Costa Rica

Persistent inflation weighs on growth outlook and fiscal consolidation remains fragile

B3

SENSITIVE RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2022.

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GDP USD64.3bn (World ranking 81, World Bank 2021)
Population 5.1mn (World ranking 121, World Bank 2021)
Form of state Presidential, representative democratic republic
Head of government Rodrigo Chaves (President)
Next elections 2026, presidential and legislative
  • 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
  • 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

Trade structure by destination/origin

(% of total, annual 2021)

Exports Rank Imports
United States 44.1%
1
38.6% United States
Netherlands 7.2%
2
16.2% China
Belgium 5.1%
3
6.5% Mexico
Guatemala 4.8%
4
2.8% Guatemala
Panama 4.0%
5
2.3% Germany

Trade structure by product

(% of total, annual 2021)

Exports Rank Imports
Vegetables and fruits 23.1%
1
9.1% Petroleum, petroleum products and related materials
Professional and scientific instruments, n.e.s. 22.3%
2
6.5% Electrical machinery, apparatus and appliances, n.e.s.
Electrical machinery, apparatus and appliances, n.e.s. 7.6%
3
5.8% Road vehicles
Miscellaneous manufactured articles, n.e.s. 7.4%
4
5.1% Iron and steel
Miscellaneous edible products and preparations 4.8%
5
4.6% Miscellaneous manufactured articles, n.e.s.
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