LatinNews Daily - 16 May 2022

In brief: Costa Rica’s growth slows

*Costa Rica’s central bank (BCCR) has published its latest monthly economic activity index (IMAE), which showed a 6.8% year-on-year increase in March, down 1.7 percentage points on the same month in 2021 and 0.9 percentage points on the previous month. Growth was driven by the hospitality sector (food and lodging which was up 58.3% year-on-year), followed by transport and storage (17.2%) and construction (16.3%). At the end of April, the BCCR revised down its growth forecast for 2022 to 3.4% from 3.9% in January, citing a “more adverse external environment, characterised by high uncertainty, less global growth and a significant deterioration in terms of trade in addition to that seen in 2021”. Costa Rica’s economy grew 7.6% in 2021 after shrinking 4.1% in 2020 due to the coronavirus (Covid-19) pandemic.

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