Central Bank Projects Modest Growth for 2013

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    While the government, led by President Laura Chinchilla and economic team leader Luis Liberman, celebrate the “good economic results,” the Central Bank shows projections will be in 2013.

    The figures are clear for 2012 showing a sharp economic slowdown, but analysts and citizens are skeptical and believe that the country’s economy moving in the wrong direction.

    High interest rates, competition for resources by the National Treasury and public banks, caused the rise in yields, even in 2013 the Central Bank does not guarantee that the rates will fall.

    And although in recent weeks we have seen a drop in rates, the Central warns that resources, ie bond issues in the market that reduce liquidity and help Costa Rica meet the inflation targets, the rate may increase.

    It also warned the Ministry of Finance and the Government that the country cannot continue on the path of growing indebtedness. The fiscal problem is part of the cause of the high premium that attracts foreign capital.

    Moreover, if you look at the latest data from the Monthly Index of Economic Activity (MIEA) to October shows an increase of only 2.39% on an annual basis. The Central Bank, said that the slowdown due to lower growth by zones.

    Production and trade zone exports grew at high rates in late 2011 and early 2012, this caused IMAE levels to peak or “hump” and therefore annual rates whene compared against the high production months vs low production months vary.

    However, when analyzing various factors for 2013 that effect would not happen in the short term, because there is a lower growth in exports, coupled with the crisis in Europe and resolving persisting concerns over the U.S. decision to take on tax matters.

    The Central Bank itself recognizes that facing the 2013 should be attentive to slower global growth. One aspect to consider would be less private investment in the telecommunications sector, specifically in mobile.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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