Costa Rica's economy advanced 3.55 percent year-on-year in the second quarter of 2018, compared to an upwardly revised 2.76 percent expansion in the previous period. Faster growth against the first quarter was mainly explained by construction, which rebounded a sharp 11.57 percent following a 2.56 percent contraction in the previous three months. Mining also rebounded (+2.69 percent vs -3.71 percent). In addition, manufacturing gained steam (+3.50 percent vs +1.57 percent) and utilities grew 2.1 percent after a soft first quarter (+0.7 percent). Meantime, among services, lodging & restaurant activity expanded at a much softer clip of 1.45 percent (vs +6.18 percent), whereas information & communication (+5.01 percent vs +5.25 percent) and professional services (+5.10 percent vs +5.02 percent) remained growing above average. GDP Annual Growth Rate in Costa Rica averaged 4.44 percent from 1992 until 2018, reaching an all time high of 13.30 percent in the third quarter of 1992 and a record low of -2.50 percent in the second quarter of 2009.
GDP Annual Growth Rate in Costa Rica is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Costa Rica to stand at 2.70 in 12 months time. In the long-term, the Costa Rica GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.