Persistent inflation weighs on growth outlook and fiscal consolidation remains fragile
BB2
MEDIUM RISK
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in January 2024.
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GDP | USD68.4bn (World ranking 83, World Bank 2022) |
Population | 5.2mn (World ranking 121, World Bank 2022) |
Form of state | Presidential republic |
Head of government | Rodrigo Chaves (President) |
Next elections | 2026, presidential and legislative |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Costa-Rica/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- Political stability, long-established democracy and institutional framework compared to regional peers
- Favorable business and legal conditions compared to the rest of Central and Latin America
- Relatively advanced transition to a greener and sustainable economy
![Weaknesses](/en_global/economic-research/country-reports/Costa-Rica/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- High dependence on US (trade, foreign investment in a few large companies and tourism)
- Large fiscal deficit, with the public debt-to-GDP ratio rising rapidly as a result. Despite December 2018 fiscal reform, concerns remain on implementation and impact
Economic Overview
Trade structure by destination/origin
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
United States
41.5%
![]() |
1 |
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Netherlands
8.4%
![]() |
2 |
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Belgium
5.5%
![]() |
3 |
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Guatemala
5.2%
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4 |
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Panama
4.0%
![]() |
5 |
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Trade structure by product
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
Professional and scientific instruments, n.e.s.
24.1%
|
1 |
12.1%
Petroleum, petroleum products and related materials
|
Vegetables and fruits
19.9%
|
2 |
6.6%
Iron and steel
|
Electrical machinery, apparatus and appliances, n.e.s.
9.0%
|
3 |
6.2%
Electrical machinery, apparatus and appliances, n.e.s.
|
Miscellaneous manufactured articles, n.e.s.
5.4%
|
4 |
4.8%
Road vehicles
|
Miscellaneous edible products and preparations
5.0%
|
5 |
4.7%
Miscellaneous manufactured articles, n.e.s.
|
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