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World > North America > Costa Rica > Economy (Facts)

Costa Rica - Economy (Facts)
Economy - overview: Costa Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Poverty has remained at roughly 20% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans estimated to be in Costa Rica legally and illegally are an important source of (mostly unskilled) labor, but also place heavy demands on the social welfare system. Foreign investors remain attracted by the country's political stability and high education levels, and tourism continues to bring in foreign exchange. The government continues to grapple with its large internal and external deficits and sizable internal debt. Reducing inflation remains a difficult problem because of rising import prices, labor market rigidities, and fiscal deficits. The country also needs to reform its tax system and its pattern of public expenditure. The current administration has made it a priority to pass the necessary reforms to implement the US-Central American Free Trade Agreement (CAFTA). CAFTA implementation would result in an improved investment climate.
GDP - real growth rate: 7.9% (2006 est.)
GDP (purchasing power parity): $50.89 billion (2006 est.)
GDP (official exchange rate): $21.39 billion (2006 est.)
GDP - per capita (PPP): $12,500 (2006 est.)
GDP - composition by sector: agriculture: 8.6%
industry: 31%
services: 60.4% (2006 est.)
Population below poverty line: 18% (2004 est.)
Household income or consumption by percentage share: lowest 10%: 1.1%
highest 10%: 36.8% (2002)
Inflation rate (consumer prices): 12.1% (2006 est.)
Labor force: 1.866 million
note: this official estimate excludes Nicaraguans living in Costa Rica legally and illegally (2006 est.)
Labor force - by occupation: agriculture: 20%
industry: 22%
services: 58% (1999 est.)
Unemployment rate: 6.6% (2006 est.)
Budget: revenues: $3.134 billion
expenditures: $3.475 billion; including capital expenditures of NA (2006 est.)
Industries: microprocessors, food processing, textiles and clothing, construction materials, fertilizer, plastic products
Industrial production growth rate: 8.4% (2006 est.)
Electricity - production: 8.4 billion kWh (2004)
Electricity - consumption: 7.574 billion kWh (2004)
Electricity - exports: 440 million kWh (2004)
Electricity - imports: 202 million kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 44,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef; timber
Exports: $7.931 billion (2006 est.)
Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; textiles, electronic components, medical equipment
Exports - partners: US 29.1%, Netherlands 13%, China 12.5%, UK 6.6% (2006)
Imports: $10.88 billion (2006 est.)
Imports - commodities: raw materials, consumer goods, capital equipment, petroleum
Imports - partners: US 40.9%, Venezuela 5.4%, Mexico 5.3%, Ireland 4.9%, Japan 4.9%, Brazil 4.6%, China 4% (2006)
Debt - external: $6.42 billion (30 June 2006 est.)
Currency: Costa Rican Colon (CRC)
Currency code: CRC
Exchange rates: Costa Rican colones per US dollar - 511.3 (2006), 477.79 (2005), 437.91 (2004), 398.66 (2003), 359.82 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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