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Costa Rica Economic Profile

Costa Rica is a high-income country with the most stable economy in Central America. With a GDP of approximately $68 billion in 2023, this small nation of approximately 5.2 million people has a firm economic position in the region. The economy is characterized by diversification across agriculture, tourism, manufacturing, and service industries, avoiding excessive dependence on any single sector.

As major industries, exports of agricultural products such as bananas and coffee have been traditional pillars, but in recent years, the rapid growth of the tourism industry has been remarkable, accounting for approximately 30% of GDP. Backed by rich biodiversity and environmental assets with approximately one-quarter of the national territory designated as protected areas, ecotourism has become a national strategy. Additionally, high-tech manufacturing industries such as medical device manufacturing and semiconductor-related industries are expanding, promoting economic diversification.

Recent developments show that inflationary pressures and currency depreciation since 2022 have posed challenges to the Costa Rican economy. To address rising interest rates and fiscal deficit issues, a cooperation framework with the IMF is being advanced. Simultaneously, digitalization and transition to a green economy have become central to policy, with expanded investment in renewable energy sectors underway.

Notable points include that Costa Rica is the second-largest recipient of foreign direct investment in Central America after Mexico. Political stability, high educational standards, and a relatively skilled workforce attract international enterprises. Furthermore, pioneering efforts in decarbonization and commitment to sustainable development are garnering high interest from ESG investors and have the potential to become future growth drivers.