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![]() ![]() Costa Rica Economy 1999
Economyoverview: Costa Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Poverty has been substantially reduced over the past 15 years and a strong social safety net has been put into place. Economic growth has rebounded from -0.9% in 1996 to 3% in 1997 and an estimated 5.5% in 1998. Inflation rose to 22.5% in 1995, dropped to 11.1% in 1997, and reached an estimated 12% in 1998. Unemployment appears moderate at 5.6%, but substantial underemployment continues. Furthermore, large government deficitsfueled by interest payments on the massive internal debthave undermined efforts to maintain the quality of social services. Curbing inflation, reducing the deficit, and improving public sector efficiency remain key challenges to the government. President RODRIGUEZ has called for an increased economic role for the private sector, but political resistance to privatization has stalled much of his economic program. GDP: purchasing power parity$24 billion (1998 est.) GDPreal growth rate: 5.5% (1998 est.) GDPper capita: purchasing power parity$6,700 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 12% (1998 est.) Labor force: 868,300 Labor forceby occupation: industry and commerce 23.3%, government and services 55.1%, agriculture 21.6% (1996 est.) Unemployment rate: 5.6% (1998 est.); much underemployment
Budget:
Industries: food processing, textiles and clothing, construction materials, fertilizer, plastic products Industrial production growth rate: 10.5% (1992) Electricityproduction: 4.785 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 4.931 billion kWh (1996) Electricityexports: 44 million kWh (1996) Electricityimports: 190 million kWh (1996) Agricultureproducts: coffee, bananas, sugar, corn, rice, beans, potatoes; beef; timber Exports: $3.9 billion (f.o.b., 1998) Exportscommodities: manufactured products, coffee, bananas, textiles, sugar (1997) Exportspartners: US, Benelux, Germany, Italy, Guatemala, El Salvador, Netherlands, UK, France (1997) Imports: $4.5 billion (c.i.f., 1998) Importscommodities: raw materials, consumer goods, capital equipment, petroleum (1997) Importspartners: US, Japan, Mexico, Venezuela, Guatemala, Germany (1997) Debtexternal: $3.2 billion (October 1996 est.) Economic aidrecipient: $107.1 million (1995) Currency: 1 Costa Rican colon (C) = 100 centimos Exchange rates: Costa Rican colones (C) per US$1272.58 (January 1999), 257.23 (1998), 232.60 (1997), 207.69 (1996), 179.73 (1995), 157.07 (1994) Fiscal year: calendar year
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