The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP (Gross Domestic Product) and moderate inflation, though with a high unemployment rate: 11.49% in 2019. The estimated GDP for 2023 is US$90 billion, up significantly from the US$52.6 billion in 2015, while the estimated 2024 per capita (purchasing power parity) is US$28,558. The country has evolved from an economy that once depended solely on agriculture, to one that is more diverse, based on tourism, electronics and medical components exports, medical manufacturing and IT services. Corporate services for foreign companies employ some 3% of the workforce. Of the GDP, 5.5% is generated by agriculture, 18.6% by industry and 75.9% by services (2016). Agriculture employs 12.9% of the labor force, industry 18.57%, services 69.02% (2016). Many foreign companies operate in the various Free-trade zones. In 2015, exports totalled US$12.6 billion while imports totalled US$15 billion for a trade deficit of US$2.39 billion.
Top Sectors in Costa Rica
Natural Resources in Costa Rica
Costa Rica's rainfall and its location in the Central American isthmus provide easy access to North and South American markets and direct ocean access to the European and Asian continents. The country experiences two seasons, the tropical wet and dry seasons, each supporting different agricultural resources. Due to ocean access, 23.7% of Costa Rica's people fish and trade their catches to fish companies; this is considered "small-scale artisanal coastal" fishing, most common in the Gulf of Nicoya. In the 2012 Environmental Performance Index ranking, Costa Rica was 5th in the world and first among the Americas. The World Economic Forum's 2017 Travel & Tourism Competitiveness Report ranked Costa Rica third out of 136 countries based on natural resources, the number of World Heritage natural sites, protected areas and species, and ecotourism.
Tourism in Costa Rica
With a $1.92-billion-a-year tourism industry, Costa Rica was the most visited nation in the Central American region, with 2.42 million foreign visitors in 2013. By 2016, 2.6 million tourists visited Costa Rica. The Tourism Board estimates that this sector's spending in the country represented over US$3.4 billion, or about 5.8% of the GDP. The World Travel & Tourism Council's estimates indicate a direct contribution to the 2016 GDP of 5.1% and 110,000 direct jobs in Costa Rica; the total number of jobs indirectly supported by tourism was 271,000. In 2017, the country was nominated in the following categories in the World Travel Awards: Mexico & Central America's Leading Beach Destination, Mexico & Central America's Leading Destination, and Mexico & Central America's Leading Tourist Board.
Agriculture in Costa Rica
Costa Rica's economy was historically based on agriculture, which has had a significant cultural impact over the years. The main cash crop, historically and up to modern times, was bananas. Agriculture remains important to the country's GDP, making up about 6.5% and employing 12.9% of the labor force (2016). By comparison, 18.57% work in industry, and 69.02% in the services sector. Livestock activities include cattle, pigs, horses, and poultry. Meat and dairy produce are leading exports, although neither was in the top 10 categories of 2013.
Infrastructure in Costa Rica
Most parts of the country are accessible by road. The main highland cities in the country's Central Valley are connected by paved all-weather roads with the Atlantic and Pacific coasts and by the Pan American Highway with Nicaragua and Panama, the neighboring countries to the north and the south. The government hopes to bring foreign investment, technology, and management into the telecommunications and electrical power sectors, which are monopolies of the state.
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