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). GDP Annual Growth Rate in Costa Rica averaged 4.32 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. source: Central Bank of Costa Rica
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.