Economy of Costa Rica
The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP (Gross Domestic Product) and moderate inflation, though with a high unemployment rate: 11.49% in 2019. Costa Rica's economy emerged from recession in 1997 and has shown strong aggregate growth since then. The estimated GDP for 2023 is US$90 billion, up significantly from the US$52.6 billion in 2015 while the estimated 2023 per capita (purchasing power parity) is US$28,030.
San José | |
| Currency | Costa Rican colón (CRC, ₡) |
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Trade organizations | WTO, OECD, CAFTA-DR |
Country group |
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| Statistics | |
| Population | 5,213,362 (2022 estimate) |
| GDP |
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GDP growth |
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GDP per capita |
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GDP per capita rank |
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GDP by sector |
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| 3.1% (2020 est.) | |
Population below poverty line |
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| 47.8 high (2019) | |
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Labor force |
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| Unemployment | 7.7% (2016) |
Average gross salary | ₡787,096 / $1,476 monthly (2022) |
Main industries | medical equipment, food processing, textiles and clothing, construction materials, fertilizer, plastic products |
| External | |
| Exports | $10.81 billion (2017 est.) |
Export goods | bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment |
Main export partners | |
| Imports | $15.15 billion (2017 est.) |
Import goods | raw materials, consumer goods, capital equipment, petroleum, construction materials |
Main import partners |
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FDI stock |
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| −$1.692 billion (2017 est.) | |
Gross external debt | $26.83 billion (31 December 2017 est.) |
| Public finances | |
Government debt | 48.9% of GDP (2017 est.) |
| −6.1% (of GDP) (2017 est.) | |
| Revenues | 8.357 billion (2017 est.) |
| Expenses | 11.92 billion (2017 est.) |
Credit rating | BB− per Standard & Poor's (2017) |
| $12.84 billion (Nov, 2023 est.) | |
Inflation remained around 4% to 5% per annum for several years up to 2015 but then dropped to 0.7% in 2016; it was expected to rise to a still moderate 2.8% by the end of 2017 In 2017, Costa Rica had the highest standards of living in Central America in spite of the high poverty level. The poverty level dropped by 1.2% in 2017 to 20.5%, thanks to reducing inflation and benefits offered by the government. The estimated unemployment level in 2017 was 8.1%, roughly the same as in 2016.
The country has evolved from an economy that once depended solely on agriculture, to one that is more diverse, based on tourism, electronics and medical components exports, medical manufacturing and IT services. Corporate services for foreign companies employ some 3% of the workforce. Of the GDP, 5.5% is generated by agriculture, 18.6% by industry and 75.9% by services (2016). Agriculture employs 12.9% of the labor force, industry 18.57%, services 69.02% (2016) Many foreign companies operate in the various Free-trade zones. In 2015, exports totalled US$12.6 billion while imports totalled US$15 billion for a trade deficit of US$2.39 billion.
The growing debt and budget deficit are the country's primary concerns. By August 2017, Costa Rica was having difficulty paying its obligations and the President promised dramatic changes to handle the "liquidity crisis". Other challenges face Costa Rica in its attempts to increase the economy by foreign investment. They include a poor infrastructure and a need to improve public sector efficiency.