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Costa Rica Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Costa Rica Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 22, 2014

Economy - overview:
Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009 but resumed growth at about 4.5% per year in 2010-12. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value-added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity 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; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments remain, such as high levels of bureaucracy, legal uncertainty due to overlapping and at times conflicting responsibilities between agencies, difficulty of enforcing contracts, and weak investor protection. Poverty has remained around 20-25% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of mostly unskilled labor but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009 after significant delays within the Costa Rican legislature. CAFTA-DR has increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA was not able to gain legislative approval for fiscal reform, her top priority, though she continued to pursue fiscal reform in 2012. President CHINCHILLA and the PLN were successful in passing a tax on corporations to fund an increase for security services.

GDP (purchasing power parity):
$61.43 billion (2013 est.)
country comparison to the world: 91

$59.35 billion (2012 est.)
$56.45 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$48.51 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2013 est.)
country comparison to the world: 93

5.1% (2012 est.)
4.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,900 (2013 est.)
country comparison to the world: 102

$12,700 (2012 est.)
$12,200 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
16.3% of GDP (2013 est.)
country comparison to the world: 101

15.9% of GDP (2012 est.)
16.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 64.7%
government consumption: 17.9%
investment in fixed capital: 20.9%
investment in inventories: 0.8%
exports of goods and services: 35.2%
imports of goods and services: -39.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 6.2%
industry: 21.3%
services: 72.5% (2013 est.)

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

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

Industrial production growth rate:
4.3% (2013 est.)
country comparison to the world: 66
[see also: Industrial production growth rate country ranks ]

Labor force:
2.222 million
country comparison to the world: 117
note: this official estimate excludes Nicaraguans living in Costa Rica (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 14%
industry: 22%
services: 64% (2006 est.)

Unemployment rate:
7.9% (2013 est.)
country comparison to the world: 85

7.8% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.8% (2011 est.)
[see also: Population below poverty line country ranks ]

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

Distribution of family income - Gini index:
50.3 (2009)
country comparison to the world: 19

45.9 (1997)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $7.197 billion
expenditures: $9.621 billion (2013 est.)

Taxes and other revenues:
14.8% of GDP (2013 est.)
country comparison to the world: 194
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% of GDP (2013 est.)
country comparison to the world: 168
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
55% of GDP (2013 est.)
country comparison to the world: 56

51.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.6% (2013 est.)
country comparison to the world: 164

4.5% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
$NA (31 December 2010 est.)
country comparison to the world: 5

23% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
$NA (31 December 2013 est.)

$NA (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.633 billion (31 December 2013 est.)
country comparison to the world: 103

$4.197 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.57 billion (31 December 2013 est.)
country comparison to the world: 92

$14.95 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.92 billion (31 December 2013 est.)
country comparison to the world: 76

$21.93 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.015 billion (31 December 2012 est.)
country comparison to the world: 94

$1.443 billion (31 December 2011)
$1.445 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.673 billion (2013 est.)
country comparison to the world: 154

-$2.341 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$11.66 billion (2013 est.)
country comparison to the world: 91

$11.44 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 38.9%, Netherlands 7.5%, Panama 5.1%, Hong Kong 4.6%, Nicaragua 4.4% (2012)

Imports:
$17.56 billion (2013 est.)
country comparison to the world: 82

$16.75 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 49.8%, China 8.2%, Mexico 6.6% (2012)

Reserves of foreign exchange and gold:
$7.406 billion (31 December 2013 est.)
country comparison to the world: 80

$6.857 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$15.1 billion (31 December 2013 est.)
country comparison to the world: 89

$13.81 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$21.7 billion (31 December 2013 est.)
country comparison to the world: 70

$18.98 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.681 billion (31 December 2013 est.)
country comparison to the world: 73

$1.481 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Costa Rican colones (CRC) per US dollar -

500.9 (2013 est.)
502.9 (2012 est.)
525.83 (2010 est.)
573.29 (2009)
530.41 (2008)


NOTE: 1) The information regarding Costa Rica on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Costa Rica Economy 2015 information contained here. All suggestions for corrections of any errors about Costa Rica Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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






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