2006 Sees Increased Economic Development

The Central Bank Tuesday released what it called Costa Rica’s most important economic achievements this year: gross domestic product (GDP) growth of approximately 7% to more than $22 billion and a reduction of inflation to 9.5%.

2006 has been a good year economically, with investment reaching a record $1.4 billion, or 6.4% of the GDP, said Central Bank president Francisco de Paula Gutiérrez.

Other economic indicators in the country are also looking favorable; exports of goods and services this year reached $11 billion, although the commercial balance remains negative since imports registered $13 billion. Inflation also dropped this year from 14% to about 9.5%, Gutiérrez said.

Additionally, international monetary reserves have reached a record $3 billion. However, these statistics don’t mean Costa Rica doesn’t have a lot of work ahead, Gutiérrez said, adding that 20.2% of the population still lives in poverty and wealth is unevenly distributed.