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International Monetary Fund

This paper discusses observance of standards and codes—data Module in Costa Rica, response by the authorities, and detailed assessment using the Data Quality Assessment Framework. The assessment reveals that all statistical agencies get high marks in assurances of integrity. Macroeconomic statistics are compiled in accordance with strict technical considerations and are disseminated without political interference. There are clear ethical guidelines for public servants. The accuracy and reliability of macroeconomic statistics are generally sound, although source data are limited in all datasets, except for the Monetary and Financial Statistics.

International Monetary Fund

Costa Rica’s economy has been hit hard by the global crisis, but active policies have helped preserve stability and mitigate the negative impact on growth. This 2009 Article IV Consultation highlights that despite the worsening of economic activity, the banking sector has remained sound. Although the nonperforming loan ratio of banks has risen moderately and profitability declined in the first half of 2009, liquidity and solvency indicators remained adequate. Fiscal policy has provided significant support to domestic demand.

International Monetary Fund

The importance of safeguarding fiscal sustainability is outlined. Steps taken by authorities to improve the tax system are discussed. Implementation of the financial sector assessment program (FSAP) is welcomed. The importance of securing approval of the legislation to enhance consolidated supervision, establish a deposit insurance system, and strengthen the resolution framework is highlighted. The economic program supported by the precautionary Stand-By Arrangement had successfully met its immediate objective of supporting macroeconomic stability at a time of global financial turmoil. The authorities' fiscal program resulted in a gradual decline in the fiscal deficit.

International Monetary Fund

This report provides a summary of Costa Rica’s macroeconomic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), together with a summary assessment of the dimensions of data quality underlying national accounts statistics, consumer and producer price statistics, government finance statistics, monetary statistics, and balance-of-payments statistics. The authorities are in observance of nearly all SDDS specifications used by the IMF to determine observance of the Standard—that is, coverage, periodicity, and timeliness of the data and the dissemination of advance release calendars. In some instances, timeliness exceeds SDDS requirements.

International Monetary Fund

This report provides a summary of Costa Rica’s macroeconomic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), together with a summary assessment of the dimensions of data quality underlying national accounts statistics, consumer and producer price statistics, government finance statistics, monetary statistics, and balance-of-payments statistics. The authorities are in observance of nearly all SDDS specifications used by the IMF to determine observance of the Standard—that is, coverage, periodicity, and timeliness of the data and the dissemination of advance release calendars. In some instances, timeliness exceeds SDDS requirements.

International Monetary Fund

This paper discusses observance of standards and codes—data Module in Costa Rica, response by the authorities, and detailed assessment using the Data Quality Assessment Framework. The assessment reveals that all statistical agencies get high marks in assurances of integrity. Macroeconomic statistics are compiled in accordance with strict technical considerations and are disseminated without political interference. There are clear ethical guidelines for public servants. The accuracy and reliability of macroeconomic statistics are generally sound, although source data are limited in all datasets, except for the Monetary and Financial Statistics.

International Monetary Fund

This paper discusses the request from Costa Rica for a Stand-By Arrangement (SBA). The program seeks to enable an orderly adjustment of the Costa Rican economy to an adverse external environment, while mitigating its adverse effects on growth and household incomes. To strengthen the external position, the authorities have tightened monetary conditions and increased exchange rate flexibility. Fiscal policy will be geared toward mitigating the impact of the adjustment on domestic activity and the most vulnerable population. IMF financial support is intended to bolster investor confidence in the authorities’ policy framework.

International Monetary Fund. Western Hemisphere Dept.

This article is an analytical report of the economic developments of Costa Rica. The economy showed rapid growth in the aftermath of the global crisis with low inflation; but for further stable growth, certain policy frameworks and reforms need to be reinforced. The fiscal stance should be made tighter to mitigate risks of inflation and external imbalances. Interest rates and exchange rates must be increased, and monetary policy should be tightened for price stability. The Executive Board welcomes these measures for structural potential growth.

International Monetary Fund. Western Hemisphere Dept.

Growth moderated to below trend in 2013-15. In 2015, the output gap widened notwithstanding the modest pick-up in growth to 3¾ percent. GDP is expected to return to potential over the medium-term. Inflation dove into negative territory following the sharp decline in imported oil prices, but is projected to return to the 2- 4 percent target range by end-2016. The exchange rate (XR) remained stable despite the removal of the band, and reserve accumulation resumed strongly. Risks to the outlook are tilted to the downside, notably from large fiscal deficits and high dollarization.