Costa Rica:
Economy

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Other pages in this profile of Costa Rica:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Costa Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Poverty has remained around 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, as well as the fiscal incentives offered in the free-trade zones. Exports have become more diversified in the past 10 years due to the growth of the high-tech manufacturing sector, which is dominated by the microprocessor industry. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. 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. Tax and public expenditure reforms will be necessary to close the budget gap. In October 2007, a national referendum voted in favor of the US-Central American Free Trade Agreement (CAFTA).
GDP (purchasing power parity)	Definition - World rank and map $45.77 billion (2007 est.)
GDP (official exchange rate)	Definition $26.24 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 6.8% (2007 est.)
GDP - per capita	Definition - World rank and map $10,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 8.6% industry: 29.4% services: 62.1% (2007 est.)
Labor force	Definition 1.92 million note: this official estimate excludes Nicaraguans living in Costa Rica (2007 est.)
Labor force - by occupation	Definition agriculture: 14% industry: 22% services: 64% (2006 est.)
Unemployment rate	Definition - World rank and map 4.6% (2007 est.)
Population below poverty line	Definition 16% (2006 est.)
Household income or consumption by percentage share	Definition lowest 10%: 1% highest 10%: 37.4% (2003)
Distribution of family income - Gini index	Definition - World rank and map 49.8 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 9.4% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.6% of GDP (2007 est.)
Budget	Definition revenues: $3.976 billion expenditures: $3.808 billion (2007 est.)
Public debt	Definition - World rank and map 46.6% of GDP (2007 est.)
Agriculture - products	Definition bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef; timber
Industries	Definition microprocessors, food processing, medical equipment, textiles and clothing, construction materials, fertilizer, plastic products
Industrial production growth rate	Definition - World rank and map 7.3% (2007 est.)
Electricity - production	Definition - World rank and map 8.349 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 7.776 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 1,853.3 kWh (2005)
Electricity - exports	Definition 70 million kWh (2005)
Electricity - imports	Definition 81 million kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2004)
Oil - consumption	Definition - World rank and map 43,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 10.2 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 2,998 bbl/day (2004)
Oil - imports	Definition - World rank and map 43,640 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$1.519 billion (2007 est.)
Exports	Definition - World rank and map $9.268 billion (2007 est.)
Exports - commodities	Definition bananas, pineapples, coffee, melons, ornamental plants, sugar; seafood; electronic components, medical equipment
Exports - partners	Definition US 24.9%, China 13.9%, Netherlands 10.6%, Mexico 6.4%, UK 5.8% (2006)
Imports	Definition - World rank and map $12.26 billion (2007 est.)
Imports - commodities	Definition raw materials, consumer goods, capital equipment, petroleum, construction materials
Imports - partners	Definition US 40.1%, Venezuela 5.7%, Mexico 5.7%, Japan 5.3%, China 5.1%, Brazil 4.6% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $4.114 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $7.422 billion (30 June 2007)
Stock of direct foreign investment - at home	Definition $8.669 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $491 million (2007 est.)
Market value of publicly traded shares	Definition $1.478 billion (2005)
Economic aid - recipient	Definition $29.51 million (2005)
Currency (code)	Definition Costa Rican colon (CRC)
Exchange rates	Definition Costa Rican colones per US dollar - 519.53 (2007), 511.3 (2006), 477.79 (2005), 437.91 (2004), 398.66 (2003)
Fiscal year	Definition calendar year

Costa Rica: Economy

Costa Rica:
Economy