Costa Rica: Rainy Weather

CENTRAL AMERICA - Report 19 Jul 2013 by Francisco de Paula Gutierrez
Executive Summary The economic outlook for Costa Rica looks bleak.With early-year production figures revised downward, the economy is on track to grow just 2.5%, its slowest since 2009, and just 50% of last year’s growth rate.We forecast the fiscal deficit at 5.4% of nominal GDP, up from 4.4% recorded in 2012.Public sector debt should be 56.6% of nominal GDP, up 4.8 pp from last year.But the current account deficit will narrow to 4.8% of nominal GDP, down from 5.2% in 2012, mainly due to the dynamism of service exports, since merchandise exports are still nearly stagnant. Inflation, at 5.4%...

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