Costa Rica Economy
Economy - overviewCosta Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Poverty has been substantially reduced over the past 15 years, and a strong social safety net has been put into place. Foreign investors remain attracted by the country's political stability and high education levels, and tourism continues to bring in foreign exchange. Low prices for coffee and bananas have hurt the agricultural sector. The government continues to grapple with its large deficit and massive internal debt. The reduction of inflation remains a difficult problem because of rises in the price of imports, labor market rigidities, and fiscal deficits. Costa Rica recently concluded negotiations to participate in the US - Central American Free Trade Agreement, which, if ratified by the Costa Rican Legislature, would result in economic reforms and an improved investment climate.
GDP
purchasing power parity - $35.34 billion (2003 est.)
GDP - real growth rate
5.6% (2003 est.)
GDP - per capita
purchasing power parity - $9,100 (2003 est.)
GDP - composition by sector
agriculture: 8.5%
industry: 29.4%
services: 62.1% (2003 est.)
Investment
20.2% of GDP (2003)
Population below poverty line
20.6% (2002 est.)
Household income or consumption by percentage share
lowest 10%: 1.1%
highest 10%: 36.8% (2002)
Distribution of family income - Gini index
45.9 (1997)
Inflation rate
9.4% (2003 est.)
Labor force
1.758 million (2003)
Labor force - by occupation
agriculture 20%, industry 22%, services 58% (1999 est.)
Unemployment rate
6.7% (2003 est.)
Budget
revenues: $2.313 billion
expenditures: $2.851 billion, including capital expenditures of NA (2003 est.)
Public debt
56.1% of GDP (2003)
Agriculture - products
coffee, pineapples, bananas, sugar, corn, rice, beans, potatoes; beef; timber
Industries
microprocessors, food processing, textiles and clothing, construction materials, fertilizer, plastic products
Industrial production growth rate
8% (2003 est.)
Electricity - production
6.839 billion kWh (2001)
Electricity - consumption
6.109 billion kWh (2001)
Electricity - exports
379 million kWh (2001)
Electricity - imports
128 million kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
37,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Current account balance
$-970 million (2003)
Exports
$6.176 billion (2003 est.)
Exports - commodities
coffee, bananas, sugar; pineapples; textiles, electronic components, medical equipment
Exports - partners
US 14.2%, Guatemala 3%, Nicaragua 2.7% (2003)
Imports
$7.057 billion (2003 est.)
Imports - commodities
raw materials, consumer goods, capital equipment, petroleum
Imports - partners
US 23.2%, Mexico 4.7%, Venezuela 3.2% (2003)
Reserves of foreign exchange & gold
$1.836 billion (2003)
Debt - external
$5.366 billion (2003 est.)
Currency
Costa Rican colon (CRC)
Currency code
CRC
Exchange rates
Costa Rican colones per US dollar - 398.663 (2003), 359.817 (2002), 328.871 (2001), 308.187 (2000), 285.685 (1999)
