• Costa Rica Travel Insurance
  • Costa Rica Coffee Guide

Economic Growth Up Slightly in August

October 17, 2008

Costa Rica’s economy grew slightly more in August than it did in July, according to Banco Central’s most recent Monthly Index of Economic Activity.

According to the bank, Costa Rica’s economy grew 3 percent year-over-year in August. Costa Rica’s growth rate has been steadily slowing for months. July’s year over-year rate was 2.8 percent, the lowest it has been since 2002.

In a statement Monday, the financial advising firm Aldesa said it expected economic growth to continue to slow, in part because exports to the United States, Costa Rica’s principal trade partner, are also expected to slow because of the financial troubles there.

Rising interest rates and a tightening of credit here in Costa Rica are also holding back investment and spending, which contributes to slowing the economy’s growth, Aldesa said.

These figures follow other somber economic indicators in recent weeks.

Inflation for the 12 months ending in September reached 15.77 percent, the highest year-over-year increase Costa Rica has seen in 10 years.

Also, consumer confidence fell in September.

 

You may be interested

News briefs: Costa Rica news highlights to start your Friday
Costa Rica
2206 views
Costa Rica
2206 views

News briefs: Costa Rica news highlights to start your Friday

Alejandro Zúñiga - December 4, 2020

Happy Friday from The Tico Times! Here's the news you should know as a new day starts in Costa Rica.…

Unemployment and underemployment rates remain high in Costa Rica
Costa Rica
2272 views
Costa Rica
2272 views

Unemployment and underemployment rates remain high in Costa Rica

Alejandro Zúñiga - December 3, 2020

Unemployment in Costa Rica was 21.9% in the August-October quarter, slightly lower than the previous period but still significantly higher than the…

Saprissa, Alajuelense qualify for Champions League
News
1074 views
News
1074 views

Saprissa, Alajuelense qualify for Champions League

The Tico Times - December 3, 2020

Costa Rica's two most-popular soccer clubs will represent the country at the 2021 CONCACAF Champions League. Deportivo Saprissa and Liga…