| Economy | Costa Rica |
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Economy - overview:
|
Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009, but resumed growth at about 4% per year in 2010-11. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the fiscal incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments, such as high levels of bureaucracy, difficulty of enforcing contracts, and weak investor protection, remain. Poverty has remained around 15-20% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of - mostly unskilled - labor, but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009, after significant delays within the Costa Rican legislature. CAFTA-DR will likely lead to increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA is likely to push for fiscal reform in the coming year, seeking to boost revenue, possibly through revised tax legislation, to fund an increase in security services and education. |
GDP (purchasing power parity):
|
$54.47 billion (2011 est.)
$52.33 billion (2010 est.)
$50.29 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$11,500 (2011 est.)
$11,300 (2010 est.)
$11,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$40 billion (2011 est.) |
GDP - real growth rate:
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4% (2011 est.)
4.2% (2010 est.)
-1.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 6.4%
industry: 22.1%
services: 71.5% (2011 est.) |
Investment (gross fixed):
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19.2% of GDP (2011 est.) |
Population below poverty line:
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16% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.7%
highest 10%: 39.4% (2009) |
Distribution of family income - Gini index:
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50.3 (2009)
45.9 (1997) |
Inflation rate (consumer prices):
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5.3% (2011 est.)
5.7% (2010 est.) |
Central bank discount rate:
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21.5% (31 December 2010 est.)
23% (31 December 2009 est.) |
Commercial bank prime lending rate:
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16.5% (31 December 2011 est.)
17.091% (31 December 2010 est.) |
Stock of money:
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$4.209 billion (31 December 2008)
$4.504 billion (31 December 2007) |
Stock of money - per capita:
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920 USD per capita |
Stock of quasi money:
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$3.143 billion (31 December 2008)
$2.87 billion (31 December 2007) |
Stock of quasi money - per capita:
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687 USD per capita |
Stock of domestic credit:
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$19.11 billion (31 December 2011 est.)
$18.07 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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4,176 USD per capita |
Stock of narrow money:
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$3.969 billion (31 December 2011 est.)
$3.484 billion (31 December 2010 est.) |
Stock of broad money:
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$18.68 billion (31 December 2010 est.)
$16.81 billion (31 December 2009 est.) |
Labor force:
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2.093 million
note: this official estimate excludes Nicaraguans living in Costa Rica (2011 est.) |
Labor force participation rate:
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45.73 % of population |
Labor force - by occupation:
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agriculture: 14%
industry: 22%
services: 64% (2006 est.) |
Unemployment rate:
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6% (2011 est.)
7.3% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 11%
male: 9.6%
female: 13.4% (2008) |
Budget:
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revenues: $6.047 billion
expenditures: $8.053 billion (2011 est.) |
Budget revenues per capita:
|
1,322 USD per capita |
Taxes and other revenues:
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15.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-5% of GDP (2011 est.) |
Public debt:
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44.5% of GDP (2011 est.)
42.7% of GDP (2010 est.) |
Industries:
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microprocessors, food processing, medical equipment, textiles and clothing, construction materials, fertilizer, plastic products |
Industrial production growth rate:
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3.9% (2011 est.) |
Electricity - production:
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9.29 billion kWh (2008 est.) |
Electricity - production per capita:
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2,030 kWh per capita |
Electricity - consumption:
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8.247 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,803 kWh per capita |
Electricity - exports:
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166 million kWh (2008 est.) |
Electricity - imports:
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70 million kWh (2008 est.) |
Oil - production:
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263.4 bbl/day (2010 est.) |
Oil - production per capita:
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58 bbl/day per capita |
Oil - consumption:
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47,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
3.75 bbl/year per capita |
Oil - exports:
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2,087 bbl/day (2009 est.) |
Oil - imports:
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44,110 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef, poultry, dairy; timber |
Current account balance:
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-$1.665 billion (2011 est.)
-$1.299 billion (2010 est.) |
Current account balance - per capita:
|
-363 USD per capita |
Exports:
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$10.77 billion (2011 est.)
$9.375 billion (2010 est.) |
Exports per capita:
|
2,354 USD per capita |
Exports - commodities:
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bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment |
Exports - partners:
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US 33.6%, China 11.7%, Netherlands 11.7%, UK 11.5% (2010) |
Imports:
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$15.08 billion (2011 est.)
$12.95 billion (2010 est.) |
Imports per capita:
|
3,296 USD per capita |
Imports - commodities:
|
raw materials, consumer goods, capital equipment, petroleum, construction materials |
Imports - partners:
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US 40.1%, Mexico 6.6%, Japan 5.6%, China 5.3% (2010) |
Reserves of foreign exchange and gold:
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$5.236 billion (31 December 2011 est.)
$4.627 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,145 USD per capita |
Debt - external:
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$9.445 billion (31 December 2011 est.)
$8.59 billion (31 December 2010 est.) |
Debt - external - per capita:
|
2,064 USD per capita |
Stock of direct foreign investment - at home:
|
$15.4 billion (31 December 2011 est.)
$13.5 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
3,365 USD per capita |
Stock of direct foreign investment - abroad:
|
$103.3 million (31 December 2011 est.)
$88.3 million (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
23 USD per capita |
Market value of publicly traded shares:
|
$1.445 billion (31 December 2010)
$1.452 billion (31 December 2009)
$1.887 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
316 USD per capita |
Currency (code):
|
Costa Rican colon (CRC) |
Exchange rates:
|
Costa Rican colones (CRC) per US dollar -
503.5 (2011 est.)
525.83 (2010 est.)
573.29 (2009)
530.41 (2008)
519.53 (2007) |
Fiscal year:
|
calendar year |
|
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