Costa Rica’S Mid-Year Economic Growth: A Closer Look
Date
8/12/2024 8:26:58 PM
(MENAFN- The Rio Times) In June 2024, Costa Rica reported 4.4% year-over-year economic growth. This marked a deceleration from June 2023's 6.3% peak, according to the Central bank of Costa Rica 's report.
The economic growth for the first six months averaged 4.3%, slightly down by 1.1% from the previous year. The definitive regime, which tracks core economic sectors, maintained a steady growth of 3.8%, mirroring last year's performance for the same period.
This Regime accounted for 69.4% of the total growth in June. manufacturing took the lead with a 6.4% increase, contributing 30.3% to the growth.
Other notable sectors included professional services, administration, and construction, which grew by 5.5% and 7.4%, respectively.
Contrastingly, the agricultural sector saw a decline of 1.7%, mainly due to decreased banana production, although this was partially offset by higher domestic demand for poultry, milk, and eggs.
The construction industry, while growing by 7.4% in June, fell short of the previous year's 24.5% surge. This sector saw more private projects, such as non-residential buildings and social housing, but public sector construction fell by 1.6%.
Special regimes, significant for their foreign involvement, grew by 9.3% in June, slightly up from May. This growth, however, was below the previous year's 20.1%.
Key exports included medical devices, which saw a 19.2% increase in items like heart valves and catheters.
Costa Rica's mid-year economic review reveals a mix of steady growth and sector-specific challenges. The country's robust manufacturing and tech sectors are key drivers of its economic resilience, despite some fluctuations in other areas.
In short, this balance underscores the importance of diverse industries in maintaining overall economic health.
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