Study Claims Costa Rica Inflation will Grow at Least 3.3%

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    The Costa Rica News (TCRN) – Costa Rica’s economy will grow at least 3.3% this year, affected by low external and domestic demand, and the country will meet its inflation target for the fifth year running, according to a study presented in San Jose.

    The information comes from the report, “Performance Forecast Costa Rica Economy: Third Quarter of 2013”, prepared by the Institute of Research and Economics (ICSI) at the state University of Costa Rica.

    The ICSI researcher, Rudolf Lücke, said today at a conference that last year Costa Rica recorded a 5% economic growth, but that by 2013 the number will be smaller, between 3.3% and 4.3%.

    According to Lücke, this slowdown is due to low external demand caused by the economic problems in markets like the United States and the European Union.

    Lücke noted that unemployment in Costa Rica, which is about 10%, has caused a lower household income and therefore a decline in domestic demand.

    Official data contained in the study show that in the second quarter of 2013, the manufacturing industry sector fell 0.1% and agriculture fell1.3%, while others such as services and trade grew by 3.7% and 3.6%, respectively.

    The fiscal deficit, which the government plans to close at about 5% of gross domestic product (GDP), is also a factor that has influenced the low economic growth, said Lücke.

    “The deficit prevents the government from spending and investing in projects to invigorate the economy,” he said.

    In the first nine months of 2013, inflation reached 3.77%, due primarily to increases in electricity rates, transport and water, which together represent 40% of the accumulated inflation. (EFE)

    The Costa Rica News (TCRN)

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