Costa Rica

Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 0.7% in 2009, but resumed growth at more than 3% in 2010. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica’s impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country’s political stability and relatively high education levels, as well as the fiscal incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments, such as high levels of bureaucracy, difficulty of enforcing contracts, and weak investor protection, remain. Poverty has remained around 15-20% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of - mostly unskilled - labor, but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009, after significant delays within the Costa Rican legislature. CAFTA-DR will likely lead to increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA is likely to push for fiscal reform in the coming year, seeking to boost revenue, possibly through revised tax legislation, to fund an increase in security services and education.

$51.3 billion (2010 est.)

$49.57 billion (2009 est.)

$49.91 billion (2008 est.)

$35.02 billion (2010 est.)

3.5% (2010 est.)

-0.7% (2009 est.)

2.6% (2008 est.)

$11,400 (2010 est.)

$11,100 (2009 est.)

$11,400 (2008 est.)

2.17 million

6.6% (2010 est.)

7.8% (2009 est.)

16% (2006 est.)

48 (2008)

45.9 (1997)

20.8% of GDP (2010 est.)

44.1% of GDP (2010 est.)

42% of GDP (2009 est.)

5.8% (2010 est.)

7.8% (2009 est.)

23% (31 December 2009)

25% (31 December 2008)

19.72% (31 December 2009 est.)

15.83% (31 December 2008 est.)

$4.504 billion (31 December 2010 est)

$3.992 billion (31 December 2009 est)

$16.81 billion (31 December 2009)

$15.84 billion (31 December 2008)

$15.82 billion (31 December 2010 est.)

$14.74 billion (31 December 2009 est.)

$1.452 billion (31 December 2009)

$1.887 billion (31 December 2008)

$2.035 billion (31 December 2007)

bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef, poultry, dairy; timber

microprocessors, food processing, medical equipment, textiles and clothing, construction materials, fertilizer, plastic products

3% (2010 est.)

8.808 billion kWh (2007 est.)

8.064 billion kWh (2007 est.)

77.16 million kWh (2008 est.)

203.2 million kWh (2007 est.)

0 bbl/day (2008 est.)

44,000 bbl/day (2009 est.)

2,117 bbl/day (2007 est.)

47,860 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$1.469 billion (2010 est.)

-$537 million (2009 est.)

$10.01 billion (2010 est.)

$8.847 billion (2009 est.)

bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment

US 32.61%, Netherlands 12.82%, China 11.81%, Mexico 4.2% (2009)

$13.69 billion (2010 est.)

$10.87 billion (2009 est.)

raw materials, consumer goods, capital equipment, petroleum, construction materials

US 44.72%, Mexico 7.65%, Venezuela 5.56%, China 5.15%, Japan 4.36% (2009)

$4.584 billion (31 December 2010 est.)

$4.066 billion (31 December 2009 est.)

$9.126 billion (31 December 2010 est.)

$7.972 billion (31 December 2009 est.)

$13.92 billion (31 December 2010 est.)

$12.17 billion (31 December 2009 est.)

$547 million (31 December 2010 est.)

$539 million (31 December 2009 est.)

Costa Rican colones (CRC) per US dollar - 526.68 (2010), 573.29 (2009), 530.41 (2008), 519.53 (2007), 511.3 (2006)