A lull in tourism brings national income down: Hope for change on the horizon

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    The percentage of tourists entering Costa Rica has increased 13%, and working tourists, 7%. However, the national earnings from foreign workers failed to cover the national deficit.

    Costa Rica’s income earned from tourism has slowed down and the income made from international jobs was registered to be slightly low for the third trimester of this year as compared to this same time last year. Costa Rica hopes to draw more tourism in 2011, increasing the national income.

    This year, income earned from tourism has recovered from the slight crash that occurred last year during the crisis, which is very good news for Costa Ricans.

    These results reflect the payment balance of the third trimester of the year that the Central Bank published yesterday.

    The income from the number of tourists entering the country amounted to $478 million during July, August, and September of 2010, a 13% increase from this same time last year, pointing to the possibility of even higher statistics in the year to come.

    Since the last part of 2008 and during all of 2009, tourism has declined as a result of the economic crisis.

    The income received from foreign workers reached exactly $335 million in the third trimester of this year. This is a 7% reduction in comparison to the same time period last year.

    This inversion recorded a slight recovery in the two past trimesters, after the reduction that it suffered with the crisis.

    International jobs directly include new businesses that come to the country, operation expansions in foreign firms that operate at the national level, or the buying of firms or local properties, among others.

    Tourism and international jobs are the two main sources of income for Costa Rica after exports.

    International Jobs Did Not Cover Deficit. The income earned from international jobs in the third trimester of the year was not enough to cover the national deficit, which has now reached $514 thousand.

    The deficit emerges when Costa Rica’s spending in the exterior for goods and services exceeds its income.

    Nevertheless, the Central Bank hopes that in the New Year, the national income will cover this deficit.

    When the income from international jobs can directly cover the deficit, it’s considered to be a healthy economy and the invested resources don’t go away easily, in comparison with international finances.

    Statistics show that an increase in the amount of tourism and foreign hires has a potential to increase in the year 2011, which would positively benefit the Costa Rican economy in many different ways! So let’s travel Costa Rica!

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