Economy of Costa Rica
|
|
| Currency | Costa Rican colón |
|---|---|
| calendar year | |
|
Trade organizations
|
CAFTA |
| Statistics | |
| GDP | $71 billion (2014, PPP) |
|
GDP growth
|
3.5% (2014, Real) |
|
GDP per capita
|
US$14,900 (2014) |
|
GDP by sector
|
agriculture: 6.2% industry: 21.3% services: 72.5% (2013) |
| 5.6% (2013, CPI) | |
|
Population below poverty line
|
24.8% (2011 est.) |
| 47.9 (1992-2007) | |
|
Labor force
|
2.198 million (2012)note: this official estimate excludes Nicaraguans living in Costa Rica |
| Unemployment | 7.9% (2013) |
|
Main industries
|
microprocessors, food processing, medical equipment, textiles and clothing, construction materials, fertilizer, plastic products (2012) |
| 62nd (2017) | |
| External | |
| Exports | $11.66 billion (2013) |
|
Export goods
|
bananas, pineapples, coffee, melons, ornamental plants, sugar; seafood; electronic components, medical equipment (2012) |
|
Main export partners
|
 United States 30.6% China 13.2% Netherlands 10.4% UK 9.0% Mexico 9.0% (2012 est.) |
| Imports | US$17.56 billion (2013) |
|
Import goods
|
raw materials, consumer goods, capital equipment, petroleum, construction materials (2012) |
|
Main import partners
|
United States 46.2% Mexico 8.1% Venezuela 7.3% China 5.8% Colombia 5.2% (2012 est.) |
| Public finances | |
|
|
| Revenues | US$7.197 billion (2013) |
| Expenses | US$9.621 billion (2013) |
| BB+ (Domestic) BB (Foreign) BBB- (T&C Assessment) (Standard & Poor's) |
|
|
Foreign reserves
|
US$7.406 billion (31 December 2013) |
|
All values, unless otherwise stated, are in US dollars. |
|
The economy of Costa Rica it is very stable and has evolved from an economy that depended solely on tourism, agriculture, to one more diverse, based on electronics exports, medical manufacturing and IT services.
According to a study conducted by ADEN Business School (which included 18 other countries in the region), Costa Rica is the fourth most competitive country in Latin America in 2012 and is part of a block of countries rated as having a "very good competitive level, with advances and developments in infrastructure, technology and macroeconomic stability". The nation scored a 71.8 out of 100 on a study which measured competitiveness based on 10 criteria. Compared to the 2011 rank, Costa Rica went up by one position (from 5th to 4th).
The CIA World Factbook states that Costa Rica's Gross Domestic Product (GDP) per capita is US$12,900 (2013 est.); the reported GDP summed in 2012 to US$45.1bn with a population of 4,805,000. The World Bank General Government Public Sector Debt (PSDGG) statistics showed a linear rise from US$8bn in 2009 to US$18bn in 2014, which translates to a growth rate of 12%. The Instituto Nacional de Estadística y Censos is charged with measuring other economic performance measures. Poverty has remained around 15-20% 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.
According to the CIA World Factbook, 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. 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. Inflation rose to 22.5% in 1995, dropped to 11.1% in 1997, 12% in 1998, 11% in 1999 and 13% in 2008. Measures taken by the Central Bank have reduced inflation substantially to 4.3% in 2009, and a projected 5.8% for 2010. Curbing inflation, reducing the deficit, and improving public sector efficiency through an anti-corruption drive, remain key challenges to the government. Previous political resistance to privatization had stalled liberalization efforts. However, after the signing of CAFTA, Costa Rica is now open to competition with its Central American partners in its insurance and telecommunications markets.
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Wikipedia