Costa Rica Economy 1997

Economy - overview Costa Rica's basically stable and progressive economy depends especiallyon tourism and the export of bananas, coffee, and other agricultural products.Poverty has been substantially reduced over the past 15 years, and a strongsocial safety net has been put in place. Recent trends, however, have been disappointing. Economic growth slipped from 4.3% in 1994 to 2.5% in 1995,and to 0.9% in 1996. Inflation rose to 22.5% in 1995 from 13.5% in 1994, thendropped back to 13.9% in 1996. Unemployment appears moderate at little morethan 5% but substantial underemployment continues. Furthermore, substantialgovernment deficits have undermined efforts to maintain the quality of socialservices. The government thus faces a formidable set of problems: to curbinflation, reduce the deficit, encourage domestic savings, and improve publicsector efficiency while increasing the role of the private sector, all thisin harmony with IMF agreements.

GDP purchasing power parity - $19 billion (1996 est.)

GDP - real growth rate -0.9% (1996 est.)

GDP - per capita purchasing power parity - $5,500 (1996 est.)

GDP - composition by sector
agriculture: 18%
industry: 24%
services: 58% (1995)

Inflation rate - consumer price index 13.9% (1996 est.)

Labor force
total: 868,300
by occupation: industry and commerce 35.1%, government and services 33%, agriculture27%, other 4.9% (1985 est.)

Unemployment rate 5.5% (1996 est.); much underemployment

Budget
revenues : $1.1 billion
expenditures: $1.34 billion, including capital expenditures of $110 million (1991est.)

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

Industrial production growth rate 10.5% (1992)

Electricity - capacity 1,113,900 kW (1995)

Electricity - production 5.138 billion kWh (1995)

Electricity - consumption per capita 1,330 kWh (1995 est.)

Agriculture - products coffee, bananas, sugar, corn, rice, beans, potatoes; beef; timber (depletionof forest resources has resulted in declining timber output)

Exports
total value: $3.82 billion (f.o.b., 1996)
commodities: coffee, bananas, textiles, sugar
partners: US, Germany, Italy, Guatemala, El Salvador, Netherlands, UK, France

Imports
total value: $3.857 billion (c.i.f., 1996)
commodities : raw materials, consumer goods, capital equipment, petroleum
partners: US, Japan, Mexico, Guatemala, Venezuela, Germany

Debt - external $3.2 billion (October 1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Costa Rican colon (C) = 100 centimos

Exchange rates Costa Rican colones (C) per US$1 - 219.29 (December 1996), 207.69 (1996),179.73 (1995), 157.07 (1994), 142.17 (1993), 134.51 (1992)

Fiscal year calendar year

NOTE: The information regarding Costa Rica on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Costa Rica Economy 1997 information contained here. All suggestions for corrections of any errors about Costa Rica Economy 1997 should be addressed to the CIA.