According to the latest update of the Monthly Index of Economic Activity (Imae), estimated by the Central Bank, Costa Rica’s economy slowed down for the third consecutive month.
The cycle trend series of the Index presented a year-on-year variation of 2.7% in September 2017, which led to an average growth for the first nine months of the year of 3.6%.
According to the monetary authority, the deceleration observed in recent months responds to the contraction of construction with a private destination.
According to a query made by the Central Bank to professionals in charge of construction projects, this behavior influenced the restrictions on access to financing and adverse weather events during the year.
Despite the contraction in the rod and cement industry, all economic activities showed positive rates of change.
The construction industry decreased 12.7% compared to 2016. This behavior was concentrated in works with a private destination (-17.8%), whose effect was partially offset by the increase in public works (18%).
In the first case, it was the result of the decrease in residential, non-residential and infrastructure projects (mainly urbanizations). This contraction was evident in the increase in the number of projects not started, paralyzed and at the lowest rate of activity in projects under construction.
The result for the construction with public destiny obeyed to the greater execution in projects of road infrastructure, works of electrical generation, buildings for the superior education, systems of supply of drinkable water and sanitary sewage system.
On the other hand, the port works of the new dock in the Caribbean recorded advances in dredging activities and conformation of the island ; as well as in the electromechanical systems, dock and container yard.