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.