Economy Growing, But At
A Slower Pace
Although the economy
keeps growing, it is
growing at a slower pace
than last year,
according to the
statistics released by
the Banco Central de
Costa Rica (BCCR) -
Central Bank.
According to the last
report, during the first
four months of the year,
the national economy
grew 5.9%, lower than
the 7% growth during the
same period last year.
In its mothly report,
the Central Bank, says
that despite the trend
towards deceleration and
adverse international
conditions, the domestic
economy continues to
display a robust growth
profile.
The construction
industry displayed the
biggest growth at 19.9%,
while the service sector
showed a growth of 6.9%
and the manufacturing
sectors 4.4%. The growth
in the service industry
is mainly due to strong
growth in
telecommunications and
finance.
Agriculture accounted
for only 2.9%, as growth
in pinepapple, milk and
other non-traditional
crops failed to
compensate fro the drop
in sales of melons,
bananas and sugarcane.
The trade deficit
reached us$2.28 billion
dollars.
In the first four months
of 2007, the trade
deficit was us$1.1
billion, while in the
same period in 2006 the
deficit was us$985
million.
Notwithstanding the
trade deficit, the
Ministerio de Hacienda
(Finance Ministry)
reported last week as
surplus of us$230
million dollars for the
first half of the year,
representing 2% of the
gross domestic product.
In 2007, the Costa Rican
economy grew 7.1%, down
from the 8.6% in 2006.
The Camara Nacional de
Turismo de Costa Rica (CANATUR)
- the national tourism
chamber - said last week
that tourism for the
first half 2008 was up
12% over the same period
last year. CANATUR says
that the country can
expect almost two
million foreign visitors
this year.
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