Costa Rica
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2001-2002 , pp 141-148
- Publication Date: October 2002
- DOI: https://doi.org/10.18356/52e404d8-en
- Language: English
In the 1990s, Costa Rica made a major effort to diversify its exports in order to capitalize on its competitiveness position, the second strongest in Latin America. The overall drop in international demand over the past two years, however, which was especially marked in 2001, had a negative impact on external sales by the firm Intel, resulting in a severe contraction in exports. Thus, after having slowed down in 2000, GDP rose by 0.9% -or 2.7% excluding Intel- and per capita income stagnated. Inflation reached 11%, while the fiscal deficit widened to 3%. Open unemployment rose to 6.1% and real wages showed a modest increase. The external imbalance was equivalent to 4.6% of GDP owing to the erosion of the terms of trade, but international reserves were up slightly. Measures to step up the rate of currency devaluation failed to prevent the colon from appreciating.
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