LatinNews Daily - 01 November 2022

In brief: Costa Rica raises growth forecast

* Costa Rica’s central bank (BCCR) has raised its growth forecast for 2022 by 0.9 percentage points to 4.3%, citing strong performances in most economic sectors, although it predicted that annual inflation would remain high at 9.4%. A BCCR statement noted that “despite the adverse international context, local production continues to grow, driven mainly by activities related to tourism, business services and information services, as well as manufacturing under special trade regimes.” BCCR president Roger Madrigal said that “economic activity is growing faster than expected with a greater role played by the services sector and by duty free zones.” He added that “inflation remains high but there are signs that it peaked in August [when the annual rate reached 12.13%].” Despite Costa Rica’s strong economic performance this year, the BCCR lowered its growth forecast for 2023 to 2.7%, down from its estimate of 3.2% in July.

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