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Costa Rica Economy: from the All Country Info reference guide to country facts

Costa Rica Economy

Costa Rica Economy: A summary of information about Costa Rica Economy, from government research data as well as independent research and other sources.

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Costa Rica: Economy

Economy - overview
Costa Rica's basically stable economy depends on
tourism, agriculture, and electronics exports. Poverty has been
substantially reduced over the past 15 years, and a strong social
safety net has been put into place. Economic growth has rebounded from
-0.9% in 1996 to 4% in 1997, 6% in 1998, and 7% in 1999. Inflation
rose to 22.5% in 1995, dropped to 11.1% in 1997, 12% in 1998, and 11%
in 1999. Large government deficits - fueled by interest payments on
the massive internal debt - have undermined efforts to maintain the
quality of social services. Curbing inflation, reducing the deficit,
and improving public sector efficiency remain key challenges to the
government. Political resistance to privatization has stalled
liberalization efforts.
GDP
purchasing power parity - $26 billion (1999 est.)
GDP - real growth rate
7% (1999 est.)
GDP - per capita
purchasing power parity - $7,100 (1999 est.)
GDP - composition by sector
agriculture: 14%
industry: 22%
services: 64% (1998)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 1.3%
highest 10%: 34.7% (1996)
Inflation rate (consumer prices)
10.8% (1999 est.)
Labor force
1.377 million (1998)
Labor force - by occupation
agriculture 20%, industry 22%, services
58% (1999 est.)
Unemployment rate
5.6% (1998 est.); 7.5% underemployment
Budget
revenues: $1.93 billion
expenditures: $2.27 billion, including capital expenditures of $NA
(1999 est.)
Industries
microprocessors, food processing, textiles and clothing,
construction materials, fertilizer, plastic products
Industrial production growth rate
24.5% (1999)
Electricity - production
5.742 billion kWh (1998)
Electricity - production by source
fossil fuel: 9.28%
hydro: 80.62%
nuclear: 0%
other: 10.1% (1998)
Electricity - consumption
5.267 billion kWh (1998)
Electricity - exports
77 million kWh (1998)
Electricity - imports
4 million kWh (1998)
Agriculture - products
coffee, bananas, sugar, corn, rice, beans,
potatoes; beef; timber
Exports
$6.4 billion (f.o.b., 1999 est.)
Exports - commodities
coffee, bananas, sugar; textiles, electronic
components, electricity
Exports - partners
US 49%, EU 22%, Central America 10% (1999)
Imports
$6.5 billion (c.i.f., 1999 est.)
Imports - commodities
raw materials, consumer goods, capital
equipment, petroleum, electricity
Imports - partners
US 41%, Japan 8.1%, Mexico 7.3%, Venezuela 4%
(1998)
Debt - external
$3.9 billion (1998 est.)
Economic aid - recipient
$107.1 million (1995)
Currency
1 Costa Rican colon (C) = 100 centimos
Exchange rates
Costa Rican colones (C) per US$1 - 299.63 (February
2000), 285.68 (1999), 257.23 (1998), 232.60 (1997), 207.69 (1996),
179.73 (1995)
Fiscal year
calendar year
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