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Caribbean & Central America - December 2016 (ISSN 1741-4458)
ECONOMIC OVERVIEW: COSTA RICA
The Costa Rican finance ministry has released encouraging economic data for the first 10 months of 2016. The fiscal deficit has fallen by C$183bn (US$334.29m) to US$2.18bn, the lowest in four years, a figure that represents 3.9% of GDP, down from 4.7% in the same period last year. The financial deficit (income minus expenditure) has fallen by C$125bn (US$228.3m), the equivalent of a decline of nearly one percentage point from last year. Government revenue grew by 8.9% year-on-year to US$6.3bn thanks to a 14.5% rise in collection of income tax and a 7% rise in collection of sales tax [value-added tax]. Spending rose by 5.6% to US$8.49bn.
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