The Central Bank of Costa Rica published its monthly economic report, showing slower activity growth and a return to positive inflation, alongside wider trade and fiscal deficits. On a trend and cycle basis, the Monthly Index of Economic Activity grew 2.2% year over year in August 2026, down 3.4 percentage points from August 2025. Growth among companies operating under special trade regimes slowed to 0.7%, reflecting comparison with exceptional medical device exports in 2025 and closures of electronic component producers. Output under the ordinary trade regime increased 3.2%, supported by construction and services. Growth under special regimes is expected to recover in the fourth quarter of 2026 as temporary base effects fade.
Annual inflation reached 0.3% in September, ending 16 consecutive months of negative readings but remaining below the 3% target. Services prices rose 1.6%, while goods prices fell 0.8%. Inflation expectations also remained below target. The policy rate remained at 3% in September amid ample financial system liquidity. Private sector credit growth, excluding exchange rate effects, stood at 4.2%, compared with 5.2% a year earlier.
The goods trade deficit reached USD 2,862.5 million in January through September, equivalent to 2.5% of gross domestic product, compared with 1.9% in the corresponding period of 2025. Imports grew 7.8%, outpacing export growth of 3.5%. Through August, central government revenue fell 0.3% while spending rose 2.9%. The primary surplus narrowed to 0.8% of gross domestic product from 1.1%, and the overall fiscal deficit widened to 2.3% from 2.0%. Central government debt reached 61.1% of gross domestic product, up from 57.8% a year earlier.