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Costa Rica Cuts GDP Expectations, Foreign Investment to Blame

Article Summary:

Costa Rica cut its estimate of Gross Domestic Product growth in 2011 to 4% due to the effects of a weak global economy.

Photo Credit: America Economia


Original Article Text From America Economia:

Costa Rica cut growth expectations for 2011

San Jose. Costa Rica cut its estimate of Gross Domestic Product growth in 2011 to 4% due to the effects of global economic weakness, the central bank said.

In July, the central bank said the economy could expand by 4.5% in 2011, based on strong domestic consumption and foreign investment.

“As a result of the fragility of the advanced economies, growth projections have been revised downwards and is expected to inflationary pressures and exchange persist, driven mainly by international capital flows,” the bank said in a published economic report this week.

Costa Rica is known as a popular destination for tourists, but has recently been attracting more factories and call centers customer service. Economic growth reached 3.8% in the first nine months of the year.

Costa Rica also now a fiscal deficit of 4% of Gross Domestic Product (GDP) by the end of the year, it said. The Government is trying to reduce the deficit through spending cuts and introducing new taxes that are still pending in Congress.

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From America Economia via Google Translate

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