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Costa Rica Economy 1996

Overview:

Costa Rica's basically stable and progressive economy depends especially on tourism and export of bananas, coffee, and other agricultural products. In 1994 the economy grew at an estimated 4.3%, compared with 6.5% in 1993, 7.7% in 1992, and 2.1% in 1991. Inflation in 1993 dropped to 9% from 17% in 1992 and 25% in 1991, an indication of basic financial stability. Unemployment is officially reported at only 4.0%, but there is much underemployment. Costa Rica signed a free trade agreement with Mexico in 1994.

National product:

GDP - purchasing power parity - $16.9 billion (1994 est.)

National product real growth rate:

4.3% (1994 est.)

National product per capita:

$5,050 (1994 est.)

Inflation rate (consumer prices):

9% (1993 est.)

Unemployment rate:

4% (1993); much underemployment

Budget:

revenues:

$1.1 billion

expenditures:

$1.34 billion, including capital expenditures of $110 million (1991 est.)

Exports:

$2.1 billion (f.o.b., 1993)

commodities:

coffee, bananas, textiles, sugar

partners:

US, Germany, Italy, Guatemala, El Salvador, Netherlands, UK, France

Imports:

$2.9 billion (c.i.f., 1993)

commodities:

raw materials, consumer goods, capital equipment, petroleum

partners:

US, Japan, Mexico, Guatemala, Venezuela, Germany

External debt:

$3.2 billion (1991)

Industrial production:

growth rate 10.5% (1992); accounts for 22% of GDP

Electricity:

capacity:

1,040,000 kW

production:

4.1 billion kWh

consumption per capita:

1,164 kWh (1993)

Industries:

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

Agriculture:

accounts for 19% of GDP and 70% of exports; cash commodities - coffee, beef, bananas, sugar; other food crops include corn, rice, beans, potatoes; normally self-sufficient in food except for grain; depletion of forest resources resulting in lower timber output

Illicit drugs:

transshipment country for cocaine and heroin from South America; illicit production of cannabis on small, scattered plots

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $1.4 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $935 million; Communist countries (1971-89), $27 million

Currency:

1 Costa Rican colon (C) = 100 centimos

Exchange rates:

Costa Rican colones (C) per US$1 - 164.39 (December 1994), 157.07 (1994), 142.17 (1993), 134.51 (1992), 122.43 (1991), 91.58 (1990)

Fiscal year:

calendar year

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