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Costa Rica
Sunday, May 22, 2022
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Deficit

Costa Rica cuts contributions to political campaigns to contain deficits

The country intends to contain the fiscal shortfall through a series of spending cuts and new income

Costa Rica closes 2020 with large fiscal deficit, though better than expected

Costa Rica closed 2020 with a fiscal deficit of 8.3% of GDP, the highest in recent decades although lower than the official projection, the government announced Monday.

Costa Rica expects fiscal deficit to increase to 9.7% of GDP due to pandemic

The Costa Rican government predicts a fiscal deficit of up to 9.7% of GDP as a result of falling revenues and expenses related to the COVID-19 pandemic.

Facing rising deficit, Costa Rican government announces fiscal consolidation plans

The Costa Rican government announced a plan that aims to consolidate finances and encourage economic growth without applying further taxes. 

Costa Rica reached in 2019 its worst fiscal deficit in decades

The figure was given despite the fact that the country adopted a tax reform at the end of 2018 that included tax increases to address the deficit.

President Solís takes credit for healthy economy; Business leaders push back

President Solís highlighted the healthy economy in his State of the Nation speech but offered no hints as to how his administration might change tack to achieve its specific goals, including fiscal reform.

Costa Rica’s struggle with fiscal reform highlights its governance problems

Former two-term President Óscar Arias: “In this dysfunctional democracy that we have, it is difficult to achieve what you propose.”

Moody’s downgrades Costa Rica’s credit rating

The ratings agency Moody Investors Services downgraded Costa Rica’s government bond rating to Ba1 from Baa3 with a stable outlook Tuesday. The decision came weeks after President Luis Guillermo Solís presented his government’s budget for 2015 without any substantial proposals to curb the country’s growing deficit.

Business confidence drops to lowest levels in 2 years, says new survey

Business confidence in Costa Rica dropped by 10 percent compared to the same period last year, a survey by the Union of Private-Sector Chambers and Associations said. Confidence dropped in every sector surveyed.

Costa Rica’s deficit hits 5.4 percent of GDP with no sign of shrinking

Finance Minister Edgar Ayales announced Wednesday that Costa Rica’s deficit reached 5.4 percent of gross domestic product at the end of 2013, 1 percent higher than during 2012.

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