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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.
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
