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Costa Rica Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Costa Rica Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Since 2010, Costa Rica has enjoyed strong and stable economic growth - 4.3% in 2016. Exports of bananas, coffee, sugar, and beef are the backbone of its commodity exports. Various industrial and processed agricultural products have broadened exports in recent years, as have high value-added goods, including medical devices. Costa Rica's impressive biodiversity also makes it a key destination for ecotourism.Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR), which became effective for Costa Rica in 2009, helped increase foreign direct investment in key sectors of the economy, including insurance and telecommunication. However, poor infrastructure, high energy costs, a complex bureaucracy, weak investor protection, and uncertainty of contract enforcement impede greater investment.Costa Rica’s economy also faces challenges due to a rising fiscal deficit, rising public debt, and relatively low levels of domestic revenue. Poverty has remained around 20-25% for nearly 20 years, and the government’s strong social safety net has eroded due to increased constraints on its expenditures. Costa Rica’s credit rating was downgraded from stable to negative in 2015, upping pressure on lending rates - which could hurt small business, on the budget deficit - which could hurt infrastructure development, and on the rate of return on investment - which could soften foreign direct investment (FDI). Unlike the rest of Central America, Costa Rica is not highly dependent on remittances - which represented just 0.7% of GDP in 2015, but instead relies on FDI - which accounted for 4% of GDP.

GDP (purchasing power parity):
$85.2 billion (2017 est.) $82.08 billion (2016 est.) $78.68 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 92

GDP (official exchange rate):
$58.91 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.8% (2017 est.) 4.3% (2016 est.) 4.7% (2015 est.)
country comparison to the world: 82
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,200 (2017 est.) $16,700 (2016 est.) $16,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 101

Gross national saving:
16.2% of GDP (2017 est.) 16.5% of GDP (2016 est.) 15.9% of GDP (2015 est.)
country comparison to the world: 118
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 32.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef, poultry, dairy; timber

Industries:
medical equipment, food processing, textiles and clothing, construction materials, fertilizer, plastic products

Industrial production growth rate:
4.4% (2017 est.)
country comparison to the world: 61
[see also: Industrial production growth rate country ranks ]

Labor force:
2.229 million
note: official estimate; excludes Nicaraguans living in Costa Rica (2017 est.)
country comparison to the world: 121
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 14%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22%
[see also: Labor force - by occupation - industry country ranks ]
services: 64% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.1% (2017 est.) 9.3% (2016 est.)
country comparison to the world: 111
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.7% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.9% (2014 est.)

Distribution of family income - Gini index:
48.5 (2014) 49.2 (2013)
country comparison to the world: 22
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $8.262 billion
[see also: Budget - revenues country ranks ]
expenditures: $11.34 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
14% of GDP (2017 est.)
country comparison to the world: 197
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.2% of GDP (2017 est.)
country comparison to the world: 165
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
66.2% of GDP (2017 est.) 62.7% of GDP (2016 est.)
country comparison to the world: 58
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2017 est.) 0% (2016 est.)
country comparison to the world: 75
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.5% (31 December 2016 est.) 21.5% (31 December 2010)
country comparison to the world: 101
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.8% (31 December 2017 est.) 11.64% (31 December 2016 est.)
country comparison to the world: 69
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.765 billion (31 December 2017 est.) $5.536 billion (31 December 2016 est.)
country comparison to the world: 100
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$22.52 billion (31 December 2017 est.) $21.85 billion (31 December 2016 est.)
country comparison to the world: 86
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$34.3 billion (31 December 2017 est.) $33.43 billion (31 December 2016 est.)
country comparison to the world: 78
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.015 billion (31 December 2012 est.) $1.443 billion (31 December 2011 est.) $1.445 billion (31 December 2010 est.)
country comparison to the world: 100
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.291 billion (2017 est.) -$1.88 billion (2016 est.)
country comparison to the world: 160
[see also: Current account balance country ranks ]

Exports:
$10.55 billion (2017 est.) $10.15 billion (2016 est.)
country comparison to the world: 87
[see also: Exports country ranks ]

Exports - commodities:
bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment

Exports - partners:
US 41%, Netherlands 5.8%, Panama 5.7%, Belgium 5.4%, Nicaragua 5.2%, Guatemala 5.2% (2016)

Imports:
$15.55 billion (2017 est.) $14.66 billion (2016 est.)
country comparison to the world: 83
[see also: Imports country ranks ]

Imports - commodities:
raw materials, consumer goods, capital equipment, petroleum, construction materials

Imports - partners:
US 37.1%, China 13.5%, Mexico 6.9% (2016)

Reserves of foreign exchange and gold:
$7.523 billion (31 December 2017 est.) $7.574 billion (31 December 2016 est.)
country comparison to the world: 80
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$25.83 billion (31 December 2017 est.) $24.3 billion (31 December 2016 est.)
country comparison to the world: 87
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$35.01 billion (31 December 2017 est.) $31.84 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.327 billion (31 December 2017 est.) $3.781 billion (31 December 2016 est.)
country comparison to the world: 75
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Costa Rican colones (CRC) per US dollar - 573.5 (2017 est.) 544.74 (2016 est.) 544.74 (2015 est.) 534.57 (2014 est.) 538.32 (2013 est.)


NOTE: 1) The information regarding Costa Rica on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Costa Rica Economy 2018 information contained here. All suggestions for corrections of any errors about Costa Rica Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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