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Costa Rica Economy 2017
https://theodora.com/wfbcurrent/costa_rica/costa_rica_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Costa Rica Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted in 2009 but resumed growth at about 4% per year in 2010-15. While 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 medical devices, 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; Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. 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. However, poor infrastructure, high energy costs, bureaucracy, weak investor protection, and legal uncertainty due to the difficulty of enforcing contracts and overlapping and at times conflicting responsibilities between agencies, remain impediments to greater competitiveness.Costa Rica’s economy also faces challenges due to a rising fiscal deficit, rising public debt, and relatively low levels of domestic revenue. 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, which in 2014 represented 1% 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.

GDP (purchasing power parity):
$79.26 billion (2016 est.) $76.02 billion (2015 est.) $73.33 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 93
[see also: GDP country ranks ]

GDP (official exchange rate):
$57.69 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.3% (2016 est.) 3.7% (2015 est.) 3% (2014 est.)
country comparison to the world: 54
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,100 (2016 est.) $15,700 (2015 est.) $15,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 102
[see also: GDP - per capita country ranks ]

Gross national saving:
14.3% of GDP (2016 est.) 15.1% of GDP (2015 est.) 14.9% of GDP (2014 est.)
country comparison to the world: 121
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 18.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.9% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
4% (2016 est.)
country comparison to the world: 56
[see also: Industrial production growth rate country ranks ]

Labor force:
2.295 million
note: official estimate; excludes Nicaraguans living in Costa Rica (2016 est.)
country comparison to the world: 119
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 14%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22%
[see also: Labor force - by occupation - industry country ranks ]
services: 64% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.3% (2016 est.) 9.4% (2015 est.)
country comparison to the world: 107
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 39.5% (2009 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
50.3 (2009) 45.9 (1997)
country comparison to the world: 19
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $8.115 billion
[see also: Budget revenues country ranks ]
expenditures: $11.31 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
14.1% of GDP (2016 est.)
country comparison to the world: 195
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.5% of GDP (2016 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
62.3% of GDP (2016 est.) 60.2% of GDP (2015 est.)
country comparison to the world: 60
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.3% (2016 est.) 0.8% (2015 est.)
country comparison to the world: 42
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
21.5% (31 December 2010) 23% (31 December 2009)
country comparison to the world: 3
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.5% (31 December 2016 est.) 14.24% (31 December 2015 est.)
country comparison to the world: 45
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.946 billion (31 December 2016 est.) $5.273 billion (31 December 2015 est.)
country comparison to the world: 94
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$21.55 billion (31 December 2015 est.) $18 billion (31 December 2014 est.)
country comparison to the world: 89
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$35.8 billion (31 December 2016 est.) $30.53 billion (31 December 2015 est.)
country comparison to the world: 72
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.015 billion (31 December 2012 est.) $1.443 billion (31 December 2011 est.) $1.445 billion (31 December 2010 est.)
country comparison to the world: 100
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.57 billion (2016 est.) -$2.093 billion (2015 est.)
country comparison to the world: 154
[see also: Current account balance country ranks ]

Exports:
$9.824 billion (2016 est.) $9.503 billion (2015 est.)
country comparison to the world: 89
[see also: Exports country ranks ]

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

Exports - partners:
US 33.6%, China 6.2%, Mexico 4.6%, Nicaragua 4.3%, Netherlands 4.2%, Guatemala 4% (2015)

Imports:
$14.76 billion (2016 est.) $14.38 billion (2015 est.)
country comparison to the world: 83
[see also: Imports country ranks ]

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

Imports - partners:
US 45.3%, China 9.8%, Mexico 7.1% (2015)

Reserves of foreign exchange and gold:
$7.96 billion (31 December 2016 est.) $7.834 billion (31 December 2015 est.)
country comparison to the world: 80
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$24.91 billion (31 December 2016 est.) $23.18 billion (31 December 2015 est.)
country comparison to the world: 83
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$31.86 billion (31 December 2016 est.) $28.75 billion (31 December 2015 est.)
country comparison to the world: 68
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.354 billion (31 December 2016 est.) $3.154 billion (31 December 2015 est.)
country comparison to the world: 76
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Costa Rican colones (CRC) per US dollar - 543.4 (2016 est.) 534.57 (2015 est.) 534.57 (2014 est.) 538.32 (2013 est.) 502.9 (2012 est.)


NOTE: The information regarding Costa Rica on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Costa Rica Economy 2017 information contained here. All suggestions for corrections of any errors about Costa Rica Economy 2017 should be addressed to the CIA.




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