Economic Activity Continues to Cool

November 28, 2008

Economic activity in Costa Rica grew by just 1.8 percent in September, the lowest monthly growth in six years, according to a report by the Central Bank.

In September, some sectors, such as manufacturing and tourism, experienced decreases in production.

This is the lowest growth since 2002, according to the Central Bank report.

The hotel sector also presented a moderate growth of 1.8 percent from September 2007 to September 2008, compared to a 6 percent increase from September 2006 to September 2007.

The manufacturing industry experienced growth of 5.5 percent from September 2007 to September this year, down from 7.2 percent growth in the same period the previous year.

According to a poll conducted by the University of Costa Rica in July, employment in the manufacturing sector dropped 4.8 percent that month and the average wage in this sector decreased by 4.7 percent from July 2007 to July this year.

The construction sector, which performed the best of all, showed an annual growth of 12.8 percent, lower than the 18.9 percent increase during the same time the previous year.

 

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