Costa Rica Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

trade-based upper middle-income economy; green economy leader, having reversed deforestation; investing in blue economy infrastructure; declining poverty until hard impacts of COVID-19; lingering inequality and growing government debts have prompted a liquidity crisis

Real GDP (purchasing power parity)

$109.26 billion (2021 est.)

$101.562 billion (2020 est.)

$105.85 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.58% (2021 est.)

-4.05% (2020 est.)

2.42% (2019 est.)

Real GDP per capita

$21,200 (2021 est.)

$19,800 (2020 est.)

$20,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$61.855 billion (2019 est.)

Inflation rate (consumer prices)

1.73% (2021 est.)

0.72% (2020 est.)

2.1% (2019 est.)

Credit ratings

Fitch rating: B (2020)

Moody's rating: B2 (2020)

Standard & Poors rating: B (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.5% (2017 est.)

industry: 20.6% (2017 est.)

services: 73.9% (2017 est.)

GDP - composition, by end use

household consumption: 64.2% (2017 est.)

government consumption: 17.3% (2017 est.)

investment in fixed capital: 17.1% (2017 est.)

investment in inventories: 1% (2017 est.)

exports of goods and services: 33.3% (2017 est.)

imports of goods and services: -32.9% (2017 est.)

Agricultural products

sugar cane, pineapples, bananas, milk, oil palm fruit, fruit, oranges, watermelons, cassava, rice

Industries

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

Industrial production growth rate

9.83% (2021 est.)

Labor force

2.426 million (2021 est.)

note: official estimate; excludes Nicaraguans living in Costa Rica

Labor force - by occupation

agriculture: 14%

industry: 22%

services: 64% (2006 est.)

Unemployment rate

17.95% (2021 est.)

17.41% (2020 est.)

11.49% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 45.4%

male: 37%

female: 56.3% (2021 est.)

Population below poverty line

21% (2019 est.)

Gini Index coefficient - distribution of family income

49.3 (2020 est.)

Average household expenditures

on food: 25.7% of household expenditures (2018 est.)

on alcohol and tobacco: 1.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.5%

highest 10%: 36.9% (2014 est.)

Budget

revenues: $9.664 billion (2019 est.)

expenditures: $14.001 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6.1% (of GDP) (2017 est.)

Public debt

48.9% of GDP (2017 est.)

44.9% of GDP (2016 est.)

Taxes and other revenues

12.32% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.136 billion (2021 est.)

-$638.741 million (2020 est.)

-$826.158 million (2019 est.)

Exports

$23.761 billion (2021 est.)

$19.996 billion (2020 est.)

$22.738 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

United States 38%, Netherlands 6%, Belgium 5%, Guatemala 5%, Panama 5% (2019)

Exports - commodities

medical instruments, bananas, pineapples, orthopedic appliances, food preparations (2021)

Imports

$22.298 billion (2021 est.) note: data are in current year dollars

$17.701 billion (2020 est.) note: data are in current year dollars

$20.314 billion (2019 est.)

Imports - partners

United States 41%, China 13%, Mexico 7% (2019)

Imports - commodities

refined petroleum, broadcasting equipment, cars, medical instruments, packaged medicines (2019)

Reserves of foreign exchange and gold

$6.921 billion (31 December 2021 est.)

$7.232 billion (31 December 2020 est.)

$8.937 billion (31 December 2019 est.)

Debt - external

$29.589 billion (2019 est.)

$28.553 billion (2018 est.)

Exchange rates

Costa Rican colones (CRC) per US dollar -

620.785 (2021 est.)

584.901 (2020 est.)

587.295 (2019 est.)

576.973 (2018 est.)

567.513 (2017 est.)

NOTE: The information regarding Costa Rica on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Costa Rica 2023 information contained here. All suggestions for corrections of any errors about Costa Rica 2023 should be addressed to the CIA or the source cited on each page.