Jump to content

Economy of Costa Rica

From Wikipedia, the free encyclopedia
(Redirected from Manufacturing in Costa Rica)

Economy of Costa Rica
San José
CurrencyCosta Rican colón (CRC, ₡)
calendar year
Trade organizations
WTO, OECD, CAFTA-DR
Country group
Statistics
PopulationIncrease 5,213,362 (2022 estimate)[3]
GDP
  • Increase $96 billion (nominal, 2024)[4]
  • Increase $152 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • Increase 4.3% (2022)[5]
  • Increase 5.2% (2023f)[5]
  • Increase 4.5% (2024f)[5]
GDP per capita
  • Increase $18,031 (nominal, 2024)[4]
  • Increase $28,558 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • agriculture: 5.5%
  • industry: 18.6%
  • services: 75.9%
  • (2016 estimate)[6]
Increase -0.33% (May 2024)[7]
Population below poverty line
  • Positive decrease 25.5% (2022)[8]
  • Positive decrease 10.4% on less than $6.85/day (2022)[9]
Positive decrease 47.2 high (2022)[10]
Labor force
  • Increase 2,407,610 (2023)[12]
  • Increase 54.5% employment rate (2022)[13]
UnemploymentPositive decrease 10.5% (2019)[6]
Average gross salary
₡787,096 / $1,476 monthly[14] (2022)
Main industries
medical equipment, food processing, textiles and clothing, construction materials, fertilizer, plastic products
External
ExportsIncrease $10.81 billion (2017 est.)[15]
Export goods
bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment
Main export partners
ImportsIncrease $15.15 billion (2017 est.)[15]
Import goods
raw materials, consumer goods, capital equipment, petroleum, construction materials
Main import partners
FDI stock
  • Increase $33.92 billion (31 December 2017 est.)[15]
  • Increase Abroad: $4.007 billion (31 December 2017 est.)[15]
Decrease −$1.692 billion (2017 est.)[15]
Negative increase $26.83 billion (31 December 2017 est.)[15]
Public finances
Positive decrease 73.1% of GDP (2024 est.)[15]
−6.1% (of GDP) (2017 est.)[15]
Revenues8.357 billion (2017 est.)[15]
Expenses11.92 billion (2017 est.)[15]
BB− per Standard & Poor's (2017)[16]
Increase $12.84 billion (Nov, 2023 est.)
All values, unless otherwise stated, are in US dollars.
Real GPD per capita development in Costa Rica

The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP (Gross Domestic Product) and moderate inflation, though with a high unemployment rate: 11.49% in 2019.[17] Costa Rica's economy emerged from recession in 1997 and has shown strong aggregate growth since then.[6][18] The estimated GDP for 2023 is US$90 billion, up significantly from the US$52.6 billion in 2015[18] while the estimated 2024 per capita (purchasing power parity) is US$28,558.[4]

Inflation remained around 4% to 5% per annum for several years up to 2015 but then dropped to 0.7% in 2016; it was expected to rise to a still moderate 2.8% by the end of 2017[19] In 2017, Costa Rica had the highest standards of living in Central America[20] in spite of the high poverty level. The poverty level dropped by 1.2% in 2017 to 20.5%, thanks to reducing inflation and benefits offered by the government.[21][20] The estimated unemployment level in 2017 was 8.1%, roughly the same as in 2016.[6]

The country has evolved from an economy that once depended solely on agriculture, to one that is more diverse, based on tourism, electronics and medical components exports, medical manufacturing and IT services.[20][22] Corporate services for foreign companies employ some 3% of the workforce.[23] Of the GDP, 5.5% is generated by agriculture, 18.6% by industry and 75.9% by services (2016).[6] Agriculture employs 12.9% of the labor force, industry 18.57%, services 69.02% (2016)[24] Many foreign companies operate in the various Free-trade zones.[25] In 2015, exports totalled US$12.6 billion while imports totalled US$15 billion for a trade deficit of US$2.39 billion.[26]

The growing debt and budget deficit are the country's primary concerns.[27] By August 2017, Costa Rica was having difficulty paying its obligations and the President promised dramatic changes to handle the "liquidity crisis".[28][29] Other challenges face Costa Rica in its attempts to increase the economy by foreign investment. They include a poor infrastructure and a need to improve public sector efficiency.[30][31]

Public debt and deficit

[edit]

One of the country's major concerns is the level of the public debt, especially as a percentage of the GDP (Gross Domestic Product), increasing from 29.8% in 2011 to 40.8% in 2015 and to 45% in 2016.[32][18][6] The total debt in 2015 was $22.648 billion, up by nearly $3 billion from 2014. On a per capita basis, the debt was $4,711 per person.[33] Costa Rica had a formal line of credit with the World Bank valued at US$947 million in April 2014, of which US$645 million had been accessed and US$600 million remained outstanding.[34]

In a June 2017 report, the International Monetary Fund stated that annual growth was just over 4% with moderate inflation. The report added that "financial system appears sound, and credit growth continues to be consistent with healthy financial deepening and macroeconomic trends. The agency noted that the fiscal deficit remains high and public debt continues to rise rapidly despite the authorities’ deepened consolidation efforts in 2016. Recent advances in fiscal consolidation have been partly reversed and political consensus on a comprehensive fiscal package remains elusive".[35][36]

The IMF also expressed concern about increasing deficits, public debt and the heavy dollarization of bank assets and liabilities, warning that in tighter-than-expected global financial conditions these aspects would "seriously undermine investor confidence". The group also recommended taking steps to reduce pension benefits and increase the amount of contribution by the public and increasing the cost effectiveness of the education system.[35][36]

The country's credit rating was reduced by Moody's Investors Service in early 2017 to Ba2 from Ba1, with a negative outlook on the rating. The agency particularly cited the "rising government debt burden and persistently high fiscal deficit, which was 5.2% of GDP in 2016". Moody's was also concerned about the "lack of political consensus to implement measures to reduce the fiscal deficit [which] will result in further pressure on the government's debt ratios".[37] In late July 2017, the Central Bank estimated the budget deficit at 6.1 percent of the country's GDP. A 2017 study by the Organisation for Economic Co-operation and Development warned that reducing the foreign debt must be a very high priority for the government. Other fiscal reforms were also recommended to moderate the budget deficit.[30]

In 2014, President Solís presented a budget with an increase in spending of 19% for 2015, an increase of 0.5% for 2016 and an increase of 12% for 2017.[29] When the 2017 budget was finally proposed, it totaled US$15.9 billion. Debt payments account for one-third of that amount. Of greater concern is the fact that a full 46% of the budget will require financing, a step that will increase the debt owed to foreign entities.[38] In late July 2017, the Central Bank estimated the budget deficit at 6.1 percent of the country's GDP.[39]

Liquidity crisis

[edit]

In early August 2017, President Luis Guillermo Solís admitted that the country was facing a "liquidity crisis", an inability to pay all of its obligations and to guarantee the essential services. To address this issue, he promised that a higher VAT and higher income tax rates were being considered by his government. Such steps are essential, Solís told the nation.[39] "Despite all the public calls and efforts we have made since the start of my administration to contain spending and increase revenues, there is still a gap that we must close with fresh resources," he said. The crisis was occurring in spite of the growth, low inflation and continued moderate interest rates, Solís concluded.[28]

Solís explained that the Treasury will prioritize payments on the public debt first, then salaries, and then pensions. The subsequent priorities include transfers to institutions "according to their social urgency." All other payments will be made only if funds are available.[29]

Other challenges

[edit]

A 2016 report by the U.S. government report identifies other challenges facing Costa Rica as it works to expand its economy by working with potential foreign investors:[40]

  • The ports, roads, water systems would benefit from major upgrading. Attempts by China to invest in upgrading such aspects were "stalled by bureaucratic and legal concerns".
  • The bureaucracy is "often slow and cumbersome".
  • The country needs even more workers who are fluent in English and languages such as Portuguese, Mandarin and French. It would also benefit from more graduates in Science, Technology, Engineering and Math (STEM) programs.
  • Some sectors are controlled by a state monopoly which excludes competition but in other respects, "Costa Rican laws, regulations and practices are generally transparent and foster competition".
  • The country has been slow in completing environmental impact assessments which have caused delays in projects being completed.
  • Product registration is a slow process, although this may improve with digitization.
  • In spite of government attempts at improving the enforcement of intellectual property laws, this aspect remains a concern.[41]

Natural resources

[edit]
See also: Ecotourism in Costa Rica

Costa Rica's rainfall, and its location in the Central American isthmus, which provides easy access to North and South American markets and direct ocean access to the European and Asian Continents. Costa Rica has two seasons, both of which have their own agricultural resources: the tropical wet and dry seasons. One-fourth of Costa Rica's land is dedicated to national forests, often adjoining beaches, which has made the country a popular destination for affluent retirees and ecotourists.

A full 10.27% of the country is protected as national parks while an additional 17% is set aside for reserves, wildlife refuges and protected zones. Costa Rica has over 50 wildlife refuges, 32 major national parks, more than 12 forest reserves and a few biological reserves.[42]

Because of ocean access, 23.7% of Costa Rica's people fish and trade their catches to fish companies; this is viewed as "small scale artisanal coastal" fishing and is most common in the Gulf of Nicoya. Costa Rica also charges licensing fees for commercial fishing fleets[43][44] that are taking tuna, sardines, banga mary, mahi-mahi, red tilapia, shrimp, red snapper, other snappers, shark, marlin and sailfish.[45] In mid 2017, the country was planning to ban large-scale commercial fishing off the southern Pacific Coast in an area nearly a million acres in size. The bill in congress was intended to "protect the extraordinary marine and coastal resources" from "indiscriminate and unsustainable commercial fishing." [46]

Sport fishing in Costa Rica is an important part of the tourism industry; species include marlin, sailfish, dorado, tarpon, snook, rooster fish, wahoo, tuna, mackerel, snapper and rainbow bass.[47][48]

In terms of the 2012 Environmental Performance Index ranking, Costa Rica is 5th in the world, and first among the Americas.[49] The World Economic Forum's 2017 Travel & Tourism Competitiveness Report ranked Costa Rica as third of 136 countries based on natural resources, the number of World Heritage natural sites, protected areas and species as well as eco tourism.[50]

Tourism

[edit]
Ecotourism is key in Costa Rica's tourism industry. Shown Savegre River, Talamanca.
Main article: Tourism in Costa Rica

With a $1.92-billion-a-year tourism industry, Costa Rica was the most visited nation in the Central American region, with 2.42 million foreign visitors in 2013.[51] By 2016, 2.6 million tourists visited Costa Rica. The Tourism Board estimates that this sector's spending in the country represented over US$3.4 billion, or about 5.8% of the GDP.[52] The World Travel & Tourism Council's estimates indicate a direct contribution to the 2016 GDP of 5.1% and 110,000 direct jobs in Costa Rica; the total number of jobs indirectly supported by tourism was 271,000.[53]

Ecotourism is extremely popular with the many tourists visiting the extensive national parks and protected areas around the country. Costa Rica was a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism.[54] Other important market segments are adventure, sun and beaches. Most of the tourists come from the U.S. and Canada (46%), and the EU (16%),[55] the prime market travelers in the world, which translates into a relatively high expenditure per tourist of $1000 per trip.

In the 2008 Travel and Tourism Competitiveness Index (TTCI), Costa Rica reached the 44th place in the world ranking, being the first among Latin American countries, and second if the Caribbean is included.[56] Just considering the subindex measuring human, cultural, and natural resources, Costa Rica ranks in the 24th place at a worldwide level, and 7th when considering just the natural resources criteria. The TTCI report also notes Costa Rica's main weaknesses, ground transport infrastructure (ranked 113th), and safety and security (ranked 128th).[57] [58]

The online travel magazine Travelzoo rated Costa Rica as one of five “Wow Deal Destinations for 2012”. The magazine Travel Weekly named Costa Rica the best destination in Central and South America in 2011.[59] In 2017, the country was nominated in the following categories in the World Travel Awards: Mexico & Central America's Leading Beach Destination, Mexico & Central America's Leading Destination and Mexico & Central America's Leading Tourist Board.[60]

Agriculture

[edit]
Main article: Agriculture in Costa Rica

Costa Rica's economy was historically based on agriculture, and this has had a large cultural impact through the years. Costa Rica's main cash crop, historically and up to modern times, was Bananas. The coffee crop had been a major export, but decreased in value to the point where it added only 2.5% to the 2013 exports of the country.[61]

Agriculture also plays an important part in the country's gross domestic product (GDP). It makes up about 6.5% of Costa Rica’s GDP, and employs 12.9% of the labor force (2016). By comparison, industry employs 18.57% of the labor force, and the service sector 69.02%.[24]

Depending on location and altitude, many regions differ in agricultural crops and techniques. The main agricultural exports from the country include: bananas, pineapples (the second highest export, with over 50% share of the world market),[62] other tropical fruits, coffee (much of it grown in the Valle Central or Meseta Central),[63] sugar, rice, palm oil, vegetables, tropical fruits, ornamental plants, maize, and potatoes.

Livestock activity consists of cattle, pigs and horses, as well as poultry. Meat and dairy produce are leading exports according to one source,[64] but both were not in the top 10 categories of 2013.[61]

The combined export value of forest products and textiles in 2013 did not exceed that of either chemical products or plastics.[61]

Exports, jobs, and energy

[edit]
Intel microprocessor facility in Costa Rica

Mere decades ago, Costa Rica was known principally as a producer of bananas and coffee. Even though bananas, pineapple, sugar, coffee, lumber, wood products and beef are still important exports, in recent times medical instruments,[26] electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism are now the prime exports. High levels of education and fluency in English among its residents make the country an attractive investing location.[40]

In 2015 the following were the major export products (US$): medical instruments ($2 billion), bananas ($1.24B), tropical fruits ($1.22B), integrated circuits ($841 million) and orthopedic appliances ($555M). The total exports in 2015 were US$12.6 billion, down from $18.9B in 2010; bananas and medical instruments were the two largest sectors. Total imports in 2015 were $15B, up from $13.8B in 2010; this resulted in a trade deficit.[26]

Over the years, Costa Rica successfully attracted important investments by such companies as Intel Corporation, Procter & Gamble, Abbott Laboratories and Baxter Healthcare. Manufacturing and industry's contribution to GDP overtook agriculture over the course of the 1990s, led by foreign investment in Costa Rica's Free Trade Zones (FTZ) where companies benefit from investment and tax incentives. Companies in such zones must export at least 50% of their services.[65] Well over half of that type of investment has come from the U.S.[66] According to the government, the zones supported over 82 thousand direct jobs and 43 thousand indirect jobs in 2015; direct employment grew 5% over 2014. The average wages in the FTZ increased by 7% and were 1.8 times greater than the average for private enterprise work in the rest of the country.[25] Companies with facilities in the America Free Zone in Heredia, for example, include Dell, HP, Bayer, Bosch, DHL, IBM and Okay Industries.[67][68]

In 2006 Intel's microprocessor facility alone was responsible for 20% of Costa Rican exports and 4.9% of the country's GDP.[69][70] In 2014, Intel announced it would end manufacturing in Costa Rica and lay off 1,500 staff but agreed to maintain at least 1,200 employees. The facility continued as a test and design center with approximately 1,600 remaining staff.[71] In 2017, Intel had 2000 employees in the country, and was operating a facility which assembles, tests and distributes processors[72] and a Global Innovation Center, both in Heredia.[40][73]

The fastest growing aspect of the economy is the provision of corporate services for foreign companies which in 2016 employed approximately 54,000 people in a country with a workforce under 342,000; that was up from 52,400 the previous year. For example, Amazon.com employs some 5,000 people. Many work in the free-trade areas such as Zona Franca America and earn roughly double the national average for service work. This sector generated US$4.6 billion in 2016, nearly as much as tourism.[23]

In 2013, the total FDI stock in Costa Rica amounted to about 40 percent of GDP, of which investments from the United States accounted for 64 percent, followed by the United Kingdom and Spain with 6 percent each.[74] Costa Rica's outward foreign direct investment stock is small, at about 3 percent of GDP as of 2011, and mainly concentrated in Central America (about 57 percent of the total outward direct investment stock).[74]

Tourism is an important part of the economy, with the number of visitors increasing from 780,000 in 1996, to 1 million in 1999, and to 2.089 million foreign visitors in 2008, allowing the country to earn $2.144-billion in that year.[75] By 2016, 2.6 million tourists visited Costa Rica, spending roughly US$3.4 billion.[52] Tourism directly supported 110,000 jobs and indirectly supported 271,000 in 2016.[53]

Costa Rica has not discovered sources of fossil fuels—apart from minor coal deposits—but its mountainous terrain and abundant rainfall have permitted the construction of a dozen hydroelectric power plants, making it self-sufficient in all energy needs, except for refined petroleum. In 2017, Costa Rica was considering the export of electricity to neighbouring countries.[76] Mild climate and trade winds make neither heating nor cooling necessary, particularly in the highland cities and towns where some 90% of the population lives. Renewable energy in Costa Rica is the norm. In 2016, 98.1 per cent of the country's electricity came from green sources: hydro generating stations, geothermal plants, wind turbines, solar panels and biomass plants.[77]

Infrastructure

[edit]
Main articles: Transport in Costa Rica and Telecommunications in Costa Rica

Costa Rica's infrastructure has suffered from a lack of maintenance and new investment.[78] The country has an extensive road system of more than 30,000 kilometers, although much of it is in disrepair; this also applies to ports, railways and water delivery systems.[78] According to a 2016 U.S. government report, investment from China which attempted to improve the infrastructure found the "projects stalled by bureaucratic and legal concerns".[40][79]

Most parts of the country are accessible by road. The main highland cities in the country's Central Valley are connected by paved all-weather roads with the Atlantic and Pacific coasts and by the Pan American Highway with Nicaragua and Panama, the neighboring countries to the North and the South. Costa Rica's ports are struggling to keep pace with growing trade. They have insufficient capacity, and their equipment is in poor condition. The railroad didn't function for several years, until recent government effort to reactivate it for city transportation. An August 2016 OECD report provided this summary: "The road network is extensive but of poor quality, railways are in disrepair and only slowly being reactivated after having been shut down in the 1990s, seaports quality and capacity are deficient. Internal transportation overly relies on private road vehicles as the public transport system, especially railways, is inadequate."[80]

In a June 2017 interview, President Luis Guillermo Solís said that private sector investment would be required to solve the problems. "Of course Costa Rica’s infrastructure deficit is a challenge that outlasts any one government and I hope that we have created the foundations for future administrations to continue building. I have just enacted a law to facilitate Public Private Partnerships, which are the ideal way to develop projects that are too large for the government to undertake. For example the new airport that we are building to serve the capital city will cost $2 billion, so it will need private-sector involvement. There is also the potential for a ‘dry canal’ linking sea ports on our Atlantic and Caribbean Coasts that could need up to $16 billion of investment."[81]

The government hopes to bring foreign investment, technology, and management into the telecommunications and electrical power sectors, which are monopolies of the state. ICE (Instituto Costarricense de Electricidad) has the monopoly on telecommunications, internet and electricity services. Some limited competition is allowed. In 2011, two new private companies began offering cellular phone service and others offer voice communication over internet connections (VOIP) for overseas calls.[82]

According to transparency.org, Costa Rica had a reputation as one of the most stable, prosperous, and among the least corrupt in Latin America in 2007.[83] However, in fall 2004, three former Costa Rican presidents, José María Figueres, Miguel Angel Rodríguez, and Rafael Angel Calderon, were investigated on corruption charges related to the issuance of government contracts. After extensive legal proceedings Calderon and Rodriguez were sentenced; however, the inquiry on Figueres was dismissed and he was not charged.[84]

More recently, Costa Rica reached 40th place in 2015, with a score of 55 on the Perception of Corruption scale; this is better than the global average. Countries with the lowest perceived corruption rated 90 on the scale.[85] In late May 2017, the country Costa Rica applied to become a member of the OECD Anti-Bribery Convention, to be effective in July 2017.[86][87]

Foreign trade

[edit]
Costa Rica's free trade agreements

Costa Rica has sought to widen its economic and trade ties, both within and outside the region. Costa Rica signed a bilateral trade agreement with Mexico in 1994, which was later amended to cover a wider range of products. Costa Rica joined other Central American countries, plus the Dominican Republic, in establishing a Trade and Investment Council with the United States in March 1998, which later became the Dominican Republic–Central America Free Trade Agreement. Costa Rica has bilateral free trade agreements with the following countries and blocs which took effect on (see date):

There are no significant trade barriers that would affect imports and the country has been lowering its tariffs in accordance with other Central American countries.[92] Costa Rica also is a member of the Cairns Group,[93] an organization of agricultural exporting countries that are seeking access to more markets to increase the exports of agricultural products. Opponents of free agricultural trade have sometimes attempted to block imports of products already grown in Costa Rica, including rice, potatoes, and onions.[94] By 2015, Costa Rica's agricultural exports totalled US$2.7 billion.[95]

In 2015, the top export destinations for all types of products were the United States (US$4.29 billion), Guatemala ($587 million), the Netherlands ($537 million), Panama ($535 million) and Nicaragua ($496 million). The top import origins were the United States ($6.06 billion), China ($1.92 billion), Mexico ($1.14 billion), Japan ($410 million) and Guatemala ($409 million). The most significant products imported were Refined Petroleum (8.41% of the total imports) and Automobiles (4.68%). Total imports in 2015 were US$15 billion, somewhat higher than the total exports of a US$12.6 billion, for a negative trade balance of US$2.39 billion.[26]

Statistics

[edit]

The following table shows the main economic indicators in 1980–2019 (with IMF staff stimtates in 2020–2025). Inflation below 5% is in green.[96]

Year GDP
(in Bil. US$PPP)		 GDP per capita
(in US$ PPP)		 GDP
(in Bil. US$nominal)		 GDP per capita
(in US$ nominal)		 GDP growth
(real)		 Inflation rate
(in Percent)		 Unemployment
(in Percent)		 Government debt
(in % of GDP)
1980 8.2 3,560.1 4.9 2,108.8 Increase0.8% Negative increase18.1% 5.9% n/a
1981 Increase8.8 Increase3,696.2 Decrease2.6 Decrease1,111.4 Decrease-2.3% Negative increase36.8% Negative increase8.8% n/a
1982 Decrease8.6 Decrease3,532.8 Steady2.6 Decrease1,071.9 Decrease-7.3% Negative increase90.3% Negative increase9.4% n/a
1983 Increase9.2 Increase3,669.0 Increase3.2 Increase1,257.4 Increase2.9% Negative increase32.5% Positive decrease9.2% n/a
1984 Increase10.3 Increase3,990.2 Increase3.7 Increase1,421.2 Increase8.0% Negative increase12.0% Positive decrease5.4% n/a
1985 Increase10.7 Increase4,024.5 Increase3.9 Increase1,478.4 Increase0.7% Negative increase15.1% Negative increase6.8% n/a
1986 Increase11.6 Increase4,206.3 Increase4.4 Increase1,611.3 Increase5.5% Negative increase11.8% Positive decrease6.2% n/a
1987 Increase12.4 Increase4,391.3 Increase4.6 Increase1,612.6 Increase4.8% Negative increase16.8% Positive decrease5.6% n/a
1988 Increase13.3 Increase4,577.5 Steady4.6 Decrease1,598.0 Increase3.4% Negative increase20.8% Positive decrease5.5% n/a
1989 Increase14.6 Increase4,898.1 Increase5.3 Increase1,763.5 Increase5.7% Negative increase16.5% Positive decrease3.8% n/a
1990 Increase15.7 Increase5,137.4 Increase5.7 Increase1,880.8 Increase3.6% Negative increase19.1% Negative increase4.6% n/a
1991 Increase16.6 Increase5,307.6 Increase7.2 Increase2,305.4 Increase2.3% Negative increase20.2% Negative increase5.5% n/a
1992 Increase18.5 Increase5,798.8 Increase8.6 Increase2,684.1 Increase9.2% Negative increase21.8% Positive decrease4.1% n/a
1993 Increase20.3 Increase6,195.0 Increase9.6 Increase2,926.9 Increase7.1% Negative increase9.8% Steady4.1% n/a
1994 Increase21.7 Increase6,421.8 Increase10.5 Increase3,110.2 Increase4.5% Negative increase13.6% Negative increase4.2% n/a
1995 Increase23.0 Increase6,637.5 Increase11.6 Increase3,336.7 Increase4.2% Negative increase23.2% Negative increase5.2% n/a
1996 Increase23.8 Increase6,668.1 Increase11.7 Decrease3,277.6 Increase1.4% Negative increase17.5% Negative increase6.2% 33.7%
1997 Increase25.5 Increase6,974.7 Increase12.6 Increase3,450.9 Increase5.5% Negative increase13.3% Positive decrease5.7% Positive decrease30.6%
1998 Increase27.6 Increase7,375.4 Increase13.7 Increase3,653.2 Increase7.2% Negative increase11.7% Positive decrease5.6% Negative increase40.7%
1999 Increase29.2 Increase7,610.4 Increase14.3 Increase3,715.4 Increase4.2% Negative increase10.0% Negative increase6.0% Positive decrease39.0%
2000 Increase31.0 Increase8,142.2 Increase15.0 Increase3,941.1 Increase3.9% Negative increase11.0% Positive decrease5.2% Positive decrease38.9%
2001 Increase32.8 Increase8,304.2 Increase16.0 Increase4,041.9 Increase3.5% Negative increase11.3% Negative increase6.1% Negative increase39.6%
2002 Increase34.5 Increase8,572.1 Increase16.6 Increase4,122.8 Increase3.4% Negative increase9.2% Negative increase6.4% Negative increase41.4%
2003 Increase36.7 Increase8,975.9 Increase17.3 Increase4,227.8 Increase4.3% Negative increase9.4% Negative increase6.7% Positive decrease40.6%
2004 Increase39.3 Increase9,473.0 Increase18.6 Increase4,483.6 Increase4.4% Negative increase12.3% Positive decrease6.5% Negative increase41.0%
2005 Increase42.2 Increase10,005.8 Increase20.0 Increase4,756.3 Increase4.0% Negative increase13.8% Negative increase6.6% Positive decrease37.3%
2006 Increase46.7 Increase10,906.2 Increase22.7 Increase5,309.3 Increase7.3% Negative increase11.5% Positive decrease6.0% Positive decrease33.0%
2007 Increase51.9 Increase11,948.7 Increase26.9 Increase6,194.0 Increase8.2% Negative increase9.4% Positive decrease4.6% Positive decrease27.0%
2008 Increase55.4 Increase12,570.4 Increase30.8 Increase6,993.9 Increase4.7% Negative increase13.4% Negative increase4.9% Positive decrease24.0%
2009 Decrease55.2 Decrease12,357.3 Decrease30.7 Decrease6,879.3 Decrease-0.9% Negative increase7.8% Negative increase7.8% Negative increase26.0%
2010 Increase58.9 Increase12,931.5 Increase37.7 Increase8,268.9 Increase5.4% Negative increase5.7% Negative increase9.2% Negative increase28.1%
2011 Increase62.8 Increase13,605.9 Increase42.8 Increase9,270.6 Increase4.4% Increase4.9% Negative increase10.5% Negative increase29.5%
2012 Increase67.1 Increase14,367.7 Increase47.2 Increase10,107.5 Increase4.9% Increase4.5% Positive decrease9.8% Negative increase33.7%
2013 Increase71.2 Increase15,034.6 Increase50.9 Increase10,764.5 Increase2.5% Negative increase5.2% Positive decrease8.3% Negative increase35.1%
2014 Increase77.0 Increase16,076.6 Increase52.0 Increase10,853.6 Increase3.5% Increase4.5% Negative increase9.7% Negative increase37.4%
2015 Increase82.9 Increase17,079.8 Increase56.4 Increase11,635.2 Increase3.7% Increase0.8% Positive decrease9.6% Negative increase39.8%
2016 Increase90.8 Increase18,503.2 Increase58.8 Increase11,986.9 Increase4.2% Increase0.0% Positive decrease9.5% Negative increase44.1%
2017 Increase97.9 Increase19,711.7 Increase60.5 Increase12,185.3 Increase4.2% Increase1.6% Positive decrease9.3% Negative increase47.1%
2018 Increase102.9 Increase20,480.0 Increase62.4 Increase12,428.9 Increase2.6% Increase2.2% Negative increase12.0% Negative increase51.8%
2019 Increase107.1 Increase21,093.9 Increase64.1 Increase12,623.2 Increase2.3% Increase2.1% Negative increase12.4% Negative increase56.7%
2020 Decrease103.9 Decrease20,268.7 Decrease61.8 Decrease12,057.0 Decrease-4.1% Increase0.7% Negative increase20.0% Negative increase67.5%
2021 Increase111.9 Increase21,592.5 Decrease61.5 Decrease11,860.2 Increase3.9% Increase1.3% Positive decrease16.3% Negative increase71.2%
2022 Increase119.0 Increase22,725.7 Increase64.4 Increase12,294.1 Increase3.5% Increase1.5% Positive decrease14.0% Negative increase73.3%
2023 Increase125.6 Increase23,739.7 Increase68.2 Increase12,883.9 Increase3.1% Increase1.8% Positive decrease12.0% Negative increase73.7%
2024 Increase132.4 Increase24,774.6 Increase72.2 Increase13,509.2 Increase3.1% Increase2.1% Positive decrease10.5% Positive decrease73.1%
2025 Increase139.7 Increase25,852.6 Increase76.4 Increase14,140.2 Increase3.2% Increase2.5% Positive decrease9.5% Positive decrease71.6%
2026 Increase147.3 Increase26,977.3 Increase81.1 Increase14,853.3 Increase3.3% Increase2.9% Positive decrease9.0% Positive decrease69.2%
Poás Volcano Crater is one of Costa Rica's main tourist attractions.

GDP: US$61.5 billion (2017 estimate)

GDP real growth rate: 4.3% (2017 estimate)

GDP per capita: purchasing power parity: $12,382 (2017 estimate)[6]

GDP composition by sector: agriculture: 5.5% (2016 estimate) Bananas, pineapples, coffee, beef, sugarcane, rice, corn, dairy products, vegetables, timber, fruits and ornamental plants. industry: 18.6% (2016 estimate) Electronic components, food processing, textiles and apparel, construction materials, cement, fertilizer. services: 75.9% (2016 estimate) Hotels, restaurants, tourist services, banks, call centers and insurance.[6]

Government bond ratings: (January 2017) Standard & Poor's: BB−; Moody's: Ba2[97][37]

Budget deficit: 6.1 percent of the GDP[30]

Population below poverty line: 20.5% (2017)[21]

Household income or consumption by percentage share: lowest 10%: 1.2% highest 10%: 39.5% (2009 est.)

Inflation rate (consumer prices): 2.6% (2017 estimate)[6]

Labor force: 2.295 million (2016) Note: 15 and older, excluding Nicaraguans living in the country[98]

Labor force by occupation: agriculture 12.9%, industry 18.57%, services 69.02% (2016)[24]

Unemployment rate: 8.1% (2017 estimate)[6]

Budget: US15.9 billion (2017 proposed) Note: 46% will require financing[38]

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

Industrial production growth rate: 4.3% (2013)

Electricity production: 9.473 billion kWh (2010)

Electricity production by source: 98.1% from "green sources" (2016)[77]

Agriculture products: bananas, pineapples, other tropical fruits, coffee, palm oil, sugar, corn, rice, beans, potatoes, beef, timber

Exports: US$12.6 billion (2015)[26]

Major export commodities: Medical Instruments ($2B), Bananas ($1.24B), Tropical Fruits ($1.22B), Integrated Circuits ($841M) and Orthopedic Appliances ($555M).[26]

Export partners (2016): United States ($4.29B), Guatemala ($587M), the Netherlands ($537M), Panama ($535M), Nicaragua ($496M)[26]

Imports: US $15.1 billion (2015)[26]

Major import commodities: Refined Petroleum ($1.26B), Cars ($702M), Packaged Medicaments ($455M), Broadcasting Equipment ($374M) and Computers ($281M).[26]

Origin of imports (2016): United States ($6.06B), China ($1.92B), Mexico ($1.14B), Japan ($410M) and Guatemala ($409M).[26]

External debt: US$26.2 billion (January 2016)

Economic aid – recipient: $107.1 million (1995)

Currency: 1 Costa Rican colon (₡) = 100 centimos

Exchange rates: Costa Rican colones (₡) per US$1 – 526.46 (March 27, 2015), US$1 – 600 (late May 2017), US$1 – 563 (end of July 2017), US$1 – 677 (May 2022) [99] [100][101]

Fiscal year: January 1 – December 31

[edit]

References

[edit]

[102] [103]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Costa Rica June 2022". inec.cr. INEC. Retrieved April 14, 2022.
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
  6. ^ a b c d e f g h i j "Global Finance Magazine – Costa Rica GDP and Economic Data". gfmag.com. Retrieved 1 January 2023.
  7. ^ Costa Rica Central Bank. "Consumer price index (CPI)". Retrieved June 9, 2024.
  8. ^ "Poverty headcount ratio at national poverty lines (% of population) - Costa Rica". data.worldbank.org. World Bank. Retrieved 21 April 2024.
  9. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Costa Rica". data.worldbank.org. World Bank. Retrieved 21 April 2024.
  10. ^ "Income inequality". data.oecd.org. OECD. Retrieved 21 April 2024.
  11. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 18 May 2024.
  12. ^ "Labor force, total - Costa Rica". data.worldbank.org. World Bank. Retrieved 21 April 2024.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Costa Rica". data.worldbank.org. World Bank. Retrieved 21 April 2024.
  14. ^ [1]
  15. ^ a b c d e f g h i j k l "Costa Rica". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 30 November 2019. (Archived 2019 edition.)
  16. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2017-08-05. Retrieved 2017-08-05.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Unemployment, total (% of total labor force) (national estimate) - Costa Rica". World Bank. 21 June 2020. Retrieved 5 December 2020.
  18. ^ a b c FocusEconomics (2 January 2014). "Costa Rica Economy – GDP, Inflation, CPI and Interest Rate". FocusEconomics – Economic Forecasts from the World's Leading Economists. Retrieved 1 January 2023.
  19. ^ FocusEconomics. "Costa Rica Inflation Rate (CPI) – FocusEconomics". FocusEconomics – Economic Forecasts from the World's Leading Economists. Retrieved 2 April 2018.
  20. ^ a b c "Costa Rica country profile". 2 April 2018. Retrieved 2 April 2018 – via www.bbc.com.
  21. ^ a b "Costa Rica records lowest poverty figures in seven years". ticotimes.net. 27 October 2016. Retrieved 2 April 2018.
  22. ^ "The Next Step". The Business Year. Archived from the original on 3 August 2017. Retrieved 2 April 2018.
  23. ^ a b "Amazon invests in Costa Rica as tiny nation carves out profitable niche in world economy". seattletimes.com. 11 March 2017. Retrieved 2 April 2018.
  24. ^ a b c "Costa Rica – employment by economic sector – Statistic". Statista. Retrieved 2 April 2018.
  25. ^ a b "Major Business Success for Costa Rica Free Trade Zones – Costa Rica Star News". news.co.cr. 23 August 2016. Retrieved 2 April 2018.
  26. ^ a b c d e f g h i j "OEC – Costa Rica (CRI) Exports, Imports, and Trade Partners". atlas.media.mit.edu. Retrieved 2 April 2018.
  27. ^ "IMF Mission Concludes Visit to Costa Rica". imf.org. Retrieved 2 April 2018.
  28. ^ a b "Costa Rica will have trouble paying bills, president says". efe.com. Retrieved 2 April 2018.
  29. ^ a b c "Costa Rica Government Faces "Liquidity" Problems – Q COSTA RICA". 2 August 2017.
  30. ^ a b c "Costa Rica "Playing With Fire" By Delaying Fiscal Reform Says Intl Expert – Costa Rica Star News". news.co.cr. 24 July 2017. Retrieved 2 April 2018.
  31. ^ "Costa Rica Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption". heritage.org. Retrieved 2 April 2018.
  32. ^ "Costa Rica – Economic forecast summary (November 2017)". oecd.org. Retrieved 2 April 2018.
  33. ^ "Costa Rica National Debt 2016". countryeconomy.com. Retrieved 2 April 2018.
  34. ^ "Costa Rica – Country Summary – World Bank Group Finances". World Bank Group Finances. Archived from the original on 13 July 2015. Retrieved 11 June 2015.
  35. ^ a b "IMF Executive Board Concludes 2017 Article IV Consultation with Costa Rica". imf.org. Retrieved 2 April 2018.
  36. ^ a b "Costa Rica: Staff Concluding Statement of the 2017 Article IV Mission". imf.org. Retrieved 2 April 2018.
  37. ^ a b "Moody's downgrades Costa Rica's government bond rating to Ba2, continued negative outlook". moodys.com. 9 February 2017. Retrieved 2 April 2018.
  38. ^ a b "Government presents 2017 budget proposal with 12 percent hike". ticotimes.net. 5 September 2016. Retrieved 2 April 2018.
  39. ^ a b "Hoysd.com: News Hoy San Diego – San Diego Union Tribune". sandiegouniontribune.com. Archived from the original on 16 December 2018. Retrieved 2 April 2018.
  40. ^ a b c d e ITA. "Export.gov – CCG". 2016.export.gov. Archived from the original on 18 April 2017. Retrieved 2 April 2018.
  41. ^ "Costa Rica". state.gov. Archived from the original on 30 June 2017. Retrieved 2 April 2018.
  42. ^ "Costa Rica National Parks – Volcanoes & Rainforest Reserves". costarica.org. Retrieved 2 April 2018.
  43. ^ "FAO Fishery Country Profile – REPUBLIC OF COSTA RICA". fao.org. Archived from the original on 29 July 2021. Retrieved 2 April 2018.
  44. ^ "New study: Costa Rica is giving away its fishing wealth". ticotimes.net. 16 March 2017. Retrieved 2 April 2018.
  45. ^ "Costa Rica Seafood Fishing Industry Companies – Info". sea-ex.com. Retrieved 2 April 2018.
  46. ^ "Fishing Travel News — Costa Rica's New Marine Reserve, and More". sportfishingmag.com. July 2017. Retrieved 2 April 2018.
  47. ^ "Fishing, Costa Rica Map". anywherecostarica.com. Retrieved 2 April 2018.
  48. ^ "Sport Fishing Industry Requests Protection of Sailfish, Marlin in Costa Rica". news.co.cr. 28 March 2017. Retrieved 2 April 2018.
  49. ^ Yale Center for Environmental Law & Policy / Center for International Earth Science Information Network at Columbia University. "2010 EPI Rankings". Archived from the original on 2012-05-05. Retrieved 2012-01-25. {{cite web}}: |author= has generic name (help)
  50. ^ "Costa Rica Ranks Third in Countries with most Natural Resources – Costa Rica Star News". news.co.cr. 6 May 2017. Retrieved 2 April 2018.
  51. ^ "Costa Rica registró la llegada de más de 2,4 millones de turistas en 2013" (in Spanish). Nación. 2014-01-16. Retrieved 2014-01-16.
  52. ^ a b "Tourism Represents 5.8% of GDP in Costa Rica – Costa Rica Star News". news.co.cr. 16 June 2017. Retrieved 2 April 2018.
  53. ^ a b "Archived copy" (PDF). Archived from the original (PDF) on 2018-07-20. Retrieved 2017-08-03.{{cite web}}: CS1 maint: archived copy as title (link)
  54. ^ Honey, Martha (1999). Ecotourism and Sustainable Development: Who Owns Paradise?. Island Press; 1 edition, Washington, D.C. p. 5. ISBN 1-55963-582-7. ...during the 1980s, ...the country transform itself from a low-key destination for nature lovers into the foremost ecotourism destination in the Americas.
  55. ^ "Informe de Encuestas IV Trimestre 2006. Aeropuerto Internacional Juan Santamaria" (in Spanish). Instituto Costarricense de Turismo. 2006. Archived from the original on 2008-10-03. Retrieved 2008-06-06. 2006 Annual Survey from the Costa Rican Board of Tourism (ICT)
  56. ^ Blanke, Jennifer; Chiesa, Thea, eds. (2008). "The Travel & Tourism Competitiveness Report 2008" (PDF). World Economic Forum, Geneva, Switzerland. Archived (PDF) from the original on 2022-10-09.
  57. ^ "País segundo en competitividad turística en América Latina". La Nación (in Spanish). 2008-03-06. Retrieved 2007-03-16.
  58. ^ "Podemos ser aún mejores". La Nación (in Spanish). 2008-03-08. Retrieved 2007-03-16.
  59. ^ "Costa Rica racks up international awards -". natureair.com. 16 February 2012. Retrieved 2 April 2018.
  60. ^ "Costa Rica Tourism Board on World Travel Awards". worldtravelawards.com. Retrieved 2 April 2018.
  61. ^ a b c "inec.go.cr: "Estadisticas de Comercio Exterior, 2013" (PDF). inec.go.cr. Archived from the original (PDF) on 2014-07-04. Retrieved 2 April 2018.
  62. ^ "Executive summary". Agricultural Policies in Costa Rica. OECD Food and Agricultural Reviews. Paris: OECD Publishing. 3 April 2017. pp. 15–17. doi:10.1787/9789264269125-3-en. ISBN 9789264269118. Retrieved 2018-04-09.
  63. ^ "Costa Rica - Location, Geography, People, Culture, Economy, & History". britannica.com. Retrieved 2 April 2018.
  64. ^ "Informacion de Costa Rica". Retrieved 11 June 2015.
  65. ^ "The Investment Promotion Agency of Costa Rica". cinde.org. Retrieved 2 April 2018.
  66. ^ "CINDE – Why Invest in Costa Rica". cinde.org. Retrieved 2 April 2018.
  67. ^ "America Free Zone". americafreezone.com. Retrieved 2 April 2018.
  68. ^ "Okay Industries Expands Operation in Costa Rica and Reinvests US$ 2 Million". cinde.org. 19 June 2017. Retrieved 2 April 2018.
  69. ^ "Intel supone el 4,9 por ciento del PIB de Costa Rica". El Economista (in Spanish). 2006-10-06. Retrieved 2008-04-13.
  70. ^ "Intel fabrica el procesador "más veloz del mundo" en Costa Rica". La Vanguardia (in Spanish). 2007-11-13. Archived from the original on 2008-04-12. Retrieved 2008-04-13.
  71. ^ "Intel closes Costa Rica operation, cuts 1,500 jobs". Reuters. 2014-04-08.
  72. ^ "Intel Locations in Costa Rica". Intel. Retrieved 2 April 2018.
  73. ^ "Intel in Costa Rica". Intel. Retrieved 2 April 2018.
  74. ^ a b "imf.org: "Costa Rica: Selected Issues – IMF Country Report No. 13/80" Mar 2013" (PDF). imf.org. Archived (PDF) from the original on 2014-07-04. Retrieved 2 April 2018.
  75. ^ Fallas, Hassel (2007-12-19). "País cierra el año con llegada de 1,9 millones de turistas" [Country closes year with the arrival of 1.9 million tourists]. La Nación (in Spanish). Archived from the original on 2008-07-23. Retrieved 2008-04-13.
  76. ^ Fendt, Lindsay (5 January 2017). "All that glitters is not green: Costa Rica's renewables conceal dependence on oil". the Guardian. Retrieved 2 April 2018.
  77. ^ a b "Costa Rica's electricity was produced almost entirely from renewable sources in 2016". independent.co.uk. 2 January 2017. Retrieved 2 April 2018.
  78. ^ a b "Is infrastructure Costa Rica's Achilles' heel?". Infrastructure Intelligence. Retrieved 2 April 2018.
  79. ^ "Costa rica aml report". Archived from the original on 2017-08-05. Retrieved 2017-08-04.
  80. ^ Pisu, Mauro; Villalobos, Federico (3 August 2016). "A bird-eye view of Costa Rica's transport infrastructure". OECD Economics Department Working Papers. doi:10.1787/5jlswbwvwqjf-en. Retrieved 2 April 2018.
  81. ^ "Interview with the President of the Republic of Costa Rica, Luis Guillermo Solís – LatAm Investor". latam-investor.com. 7 June 2017. Retrieved 2 April 2018.
  82. ^ "Costa Rica - Telecommunications/Electric - export.gov". export.gov. Retrieved 2 April 2018.
  83. ^ Transparency International. "Global Corruption Report 2007". Retrieved 2008-03-11. Costa Rica ranks 3rd among Latin American countries, and the 55th position worldwide.
  84. ^ "Costa Rica: Past and Present Presidential Corruption Cases Spoil an Artful, but Inaccurate, PR Campaign". coha.org. 3 December 2013. Retrieved 2 April 2018.
  85. ^ "Costa Rica Ranks Above World Average on Perception of Corruption – Costa Rica Star News". news.co.cr. 25 January 2017. Retrieved 2 April 2018.
  86. ^ "Costa Rica to join the OECD Anti-Bribery Convention". oecd.org. Retrieved 2 April 2018.
  87. ^ "Costa Rica – OECD Anti-Bribery Convention". oecd.org. Retrieved 2 April 2018.
  88. ^ "Canada-Costa Rica Free Trade Agreement". Archived from the original on 21 April 2015. Retrieved 11 June 2015.
  89. ^ "Colombia: Free trade agreement with Costa Rica". KPMG. 26 September 2016. Retrieved 2 April 2018.
  90. ^ "Alliances between UE and Costa Rica – ElanBiz". elanbiz.org. Retrieved 2 April 2018.
  91. ^ "Costa Rica completa aprobación de TLC con Corea del Sur". Semanario Universidad. 18 March 2019. Retrieved 1 April 2020.
  92. ^ "Costa Rica - Import Tariffs". export.gov. Retrieved 2 April 2018.
  93. ^ "About The Cairns Group". Department of Foreign Affairs and Trade. Retrieved 2 April 2018.
  94. ^ "Costa Rica - Trade Barriers - export.gov". export.gov. Retrieved 2 April 2018.
  95. ^ "Costa Rica's Fruits Exports Beyond Pineapples And Bananas". qcostarica.com. 16 May 2017. Retrieved 2 April 2018.
  96. ^ "Report for Selected Countries and Subjects". Retrieved 2018-09-04.
  97. ^ "Home | S&P Global Ratings".
  98. ^ "Costa Rica Labor force – Economy". indexmundi.com. Retrieved 2 April 2018.
  99. ^ "Banco Central de Costa Rica". Retrieved 11 June 2015.
  100. ^ "US Dollar (USD) to Costa Rica Colon (CRC) exchange rate history". exchangerates.org.uk. Retrieved 2 April 2018.
  101. ^ ""Good" & "Bad" Exchange Rates". costa-rica-guide.com. Retrieved 2 April 2018.
  102. ^ 102."GDP PPP CR WORLD BANK". World Economic Database, 2021". https://datos.bancomundial.org/indicator/NY.GDP.PCAP.PP.CD?locations=CR. World Bank. Retrieved 5 August 2021.
  103. ^ 103."GDP NOMINAL CR WORLD BANK". World Economic Database, 2021". https://datos.bancomundial.org/indicator/NY.GDP.PCAP.CD?locations=CR. World Bank. Retrieved 5 August 2021.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_Costa_Rica&oldid=1233887018#Exports,_jobs,_and_energy"