Central Bank of Costa Rica estimates economic growth of 4.3% in 2022

Costa Rica’s economy would have an expected growth of 4.3 percent by the end of this year, according to the estimate revealed today by the Central Bank as part of its Monetary Policy report.

According to the president of the Central Bank of Costa Rica, Roger Madrigal, the country’s Gross Domestic Product growth for next year is expected to be 2.7 percent, slightly better than the world average estimated 1 percent.

Madrigal added that, despite the pessimistic forecasts for next year, in the Costa Rican case, the outlook “is not worrisome, a recession is not foreseen”.

The good relative performance of the Costa Rican economy for the end of this year has to do with a greater demand for exports and a more significant influx of Foreign Direct Investment this year.

In the case of exports, the estimate is that by the end of this year, they will have grown by 10.4 percent, while by 2023, an increase in foreign sales of 5.4 percent is expected.

The Central Bank also highlighted that the Costa Rican economy has managed to reactivate 225,000 of the 230,000 jobs lost during the COVID-19 pandemic.

As for inflation, it would close the year at 10.4 percent, but by 2023 it would be back within the central bank’s target range of around 4 percent.