.6 percent in the previous period. It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. Output shrank in manufacturing (-9.1% vs 4.7% in Q1); and financial activities & insurance (-1.4% vs 0.4%). Also, production contracted further in wholesale & retail trade (-16.6% vs -0.8%); restaurants & hotels (-59.4% vs -8.3%); transport & storage (-31.6% vs -0.5%); education, health & social security (-2.6% vs -2.4%); mining & quarrying (-24.5% vs -1.9%); utilities (-9.1% vs 4.7%); and agriculture, forestry & fishing (-1.2% vs -0.3%). In addition, growth slowed in information & communication (3.2% vs 5.1%); professional, administrative and scientific activities (0.3% vs 2.3%); and real estate (1.5% vs 3.1%).
2020-10-01
Costa Rica GDP Growth Slows to Over 10-Year Low in Q1
The economy of Costa Rica advanced 0.8 percent year-on-year in the first quarter of 2020, slowing from a 2.9 percent expansion in the previous period. It was the weakest growth rate since the last quarter of 2009, as output shrank in wholesale & retail trade (-2% vs 0.2% in Q4 2019); restaurants & hotels (-6.8% vs 2.2%); education, health & social security (-2.6% vs 7.7%); and utilities (-0.2% vs 0.8%). In addition, growth slowed in transport & storage (0.7% vs 1.7%); information & communication (5.8% vs 6.5%); professional, administrative and scientific activities (3.6% vs 4.1%); and public administration (0.8% vs 1%). Meanwhile, output rose further in manufacturing (4.8% vs 3.7%); agriculture, forestry & fishing (2% vs 1.2%); and financial activities & insurance (3.5% vs 2.7%). On a seasonally adjusted quarterly basis, the economy shrank 1.6 percent, the most since Q1 2009, after growing 1 percent in the prior period.
2020-07-01
Costa Rica Economy Expands the Most in Over a Year
The economy of Costa Rica advanced 2.9 percent year-on-year in the last quarter of 2019, after expanding an upwardly revised 2.3 percent in the previous period. It was the strongest growth rate since the second quarter of 2018, as output rebounded in trade & vehicles repair (0.3% vs -0.4% in Q3) and agriculture, forestry & fishing (0.4% vs -0.3%). Also, output grew at a faster pace for manufacturing (2.7% vs 2.3%); transport & storage (2.4% vs 2.3%); and information & communication (7.1% vs 6.9%). In addition, construction output shrank 9.6%, less than a 13.9% contraction in Q3. On the expenditure side, government spending expanded 8% (vs 5.6% in Q3) and private spending grew 1.9% (vs 1.7% in Q3). Gross fixed investment shrank 4.1%, less than a 6.8% fall in Q3. Exports grew 4% (vs 3.5% in Q3) while imports stalled (vs 0.8% in Q3). Considering full 2019, the economy grew 3.5 percent.
2020-04-06
Costa Rica GDP Growth Accelerates
The economy of Costa Rica advanced 1.9 percent year-on-year in the third quarter of 2019, gaining steam from an upwardly revised 1.5 percent expansion in the previous period (vs preliminary 1.4 percent). Output grew at a faster pace for manufacturing (2.7 percent vs 2.3 percent) and information & communication services (7.4 percent vs 6.8 percent). Meanwhile, output rebounded for primary activity (0.9 percent vs -0.1 percent). In contrast, output contracted for construction (-16.6 percent vs -13.3 percent) and commercial services (-0.2 percent vs -0.4 percent). On the expenditure side, government spending expanded 5.2 percent (vs 2.9 percent), while private spending remained growing at a 1.6 percent pace, whereas gross fixed investment fell 7.9 percent (vs -7.2 percent in Q2). Exports grew 3.5 percent (vs 3.2 percent) and imports 1.4 percent (vs 1.1 percent).
2019-12-26

Costa Rica GDP Annual Growth Rate
The biggest sector of Costa Rica’s economy is services, which accounts for 63 percent of GDP. Within services the most important segments are: transport, communication and warehousing (16 percent of GDP); trade, restaurants and hotels (15 percent) and community, personal and social services (9 percent). Manufacturing, mining and quarrying create 21 percent of the wealth. Agriculture, forestry and fishing contribute for 9 percent of the output and construction and water and electricity distribution for the remaining 7 percent.