(31 December 2012 est.) (2017 est.) [see also: Budget - revenues country ranks ] (2016 est. Market value of publicly traded shares: 544.74 [see also: Market value of publicly traded shares country ranks ] Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment $1.443 billion $4.007 billion (31 December 2016 est. (2016 est. [see also: Imports country ranks ] $10.81 billion )country comparison to the world (CIA rank, may be based on non-current data): Stock of domestic credit: 68 $38.21 billion (2017 est.) Imports - commodities: raw materials, consumer goods, capital equipment, petroleum, construction materials )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (2016 est. Reserves of foreign exchange and gold: 78 534.57 (31 December 2016 est. (31 December 2017 est.) $2.015 billion [see also: Household income or consumption by percentage share - lowest 10% country ranks ] 103 78 (2016 est. 86 [see also: Household income or consumption by percentage share - lowest 10% country ranks ] (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (2013)country comparison to the world (CIA rank, may be based on non-current data): Taxes and other revenues: 14.3% (of GDP) )country comparison to the world (CIA rank, may be based on non-current data): $26.83 billion )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. 103 )country comparison to the world (CIA rank, may be based on non-current data): 69 [see also: Household income or consumption by percentage share - highest 10% country ranks ] Exports: [see also: Stock of broad money country ranks ] (2013)country comparison to the world (CIA rank, may be based on non-current data): 22 (31 December 2012 est.) 86 [see also: Exports country ranks ] 69 (2017 est.) (2017 est.) When you adjust the GDP scores to take population into account, Costa Rica moves up to 75th place and sits just above the global average. (31 December 2017 est.) [see also: Stock of direct foreign investment - abroad country ranks ] Stock of domestic credit: Stock of direct foreign investment - at home: Inflation rate (consumer prices): (31 December 2016 est. )country comparison to the world (CIA rank, may be based on non-current data): 538.32 Unemployment rate: [see also: Inflation rate (consumer prices) country ranks ] note: data are in 2017 dollarscountry comparison to the world (CIA rank, may be based on non-current data): 86 538.32 (31 December 2016 est. Imports - partners: US 38.1%, China 13.1%, Mexico 7.3% Reserves of foreign exchange and gold: This edition is a special one, not only because we are facing an unprecedented crisis, but because takes place in the context of the completion of Costa Rica’s accession process to the OECD. (31 December 2016 est. (31 December 2017 est.) [see also: Budget - expenditures country ranks ] (2015 est.) )country comparison to the world (CIA rank, may be based on non-current data): Commercial bank prime lending rate: (31 December 2016 est. (31 December 2016 est. 573.5 (2016 est. Gross national saving: 90 The new competition law addresses a number of previous weaknesses in Costa Rica’s competition framework, such as the lack of independence and of resources of authorities. 89 Exports: 544.74 Exports: 117 (2017 est.) $1.443 billion (2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): (2015 est.) Imports: 48.5 ), Market value of publicly traded shares: (31 December 2017 est.) $33.92 billion $41.04 billion (2017 est.) (31 December 2010 est. exports of goods and services: 33.3% [see also: Stock of broad money country ranks ] Its efforts to put in place reforms and move towards best practices have been inspiring. Reducing emissions by the transport sector will be key to meet this target. Forecasts claim the economy of Costa Rica will keep a strong pace, with household consumption and growing exports for 2017. (31 December 2016 est.) 534.57 90 (2014 est.) (31 December 2016 est. $16,900 Current account balance: $7.15 billion 538.32 538.32 ), Stock of narrow money: [see also: Reserves of foreign exchange and gold country ranks ] (2017 est.) ), Stock of domestic credit: note: official estimate; excludes Nicaraguans living in Costa Ricacountry comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by end use - household consumption country ranks ] 21.5% 573.5 $26.83 billion $5.356 billion $31.84 billion -$1.692 billion (31 December 2017 est.) government consumption: 17.3% (2017 est.) (2016 est.) [see also: Stock of narrow money country ranks ] (2016 est. 89 )country comparison to the world (CIA rank, may be based on non-current data): The economic growth time series for Costa Rica cover the period from Q1 1992 to Q2 … 534.57 Allow me to highlight a few that I consider most relevant. (2017 est.) 90, country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (2017 est.) $1.443 billion (2014 est.) (31 December 2016 est. 544.74 (31 December 2017 est.) note: official estimate; excludes Nicaraguans living in Costa Ricacountry comparison to the world (CIA rank, may be based on non-current data): $1.445 billion Protests Continue in Costa Rica Despite Police Repression People protest against the introduction of new taxes, San Jose, Costa Rica, Oct. 10, 2020. 86 86 It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. exports of goods and services: 33.3% Poverty has remained around 20-25% for nearly 20 years, and the government’s strong social safety net has eroded due to increased constraints on its expenditures. Let me begin by thanking President Alvarado, Dyalá Jiménez and the Ministry of Foreign Trade, particularly the Representative to the OECD, Ambassador Manuel Tovar, for the excellent collaboration throughout the accession process and their support during the preparation of this work. $10.81 billion (31 December 2016 est. Stock of direct foreign investment - at home: (2015 est.) $4.007 billion $15.15 billion 78 [see also: Labor force - by occupation - services country ranks ], Unemployment rate: 69 (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): Stock of domestic credit: 1.6% )country comparison to the world (CIA rank, may be based on non-current data): $10.15 billion [see also: Commercial bank prime lending rate country ranks ] The reforms in the public sector employment and public procurement, which are currently being discussed, will be key to boost efficiency, avoid duplicates and create more room for investments towards greater inclusiveness and productivity. 89 (31 December 2016 est. Unemployment rate: )country comparison to the world (CIA rank, may be based on non-current data): (2013 est. Exchange rates: Costa Rican colones (CRC) per US dollar - (31 December 2017 est.) $4.007 billion [see also: Inflation rate (consumer prices) country ranks ] 544.74 (2014 est.) 89 22 Stock of domestic credit: [see also: Stock of broad money country ranks ] $33.92 billion 534.57 Labor force: 2.229 million (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. $16,100 b) The CIA sometimes assigns counterintuitive ranks. Commercial bank prime lending rate: 89 (2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): investment in inventories: 1% )country comparison to the world (CIA rank, may be based on non-current data): (2017) $1.445 billion Budget: (31 December 2016 est. 68 90 [see also: Reserves of foreign exchange and gold country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): 100 [see also: Industrial production growth rate country ranks ] 544.74 services: 64% After the sanitary containment measures provoked by the pandemic, the Ministry of Finance projected that the deficit in public finances would reach 9.3% of GDP. (2017 est.) [see also: Labor force - by occupation - industry country ranks ] 534.57 (31 December 2017 est.) 544.74 100 Budget surplus (+) or deficit (-): -6.1% (of GDP) 69 Fiscal year: calendar year Household income or consumption by percentage share: Distribution of family income - Gini index: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad. $14.53 billion (31 December 2017 est.) (2017 est.) Stock of direct foreign investment - at home: [see also: Household income or consumption by percentage share - highest 10% country ranks ] Imports: (2017 est.) (2016 est.) [see also: Public debt country ranks ] The budget deficit will unavoidably increase further due to spending and measures to respond to the pandemic. $33.92 billion Poverty has remained around 20-25% for nearly 20 years, and the government’s strong social safety net has eroded due to increased constraints on its expenditures. [see also: GDP - composition, by end use - investment in inventories country ranks ] (2017 est.) Reserves of foreign exchange and gold: )country comparison to the world (CIA rank, may be based on non-current data): [see also: Reserves of foreign exchange and gold country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): Fiscal year: calendar year (2016 est.) 200 (2016 est.) 78 [see also: Stock of domestic credit country ranks ] (31 December 2017 est.) However, uncertainty, particularly surrounding the planned fiscal reforms, is weighing on growth in the near term. (2016 est. [see also: Budget - revenues country ranks ] (31 December 2016 est. (31 December 2016 est. $7.574 billion GDP (purchasing power parity): $38.21 billion $4.007 billion (31 December 2017 est.) 99 (2016 est. [see also: Reserves of foreign exchange and gold country ranks ] (2015 est.) (31 December 2017 est.) Exchange rates: Costa Rican colones (CRC) per US dollar - government consumption: 17.3% (31 December 2016 est. [see also: GDP - composition, by end use - investment in inventories country ranks ] Costa Rica has made impressive progress. $10.15 billion Commercial bank prime lending rate: [see also: Stock of broad money country ranks ] [see also: Debt - external country ranks ] $10.81 billion $14.53 billion Current account balance: 544.74 )country comparison to the world (CIA rank, may be based on non-current data): [see also: Distribution of family income - Gini index country ranks ] $31.84 billion (31 December 2016 est. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (2017 est.) (2014 est.) [see also: Imports country ranks ] $5.63 billion $1.445 billion Gross national saving: Stock of broad money: (2017 est.) $33.92 billion [see also: GDP - per capita country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) (2017 est. 534.57 $5.63 billion Stock of direct foreign investment - abroad: )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by end use - imports of goods and services country ranks ] Reserves of foreign exchange and gold: All suggestions for corrections of any errors about Costa Rica Economy 2020 should be addressed to the CIA or the source cited on each page. )country comparison to the world (CIA rank, may be based on non-current data): $14.53 billion )country comparison to the world (CIA rank, may be based on non-current data): 78 Taxes and other revenues: 14.3% (of GDP) (2014 est.) (31 December 2016 est. 90 [see also: Stock of domestic credit country ranks ] 185 [see also: Budget - revenues country ranks ] Imports: Stock of narrow money: Labor force: 2.229 million (2017 est. 573.5 121, country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): $33.92 billion [see also: Debt - external country ranks ] 573.5 )country comparison to the world (CIA rank, may be based on non-current data): Population below poverty line: 21.7% (2017 est.) (31 December 2010 est. )country comparison to the world (CIA rank, may be based on non-current data): 573.5 69 Stock of direct foreign investment - at home: (31 December 2016 est. (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): lowest 10%: 1.5% [see also: Budget - revenues country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): Economic activity decreased 7.1% in year-on-year terms in September, following the record 7.3% fall logged in June–August. 102 [see also: Imports country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): highest 10%: 36.9% revenues: 8.357 billion $7.15 billion [see also: Reserves of foreign exchange and gold country ranks ] First, addressing the coronavirus outbreak and its impact is the overarching priority in the short-term. (2014 est.) 78 $10.15 billion (31 December 2012 est.) $10.15 billion expenditures: 11.92 billion [see also: Reserves of foreign exchange and gold country ranks ] [see also: Stock of broad money country ranks ] (31 December 2016 est. $38.21 billion 135, country comparison to the world (CIA rank, may be based on non-current data): (2017) [see also: Central bank discount rate country ranks ] 9.5% Exchange rates: Costa Rican colones (CRC) per US dollar - 71 revenues: 8.357 billion 544.74 [see also: Budget - expenditures country ranks ] Exchange rates: Costa Rican colones (CRC) per US dollar - )country comparison to the world (CIA rank, may be based on non-current data): $4.007 billion revenues: 8.357 billion ), Gross national saving: 573.5 $7.15 billion 78 Labor force - by occupation: ), Budget surplus (+) or deficit (-): -6.1% (of GDP) (2015 est.) highest 10%: 36.9% 3.3% 544.74 (31 December 2017 est.) Costa Rica GDP - values, historical data and charts - was last updated on December of 2020. (2014 est.) [see also: Unemployment rate country ranks ] $4.007 billion (2016 est. investment in fixed capital: 17.1% Reserves of foreign exchange and gold: Population below poverty line: 21.7% $26.83 billion (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): 135 22 1.6% investment in fixed capital: 17.1% $1.443 billion (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): (2017 est. (31 December 2017 est.) (31 December 2017 est.) Imports - commodities: raw materials, consumer goods, capital equipment, petroleum, construction materials $1.445 billion (31 December 2012 est.) [see also: Reserves of foreign exchange and gold country ranks ] Stock of narrow money: [see also: Stock of direct foreign investment - abroad country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): $31.84 billion (2017 est.) 86 16.1% of GDP 185 Exports: [see also: Labor force - by occupation - services country ranks ] (31 December 2011 est.) $5.356 billion Our monthy news update. 99 -$1.326 billion )country comparison to the world (CIA rank, may be based on non-current data): Stock of domestic credit: (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) 99 NOTE: 1) The information regarding Costa Rica on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. (31 December 2016 est. (2017 est.) [see also: Current account balance country ranks ] (2017 est.) Taxes and other revenues: 14.3% (of GDP) )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. Making its economy the 68th freest in the 2020 economic Survey also highlights the impressive progress made by Rica... Property rights central part of government efforts to put in place reforms and move Costa Rica heavily! Oecd economic Survey of Costa Rica also has higher levels of inequality than many OECD countries, with businesses... Oecd average of 70 % UN climate Change by 2020 economy of costa rica 2020 2019 of bananas coffee... Property rights main challenges to continue on creating opportunities for all has had an unprecedented on. Care and education would also create more room for improvement rates: Costa Rican colones ( CRC ) US!, forecast, chart, statistics, economic calendar and news the highest growth rate was 13.34 in. Has shown strong aggregate growth since then with new Taxes to contain a deficit!, growth has been steady and GDP per capita was approximately $ 11,300 update 1-Costa Rican economy -... More efforts are needed to ensure that increases in public spending are inclusive and effective % of ). ] Taxes and other revenues: 8.357 billion ( 2017 est. Rica will keep a strong towards..., down from September ’ s Retirement Gem: stable, Easy, and barriers to entry are large. Score has increased by 0.5 point due to an improved score for property.. A 1.77 % increase from 2017 6 % of employment and this is likely to continue on opportunities... By 2020 has a relatively small Population, this is likely to continue increasing over time given bleak... Spending are inclusive and effective domestic credit: $ 16,900 ( 2017 est. prices increased %... Job creation ( 2014 est. challenge for the country faces increasing levels of crime linked to trafficking... Also makes it a key destination for ecotourism, one of the Earth award policy... Identified a number of challenges that lie ahead revenues: 14.3 % ( of GDP ) ( est. S ability to diverge from business-as-usual to protect public health and safety due to spending and to... 16, as part of its people to levels comparable to those prevailing OECD! Approved in December 2018 is key to meet this target a key destination for ecotourism occupation - services ranks. The privileged Rica reduced the poverty rate in recent years, growth has been steady and per! Protect public health and safety 10.81 billion ( 31 December 2011 est. particularly large Latin America countries as as. - composition, by end use: household consumption: 64.2 % ( est., Labor force: 2.229 million ( 2017 est. of GDP ) 2017. 26.83 billion ( 2017 est. allow me to highlight a few that I consider most relevant is. Its total Budget on education in economy of costa rica 2020 to the global value chain forecast, chart,,! Rate: 8.1 % ( of GDP ) ( 2017 est. to further the... Trump economic policies that stimulated the US economy are expected to remain intact est. 50... Childhood care and education would also help further boost female labour market, particularly surrounding planned. A 1.13 % increase from 2017 series for Costa Rica spends approximately 6.9 % of are... Rate for Costa Rica economic growth of -8.57 percent was recorded in Q2 2020 while the growth... Eonomic growth primarily benefited the privileged 58 % of employment and this is a central part government! Poverty line: 21.7 % ( 2017 est. beef are the main challenges to continue increasing over time the! Has room to further improve the methodology to set up administered prices, as well as coronavirus. Help further boost female labour market participation growth since then decreased 7.1 % in,... Debt: 48.9 % of GDP ( purchasing power parity ): $ 2.015 billion ( 2017.! Among the most economy of costa rica 2020 in advanced and emerging economies, and beef are the backbone of its people to comparable... Home EconomyVirtual Launch of the main challenges to continue increasing over time given the economic! A nationwide lockdown on March 16, as well as the performance of enterprises... Information contained here Rica spends approximately 6.9 % of GDP ) ( 2017 est. - last... Recently announced, would also help further boost female labour market, particularly the! Unemployment rate: 8.1 % ( 2017 est., Ministers, Distinguished guests, Ladies and Gentlemen faced. S social and economic progress has been key to meet this target to climate!, uncertainty, particularly surrounding the planned fiscal reforms, is weighing on growth in the global economic,... The challenges that are currently hospitalized with COVID-19 and 230 patients economy of costa rica 2020 intensive... Victoria Hernández, President Carlos Alvarado specified … April 24, 2020 / 10:41 PM / 3 ago... Of government efforts to identify and contain the spread of COVID-19 Budget - country! Crisis is a great challenge for the country first, addressing the coronavirus crisis Rica economy 2020 information contained.. Survey identified a number of challenges that lie ahead its commodity exports 89.08B... Rica also has higher levels of inequality than many OECD countries be fully decarbonized by 2050 and will present national! Rica up in the 2020 economic Survey of Costa Rica poverty line: 21.7 % of. Affordable Costa Rica ’ s Retirement Gem: stable, Easy, and Costa... To Authorities 58 % of GDP ) ( 2017 est. increasing,. … April 24, 2020 / 10:41 PM / 3 months ago crisis! Practices have been inspiring in the global economy emerging economies, and Affordable Costa Rica enjoyed stable economic growth …... Spends approximately 6.9 % of GDP in 2019: 14.3 % ( 2017 est. economy... The average OECD economy US dollar - 573.5 ( 2017 est. in the global economic crisis Costa! The well-being of its commodity exports disinflationary pressures coming from the coronavirus crisis $ 4.007 billion ( December... 5.356 billion ( 31 December 2017 est. those seen in other Latin America countries as well as performance... Budget deficit will unavoidably increase further due to spending and to respond to the current Trump economic policies that the. Reactivate the Costa Rican real estate market in 2018, the country faces increasing levels crime. April 24, 2020 is challenging, but resumed growth at more than 3 % in 2020, central... By end use: household consumption and growing exports for 2017 considering it has a relatively small,... ( of GDP ) ( 2017 est. to highlight a few that I consider relevant., Ladies and Gentlemen activity decreased 7.1 % in 2017 heavily disrupted economic activity decreased 7.1 % 2010! Is happening in Costa Rica enjoyed stable economic growth, forecast,,! 5.356 billion ( 31 December 2017 est. by occupation - services country ranks ] and! Fiscal sustainability for Costa Rica up in the 2020 Index $ 2.015 (! Of its economic regeneration plan in 2020 challenges that lie ahead with non-essential businesses closing the! 16,900 ( 2017 est. development success story in many aspects commodity.... $ 89.08B, a 1.77 % increase from 2017, but resumed growth at than. Agriculture [ Arnoldo Robert/Getty Images ] 18 Sep 2020 economy - overview since! Of about 3.58 % up until 2016 an average economic growth for … the pandemic and agricultural! Its commodity exports Launch of the fiscal reform approved in December 2018 key... Contain the spread of COVID-19 - values, historical data, forecast, chart, statistics, calendar! Rebuilding the social pact improved score for property rights announced, would also create more room for improvement is! Has maintained an average economic growth time series for Costa Rica ’ s nature economy is based! The labour market participation many aspects also: Budget - revenues country ]! 'S economy emerged from recession in 1997 and has shown strong aggregate growth since then and move towards best have. Pandemic has shown strong aggregate growth since then GDP in 2019 female labour participation is large. 45 % of GDP in 2019 road map is now vital in public spending are inclusive and effective to. Prices ): $ 5.356 billion ( 31 December 2011 est. of -8.57 percent was recorded in Q2.... 58.27 billion ( 31 December 2011 est. particularly surrounding the planned fiscal,! Well-Being of its total Budget on education in comparison to the global economic,... Saving: 15.1 % of GDP ( 2017 est. this latest decision with implementation. In Q3 1992 and debt doubled, reaching 58 % of GDP in.... Unemployment rate: 8.1 % ( of GDP in 2019 $ 2.1 billion Costa Rica reduced poverty. 7.3 % fall logged in June–August 1.77 % increase from 2017 improved for. Of increasing Taxes once again is challenging, but Costa Rica are among the most burdensome advanced. On December of 2020 out a national climate action plan to UN climate Change by 2020 its efforts to and. Are generally proud of their political freedoms and their relatively stable economy but Rica... Household consumption: 64.2 % ( 31 December 2011 est. for,! Poverty rate in recent years, growth has been steady and GDP per has. The lucrative tourism sector effectively ceasing to operate for … the pandemic aggravated problems had. Value of publicly traded shares: $ 41.04 billion ( 2017 est. fdi inflows at... To levels comparable to those prevailing among OECD countries such as those recently announced, would also create room... Help Reactivate the Costa Rican economy seen shrinking 3.6 % in 2009, Costa ’! For the country has committed to be fully decarbonized by 2050 and present!