Costa Rica: Economic Outline

Economic Indicators

Costa Rica's economic showed a growth estimated at 3.5% in 2010. The country is trying to diversify its economy, offering manufactured products. Exports of high added-value, such as electornic components and medical equippment contribute to the better performance of foreign trade. Costa Rica is a country of impressive biodiversity and a desirable touristic destination.

In order to face the recession that the country is going through, the government has asked for aid from the IMF, and signed a stand-by arrangement in April 2009. The plan aims to stabilize the economy, limit the tax deficit and avoid too putting much pressure on the balance of payments.

Thanks to the establishment of a welfare state 60 years ago, the country has succeeded in strongly reducing poverty and has the best social indicators in the area. The extreme poverty rate is limited to 7%, life expectancy is at 79 years, the literacy level is 96%, per capita GDP is USD 5,627 and the social security system covers more than 80% of the population. Nevertheless, inequalities are deepening and the level of education at elementary level is insufficient. Fiscal reform and a lowering of taxes should again boost the country's revenues. The new presidency of Laura Chincilla is committed to working on the problems of security and drug trade. In 2020, the country aims to become the first zero-carbon economy.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	29.24	35.79e	40.02	43.84	47.66
GDP (Constant Prices, Annual % Change)	-1.3	4.2	4.0	4.1	4.4
GDP per Capita (USD)	6,488	7,701e	8,489	9,167	9,832
General Government Gross Debt (in % of GDP)	27.4	29.6e	32.7	33.3	34.0
Inflation Rate (%)	7.8	5.7e	5.3e	6.8	6.5
Current Account (billions USD)	-0.58	-1.44e	-1.97e	-2.25	-2.49
Current Account (in % of GDP)	-2.0	-4.0	-4.9	-5.2	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	9,189	8,070	-
Costa Rican Colon (CRC) - Average Annual Exchange Rate For 1 USD	526.24	573.29	525.83

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	12.3	21.6	65.5
Value Added (in % of GDP)	7.1	27.4	65.5
Value Added (Annual % Change)	3.0	4.0	17.7