Economy of Costa Rica

Costa Rica is a developing country of Central America with a total population of 4,221,000 (2005 eastern standard time). Costa Rica attained independence in 1821. Costa Rican industry is largely dependent on tourism, food processing, manufacturing and textile industry. For the last couple of years Costa Rican economy is growing at a moderate rate.

Economy of Costa Rica
The economy of Costa Rica is principally dependent on industries like food processing, manufacturing, tourism, textile, electronics and medical equipments.

Agriculture in Costa Rica accounts for a major portion to the country’s economy. Some of the major agricultural products in Costa Rica include banana, coffee, pineapples, fresh fruits, papaya, mango, watermelon, fruit pulps, beets, cucumbers, tomatoes and many more.

Costa Rica Economic Performance GDP Inflation Graph 1990-2013

Costa Rica Economic Performance GDP Inflation Graph 1990-2013

Costa Rica is one of the leading industrialized countries in Central America. Costa Rican industries are primarily being dominated by small scale industrial units. Out of the few larger-scale manufacturing units, the majority are dependent on textiles, chemical fertilizers, food processing, electronics, and microprocessor manufacturing activities.
One of the other manufacturing activities include aluminum processing. Costa Rica exports commodities like bananas, sugar, coffee, textile and medical equipments and major Costa Rican imports include consumer goods, petroleum and capital equipments.

Trading Partners: Leading trading partners of Costa Rica include US, Japan and Mexico.

In the year 2004:
GDP(Gross Domestic Product)–real growth rate: 3.9%
GDP -Contribution by the different sectors:
Agriculture: 8.5%

Currency: Currency of Costa Rica is Costa Rican Colon, which is abbreviated as CRC.

  • Currency exchange rate as on Friday, September 21, 2007:
  • 1 Costa Rican Colon is equal to 0.001967 US Dollar and 1 US Dollar (USD) is equal to 508.400 Costa Rican Colon (CRC).

 

Costa Rica Economic Performance 1980-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1980 0.75 18.13 1997 5.58 13.23
1981 -2.26 37.06 1998 8.40 11.67
1982 -7.29 90.12 1999 8.22 10.05
1983 2.86 32.62 2000 1.80 10.99
1984 6.20 11.95 2001 1.08 11.23
1985 1.04 15.05 2002 2.90 9.16
1986 5.78 11.84 2003 6.40 9.45
1987 6.88 16.85 2004 4.26 12.32
1988 3.82 20.83 2005 5.89 13.80
1989 5.07 16.51 2006 8.78 11.47
1990 3.90 19.04 2007 7.94 9.36
1991 2.57 28.71 2008 2.73 13.42
1992 9.15 21.79 2009 -1.02 7.84
1993 7.41 9.78 2010 4.95 5.66
1994 4.73 13.53 2011 4.51 4.88
1995 3.92 23.19 2012 5.13 4.50
1996 0.89 17.52 2013 3.50 5.22

Source: World Bank

More Information on North American Economy
Antigua and Barbuda Jamaica
Grenada Canada
Panama Haiti
Costa Rica United States
Mexico

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Last Updated on : 12th March 2015 Next Update : February 2016