| Economy | Costa Rica |
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Economy - overview:
|
Costa Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Exports have become more diversified in the past 10 years due to the growth of the high-tech manufacturing sector, which is dominated by the microprocessor industry and the production of medical devices. 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. Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. Poverty has remained around 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. 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. Under the ARIAS administration, the government has made strides in reducing internal and external debt - in 2007, Costa Rica had its first budget surplus in 50 years. Reducing inflation remains a difficult problem because of rising commodity import prices and labor market rigidities, though lower oil prices will decrease upward pressures. The Central Bank is moving towards a more flexible exchange rate system to focus on inflation targeting by 2010. The US-Central American Free Trade Agreement (CAFTA) entered into force on 1 January 2009, after significant delays within the Costa Rican legislature. Nevertheless, economic growth has slowed in 2009 as the global downturn reduced export demand and invesment inflows. |
GDP (purchasing power parity):
|
$48.48 billion (2008 est.)
$47.07 billion (2007)
$44.07 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$11,600 (2008 est.)
$11,400 (2007 est.)
$10,800 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$30.38 billion (2008 est.) |
GDP - real growth rate:
|
3% (2008 est.)
6.8% (2007 est.)
8.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 7.6%
industry: 29.1%
services: 63.3% (2008 est.) |
Investment (gross fixed):
|
23% of GDP (2008 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%
highest 10%: 37.4% (2003) |
Distribution of family income - Gini index:
|
48 (2008) |
Inflation rate (consumer prices):
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13.9% (2008 est.) |
Central bank discount rate:
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17% (31 December 2007) |
Commercial bank prime lending rate:
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12.8% (31 December 2007) |
Stock of money:
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$4.504 billion (31 December 2007) |
Stock of money - per capita:
|
1,059 USD per capita |
Stock of quasi money:
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$2.87 billion (31 December 2007) |
Stock of quasi money - per capita:
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675 USD per capita |
Stock of domestic credit:
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$12.91 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
3,035 USD per capita |
Labor force:
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1.957 million
note: this official estimate excludes Nicaraguans living in Costa Rica (2008 est.) |
Labor force participation rate:
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46.01 % of population |
Labor force - by occupation:
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agriculture: 14%
industry: 22%
services: 64% (2006 est.) |
Unemployment rate:
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5.6% (2008 est.) |
Budget:
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revenues: $4.604 billion
expenditures: $4.552 billion (2008 est.) |
Budget revenues per capita:
|
1,083 USD per capita |
Public debt:
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38.4% of GDP (2008) |
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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-0.8% (2008 est.) |
Electricity - production:
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8.918 billion kWh (2007) |
Electricity - production per capita:
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2,097 kWh per capita |
Electricity - consumption:
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7.779 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
1,829 kWh per capita |
Electricity - exports:
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77.16 million kWh (2008 est.) |
Electricity - imports:
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203.2 million kWh (2007 est.) |
Oil - production:
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0 bbl/day (2004) |
Oil - production per capita:
|
void |
Oil - consumption:
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44,000 bbl/day (January 2009) |
Oil - consumption - per capita:
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3.78 bbl/year per capita |
Oil - exports:
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2,115 bbl/day (2005) |
Oil - imports:
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43,110 bbl/day (2005) |
Oil - proved reserves:
|
NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 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:
|
-$5.698 billion (2008 est.) |
Current account balance - per capita:
|
-1,339 USD per capita |
Exports:
|
$9.675 billion (2008 est.) |
Exports per capita:
|
2,275 USD per capita |
Exports - commodities:
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bananas, pineapples, coffee, melons, ornamental plants, sugar; seafood; electronic components, medical equipment |
Exports - partners:
|
US 25.7%, China 14.1%, Netherlands 10.9%, UK 6.3%, Mexico 5% (2007) |
Imports:
|
$15.37 billion (2008 est.) |
Imports per capita:
|
3,614 USD per capita |
Imports - commodities:
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raw materials, consumer goods, capital equipment, petroleum, construction materials |
Imports - partners:
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US 41%, Mexico 6.1%, Venezuela 5.7%, Japan 5.4%, China 5.1%, Brazil 4.3% (2007) |
Reserves of foreign exchange and gold:
|
$3.573 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
840 USD per capita |
Debt - external:
|
$7.401 billion (31 December 2008 est.) |
Debt - external - per capita:
|
1,740 USD per capita |
Stock of direct foreign investment - at home:
|
$18.96 billion (31 December 2008) |
Stock of direct foreign investment - at home - per capita:
|
4,458 USD per capita |
Stock of direct foreign investment - abroad:
|
$574 million (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
135 USD per capita |
Market value of publicly traded shares:
|
$2.035 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
479 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$29.51 million (2005) |
Economic aid - recipient per capita:
|
7 USD per capita |
Currency (code):
|
Costa Rican colon (CRC) |
Exchange rates:
|
Costa Rican colones (CRC) per US dollar - 530.41 (2008 est.), 519.53 (2007), 511.3 (2006), 477.79 (2005), 437.91 (2004) |
Fiscal year:
|
calendar year |
|
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