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Costa Rica

Author(s):
International Monetary Fund
Published Date:
August 1996
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Table 1.Costa Rica: Summary Public Sector Operations
Prel.
1991199219931994 1/1995
(In billions of colones)
Central Government-21.2-17.4-20.7-66.0-72.7
Revenue100.4137.8162.4189.8254.8
Expenditure121.6155.2183.1255.8327.6
Public enterprises balance14.416.216.5-7.323.2
Major public entities15.211.814.5-17.314.2
RECOPE6.96.56.9-4.22.2
ICE8.64.27.0-12.29.6
CNP-0.80.5-0.6-1.70.2
ICAA0.40.61.20.82.2
Other public entities-0.84.42.010.09.0
CCSS balance3.18.710.911.017.0
CCSS plus public enterprises17.524.927.33.740.2
Nonfinancial public sector balance-3.77.46.6-62.2-32.5
Financing (net)2.6-6.0-6.058.136.6
External borrowing (net)1.45.2-0.25.8-7.4
Disbursements 2/18.422.025.333.439.0
Amortization-17.7-22.9-20.1-34.2-36.6
Change in arrears0.76.1-5.46.6-9.8
Domestic financing1.2-11.2-5.852.344.0
Central Bank-9.9-6.7-8.714.7-41.7
Rest of banking system9.6-15.9-6.5-12.43.5
Bonds6.815.117.840.087.4
Float and other 3/-5.3-3.7-8.49.9-5.2
Discrepancy-1.11.40.6-4.24.0
Memorandum items:
Central bank losses-12.7-15.9-15.9-18.8-24.7
Combined public sector balance-16.4-8.4-9.3-81.0-57.2
Combined public sector savings8.932.751.91.829.9
(In percent of GDP)
Central Government-3.1-1.9-1.9-5.0-4.4
Revenue14.515.215.214.515.4
Expenditure17.617.117.119.619.7
Public enterprises2.11.81.5-0.61.4
Major public enterprises2.21.31.4-1.30.9
Other public enterprises-0.10.50.20.80.5
CCSS0.51.01.00.81.0
Nonfinancial nubile sector balance-0.50.80.6-4.8-2.0
Financing (net)0.4-0.7-0.64.42.2
External0.20.6--0.4-0.4
Domestic0.2-1.2-0.54.02.6
Statistical discrepancy----0.1-0.30.1
Memorandum items
Central bank losses-1.8-1.8-1.5-1.4-1.5
Combined public sector balance-2.4-0.9-0.9-6.2-3.4
Combined public sector savings1.33.64.90.11.8
Sources: Ministry of Finance; and Fund staff estimates.

Excluding transfer to cover intervention of Banco Anglo Costarricense.

Includes rescheduling.

Including capital gains and interest arrears.

Sources: Ministry of Finance; and Fund staff estimates.

Excluding transfer to cover intervention of Banco Anglo Costarricense.

Includes rescheduling.

Including capital gains and interest arrears.

Table 2.Costa Rica: Summary Central Government Operations
1991199219931994Prel.

1995
(In millions of colones)
Total revenue100,405137,798162,353189,822254,819
Tax revenue97,308133,882159,199185,074250,070
Direct taxes15,34420,46528,87136,63249,393
Indirect taxes81,964113,417130,328148,442200,677
Nontax revenue3,0973,9163,1544,7484,749
Total expenditure121,643155,235183,097255,779327,568
Current expenditure111,726139,373161,997225,697296,666
Wages and salaries37,43745,88957,84574,69391,870
Social security1,4984,2853,6186,09211,150
Goods and services5,6646,4907,75410,91312,525
Interest payments28,57232,99433,29753,49190,947
Internal22,30225,49425,29743,84178,425
External6,2707,5008,0009,65012,522
Transfers38,55549,71559,48380,50990,174
Public sector17,70925,13432,66837,69136,941
Private sector20,74024,36426,36542,33752,838
External sector106217450481395
Capital expenditure9,91715,86121,10030,08230,092
Fixed investment4,0805,6556,6429,65613,375
Transfers5,4889,86814,01319,35616,414
Other3493384451,0701,112
Overall balance (deficit -)-21,238-17,437-20,744-65,957-72,749
(In percent of GDP)
Total revenue14.515.215.214.515.4
Total expenditure17.617.117.119.619.7
Current expenditure16.215.415.217.317.9
Capital expenditure1.41.62.02.31.9
Overall balance (deficit -)-3.1-1.9-1.9-5.0-4.4
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 3.Costa Rica: Interest Rates(In percent, annual basis)
Nominal RatesReal Rate 1/Premium 2/Spread 3/
Stabilization Bonds (6 mos.)BNCR Base Lending RateStabilization Bonds (6 mos.)Stabilization Bonds (6 mos.)BNCR
1991
March34.5041.504.11-7.9411.50
June30.5039.750.21-14.5910.25
Sept.31.5039.751.26-11.8910.25
Dec.29.7539.003.53-6.9911.50
1992
March20.0033.00-4.84-0.4513.00
June16.0025.00-5.692.0614.00
Sept.17.2528.00-1.189.5511.50
Dec.18.9029.501.6213.8311.00
1993
March15.9529.505.228.5813.50
June17.9429.507.909.7312.75
Sept.27.1738.0016.7916.2616.00
Dec.26.0937.0015.6412.0216.00
1994
March24.1834.0011.608.0114.00
June24.1834.0010.857.4214.00
Sept.26.6834.008.9610.4614.00
Dec.28.6837.007.3611.9815.00
1995
March34.0041.008.4614.9613.00
June34.0042.009.5612.3714.00
Sept.32.0641.008.248.4115.00
Dec.27.0037.005.534.7413.00
Sources: Central Bank of Costa Rica; and staff estimates.

Ex-post real rate at time of issue.

Ex-post excess return of colón bonds vis-à-vis LIBOR plus depreciation.

BNCR base lending minus deposit rates.

Sources: Central Bank of Costa Rica; and staff estimates.

Ex-post real rate at time of issue.

Ex-post excess return of colón bonds vis-à-vis LIBOR plus depreciation.

BNCR base lending minus deposit rates.

Table 4.Costa Rica: Central Bank Operating Losses
1991199219931994Prel.

1995
(In millions of current colones)
A.Income20,26517,44515,61819,83431,757
1.Interest15,59313,68811,63516,85328,591
2.Commissions6127559201,0711,404
3.Other4,0603,0023,0631,9101,762
B.Expenditures32,93933,31431,48638,64562,287
a.Interest on domestic liabilities10,14011,12811,24015,41531,517
1.Stabilization Bonds8,5419,0208,22412,73628,290
2.SICP1,3181,8192,1931,8871,952
3.Other2812898237921,275
b.Interest on foreign liabilities19,64118,18415,79117,64025,443
1.Deposits6,8336,3434,3734,8659,413
2.External debt12,80811,84111,41812,77516,030
c.Other expenditure3,1584,0024,4555,5895,327
C.Operating Losses (A-B)(12,674)(15,869)(15,868)(18,811)(30,530)
(In percent of total expenditures)
A.Income61.552.449.651.351.0
1.Interest47.341.137.043.645.9
2.Commissions1.92.32.92.82.3
3.Other12.39.09.74.92.8
B.Expenditures100.0100.0100.0100.0100.0
a.Interest on domestic liabilities30.833.435.739.950.6
1.Stabilization Bonds25.927.126.133.045.4
2.SICP4.05.57.04.93.1
3.Other9.67.56.82.02.1
b.Interest on foreign liabilities59.654.650.245.640.8
1.Deposits20.719.013.912.615.1
2.External debt38.935.536.333.125.7
c.Other expenditure9.612.014.114.58.6
C.Operating Losses (A-B)-38.5-47.6-50.4-48.7-49.0
Memorandum items:
Losses as percent of GDP-1.8-1.7-1.5-1.4-1.8
Stabilization Bends (Stock at end of period) 1/32,16437,54142,60375,802124,836
Interest rate on Stabilization Bonds29.818.926.125.631.9
Source: Central Bank of Costa Rica.

In billions of colones.

Source: Central Bank of Costa Rica.

In billions of colones.

Table 5.Costa Rica: Summary Balance of Payments, 1991-95(In millions of U.S. dollars)
1991199219931994Prel.

1995
Current account (including transfers)-75.1-370.4-613.3-269.2-143.0
Trade account-396.0-726.5-1,045.5-946.6-805.5
Exports, f.o.b.1,490.21,728.51,873.92,093.72,480.2
Of which:bananas396.6522.1560.1561.1640.1
coffee263.6201.6201.5300.2414.2
nontraditional exports741.0934.61,026.51,157.51,338.0
Imports, c.i.f.-1,886.2-2,455.0-2,919.4-3,040.3-3,285.7
Services179.3182.7289.1511.7509.0
Factor payments-170.8-197.1-221.6-115.8-176.8
Official interest-186.4-196.6-191.8-173.3-195.6
Other15.6-0.5-29.857.518.8
Nonfactor services350.1379.8510.7627.5685.8
Of which:tourism receipts328.6428.6573.7624.1664.4
net maquila exports102.5119.3129.9210.4269.9
Transfers141.6173.4143.1165.7153.5
Capital account243.5373.3602.6276.3387.1
Official capital63.23.1-47.5-21.5-107.4
Disbursements310.6330.8373.7252.7214.8
BOP support59.9128.414.70.064.0
Other250.6202.4359.0252.7150.8
Amortization-247.4-327.7-421.2-274.3-345.7
Other--------23.5
BCIE bonds (net)--------40.0
ICE deposits (net)---------16.5
Private capital1/180.3457.9618.7297.8494.5
Direct and other long-term169.3210.2222.7213.6364.0
Short-term11.0247.7396.084.2130.5
Overall balance168.490.6-14.47.1244.1
Financing-168.4-90.614.4-7.1-244.1
Net international reserves 2/
(- increase)-349.8-88.2-32.0-5.6-228.6
Rescheduling293.811.4117.2--29.0
Total arrears 3/-112.4-13.8-70.8-1.5-44.5
Memorandum items
Trade balance (in percent of GDP)-7.0-10.8-14.1-11.4-8.7
Coffee and banana (in percent of GDP)11.710.710.310.411.4
Tourism receipts (in percent of GDP)5.86.47.77.57.2
Current account (including transfers; in percent of GDP)-1.3-5.5-8.3-3.2-1.5
Net international reserves (millions of US$) 2/631.8720.0752.0757.6986.1
(in months of imports of goods and services)3.43.02.62.53.0
Adjusted net international reserves 4/201.4311.6387.2314.2428.4
(in months of imports of goods and services)1.11.31.41.01.3
Stock of nonrefinanceable external arrears (end of period; millions of US$)62.577.940.290.542.5
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes errors and omissions.

Does not include changes in commercial banks’ dollar deposits at the Central Bank and swaps.

Includes overdue obligations to multilateral institutions within grace period.

Considering commercial banks’ dollar deposits at the Central Bank as a reserve liability.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes errors and omissions.

Does not include changes in commercial banks’ dollar deposits at the Central Bank and swaps.

Includes overdue obligations to multilateral institutions within grace period.

Considering commercial banks’ dollar deposits at the Central Bank as a reserve liability.

Table 6.Costa Rica: Comparative Social Indicators
Costa RicaLatin America
197519851994197519851994
GNP per capita (US$)9501,3822,7431,1921,8363,310
Primary enrollment 1/1079710599107110
Male10898106100
Female1069610598
Secondary enrollment 1/424047354851
Illiteracy 2/1285261814
Female852015
Infant mortality 3/381913785641
Life expectancy (years)687477616568
Child malnutrition 4/62
Sources: International Economics Department, World Bank; and Central Bank of Costa Rica.

In percent of school age population. Last year for which data are available is 1993.

In percent of population above 15 years of age. Last year for which data are available is 1993.

Per thousand live births. Last year for which data are available is 1993.

In percent of age group under five. Last year for which data are available is 1993.

Sources: International Economics Department, World Bank; and Central Bank of Costa Rica.

In percent of school age population. Last year for which data are available is 1993.

In percent of population above 15 years of age. Last year for which data are available is 1993.

Per thousand live births. Last year for which data are available is 1993.

In percent of age group under five. Last year for which data are available is 1993.

Table 7.Costa Rica: National Accounts
1991199219931994Prel.

1995
(In millions of colones)
Consumption522,981689,057826,9161,005,9411,268,890
Private sector411,105544,609648,464779,307990,129
Public sector111,876144,448178,452226,634278,761
Gross domestic investment173,581261,060319,602349,963411,297
Fixed capital formation136,098188,318248,535257,763304,367
Private sector106,811150,837196,163196,031237,115
Public sector29,28737,48152,37261,73267,252
Inventory changes37,48377,19771,06792,200106,930
Gross domestic expenditure696,562954,5721,146,5181,355,9041,680,186
Resource gap-6,398-48,293-77,259-49,603-20,801
Exports of goods and nonfactor services264,505342,873412,478514,146678,265
Imports of goods and nonfactor services-270,903-391,166-489,737-563,749-699,066
GDP at market prices690,164906,2781,069,2591,306,3021,659,385
(In millions of 1966 colones)
Consumption8,7189,3629,96310,34710,524
Private sector7,3697,9748,4918,8319,008
Public sector1,3491,3881,4721,5161,516
Gross domestic investment2,5593,5514,0063,8373,512
Fixed capital formation2,5933,1563,8753,5333,392
Private sector2,0242,5313,0732,8022,690
Public sector569625802731702
Inventory changes-34395131304220
Gross domestic expenditure11,27712,91313,96914,18414,136
Resource gap1,2445753758071,238
Exports of goods and nonfactor services6,8457,6818,5569,1699,805
Imports of goods and nonfactor services-5,601-7,106-8,181-8,362-8,567
GDP at market prices12,52113,48914,34414,99215,374
Sources: Central Bank of Costa Rica; and Fund staff estimates.
Sources: Central Bank of Costa Rica; and Fund staff estimates.
Table 8.Costa Rica: Gross Domestic Product by Sector
1991199219931994Prel. 1995
(In millions of current colones)
Gross domestic product690,164906,2781,069,2591,306,3021,659,385
Agriculture119,626147,910171,588216,216288,432
Industry and mining137,469185,616206,877243,044308,423
Utilities24,21031,96039,61047,10456,478
Construction19,54923,29429,28335,44637,785
Commercial services139,459193,292222,302263,561335,777
Transport and communication35,88448,03458,02369,33988,755
Financial services53,65569,34490,052114,608146,698
Housing22,87027,42731,55937,77447,482
Public administration92,818118,999144,723186,814232,583
Other services44,62360,40375,24292,396116,973
(In millions of 1966 colones)
Gross domestic product12,52113,48914,34414,99215,374
Agriculture2,5132,6142,6812,7622,854
Industry and mining2,6852,9613,1513,2613,359
Utilities397421445477496
Construction466478556591520
Commercial services2,0612,3192,4932,6172,696
Transport and communication1,0911,2451,3841,4841,573
Financial services8699631,0821,1581,169
Housing820836854875893
Public administration1,0701,0811,1021,1301,158
Other services550573607637656
Source: Central Bank of Costa Rica.
Source: Central Bank of Costa Rica.
Table 9.Costa Rica: Volume of Agricultural Production(In thousands of metric tons)
1991199219931994Prel.

1995
Coffee161.8161.3152.3148.8150.8
Bananas1,714.61,920.02,110.92,170.72,340.1
Sugarcane2,946.63,157.43,304.53,302.93,557.0
Cocoa2.82.11.81.41.3
Rice182.7173.3147.3175.6151.8
Corn56.641.437.530.527.4
Beans36.136.630.835.934.9
Plantains96.199.6108.9138.3149.5
Source: Central Bank of Costa Rica.
Source: Central Bank of Costa Rica.
Table 10.Costa Rica: Output and Prices of Major Agricultural Products(Annual percentage changes)
1991199219931994Prel.

1995
Major exports
Coffee
Output6.0-0.3-5.6-2.31.3
Export price 1/37.9-17.79.479.067.8
Bananas
Output7.212.09.92.87.8
Export price 1/55.422.82.810.719.8
Sugar
Output (sugarcane)7.07.24.70.07.7
Export price 1/-8.210.015.02.035.3
Basic grains
Rice
Output-3.9-5.1-15.219.5-13.6
Consumer price41.119.54.8
Corn
Output-14.2-26.9-9.5-18.7-10.2
Support price41.34.26.3
Consumer price55.31.0
Beans
Output14.5-1.5-16.016.6-2.8
Support price40.712.8
Consumer price49.716.2-0.7
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Changes based on export unit values converted at the average annual buying exchange rate.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Changes based on export unit values converted at the average annual buying exchange rate.

Table 11.Costa Rica: Average Prices of Basic Grains(In colones per kilo)
19911992199319941995
Rice
Wholesalers60.0970.1073.5078.2287.95
Retailers61.6472.2075.6780.5390.55
Cons tuners66.4379.4083.2082.9598.45
Corn
Support price23.9024.9026.4831.5530.651/
Wholesalers33.5333.5333.8835.3834.40
Industrial33.9733.9734.3335.84
Retailers34.8734.8735.3037.1540.56
Consumers39.5039.5039.9041.9945.84
Beans
Support price70.3370.3379.3093.5791.241/
Wholesalers72.9087.3088.28
Retailers76.5589.0488.28107.11105.85
Consumers86.50100.5099.75114.42119.93
Sources: National Production Council (CNP); and staff estimates.

In the second half of 1995 CNP ceased to support prices of basic grains.

Sources: National Production Council (CNP); and staff estimates.

In the second half of 1995 CNP ceased to support prices of basic grains.

Table 12.Costa Rica: Industrial Production(Index 1985=100)
1991199219931994Prel.

1995 1/
Total127.5140.6149.8155.0158.9
Foodstuffs, beverages and tobacco134.4138.6148.5148.1156.6
Textiles, clothing and leather92.8103.3107.7100.299.5
Wood and wood products111.9110.197.9102.294.3
Paper and paper products142.1149.0161.1155.3151.1
Chemical and petroleum products117.2145.9155.9181.2184.2
Nonmetallic minerals134.2140.1149.5145.5150.4
Metals134.4182.4200.6216.2212.4
Other87.5101.892.4116.994.3
Source: Central Bank of Costa Rica.

The 1995 index refers to the period January-September.

Source: Central Bank of Costa Rica.

The 1995 index refers to the period January-September.

Table 13.Costa Rica: Price Indicators
Indices
19911992199319941995
(1991 = 100)
Producer prices (average)100118.4124.5140.8174.5
Food, beverages and tobacco100123.2128.7150.0183.6
Textiles and leather100116.9123.0134.9157.6
Wood products100128.2158.5189.3225.6
Paper and printing100117.5124.6141.4194.9
Chemicals and petroleum products100112.9118.8128.3161.2
Non metallic mineral products100116.9128.4143.7173.7
Basic metalic products100107.5106.7112.6150.0
Machinery100109.9111.5122.0143.4
Producer prices (end of period)109.8121.2128.8154.4188.2
Food, beverages and tobacco110.1126.9134.1166.9195.6
Textiles and leather110.1120.6123.1140.6172.3
Wood products110.1138.6176.6197.2246.9
Paper and printing110.9119.8128.2161.0213.8
Chemicals and petroleum products108.6115.3121.2140.4173.5
Non metallic mineral products110.7120.9132.6152.4185.8
Basic metalic products107.6105.5109.9119.5170.1
Machinery109.5106.6116.1127.6152.7
(1966 = 100)
Implicit GDP deflator5,512.06,718.67,454.48,713.610,903.5
(1975 = 100)1/
Consumer prices (average)1,849.42,252.32,472.62,807.33,458.2
Food2,022.82,506.92,784.53,158.33,804.8
Clothing791.3930.9997.61,075.31,214.6
Housing1,284.31,538.11,737.51,911.92,311.7
Other2,704.43,259.63,470.24,044.84,991.9
Consumer prices (end of period)2,021.12,364.02,577.93,089.73,787.0
Food2,196.72,613.52,784.53,481.94,238.5
Clothing871.6966.71,014.51,121.61,304.7
Housing1,450.71,652.71,805.42,055.62,425.4
Other2,920.33,412.03,470.24,527.65,153.2
Source: Central Bank of Costa Rica.

In January 1995, Costa Rica adopted a new CPI index based on a larger number of goods and on a geographically wider sampling area. For comparison purposes, the 1995 indices reported in this table have been converted into the old basis.

Source: Central Bank of Costa Rica.

In January 1995, Costa Rica adopted a new CPI index based on a larger number of goods and on a geographically wider sampling area. For comparison purposes, the 1995 indices reported in this table have been converted into the old basis.

Table 14.Costa Rica: Producer Price Index Components(1991 = 100)
GeneralBy degree of price control
IndexControlledNoncontrolled
1991
March93.899.493.3
June99.498.199.7
September105.2102.9105.6
December109.8107.2110.2
1992
March116.8118.9116.4
June118.3119.8118.0
September119.6120.5119.4
December121.2123.5120.8
1993
March121.9125.3121.3
June123.7129.7122.7
September126.2128.0125.9
December128.8127.9128.9
1994
March132.8126.5134.1
June138.7131.1140.2
September146.5136.7148.4
December154.4143.5156.6
1995
March165.2151.3168.0
June173.5152.3177.3
September180.3157.6184.3
December188.2170.7191.5
Source: Central Bank of Costa Rica.
Source: Central Bank of Costa Rica.
Table 15.Costa Rica: Energy Prices
19911992199319941995
(In colones per liter)1/
Petroleum prices
Gasoline52.8050.2048.2056.9072.80
Diesel41.4041.7040.1047.3051.50
Kerosene41.5042.0040.7048.5051.40
(in colones per kwh) 1/
Electricity rates
Residential7.088.059.2511.2514.70
Industrial9.7710.9712.7715.8021.07
Commercial14.8316.4219.0523.1330.65
(Annual percentage change)
Petroleum prices
Gasoline13.1-4.9-4.018.127.9
Diesel13.10.7-3.818.08.9
Kerosene13.41.2-3.119.26.0
Electricity rates
Residential56.313.714.921.630.7
Industrial50.312.316.423.733.4
Commercial48.310.716.021.432.5
Source: Central Bank of Costa Rica.

End-of-year basis.

Source: Central Bank of Costa Rica.

End-of-year basis.

Table 16.Costa Rica: Average Monthly Wages 1/
1991199219931994Prel.

1995
(In colones)
Total30,46537,46145,62755,95368,426
By sector
Agriculture21,09326,90231,94537,47045,868
Mining20,93525,79135,71438,74447,410
Manufacturing industry25,17131,09938,54045,85755,395
Public utilities50,65660,87773,877102,382120,108
Construction21,56126,24631,27138,03246,488
Commerce24,98930,38336,78443,89851,752
Transport, storage and communication27,84234,00640,62449,79158,678
Finance46,69659,31869,65286,153105,717
Services38,90748,02659,75473,95391,500
By employer
Private enterprises24,01130,16136,94743,76252,986
Central Government38,43351,13564,11481,11999,121
Autonomous entities48,54259,59073,52695,496121,603
(In 1975 colones) 2/
Total1,6551,6541,8442,0182,018
By sector
Agriculture1,1461,1881,2911,3511,353
Mining1,1371,1391,4431,3971,398
Manufacturing industries1,3671,3731,5571,6541,634
Public utilities2,7522,6892,9853,6933,542
Construction1,1711,1591,2641,3721,371
Commerce1,3571,3421,4861,5831,526
Transport, storage and communication1,5121,5021,6411,7961,730
Finance2,5362,6202,8143,1073,118
Services2,1132,1212,4142,6672,698
By employer
Private sector1,3041,3321,4931,5781,563
Central Government2,0882,2582,5912,9262,923
Autonomous entities2,6372,6322,9713,4443,586
Memorandum item
CPI for June of each year1,841.02,264.32,474.82,772.63,391.1
Sources: Social Security Institute; and Central Bank of Costa Rica.

Data for June of each year.

Nominal wages deflated by the consumer price index.

Sources: Social Security Institute; and Central Bank of Costa Rica.

Data for June of each year.

Nominal wages deflated by the consumer price index.

Table 17.Costa Rica: Minimum Wage Index
1991199219931994Prel.

1995
Average nominal minimum wage index316.57392.7448.9523.0630.5
By sector
Agriculture329.7420.9479.7563.8691.5
Mining323.5388.4442.9512.8611.9
Manufacturing338.4425.3484.7561.1670.2
Construction296.2353.3402.8466.5556.6
Utilities327.5389.9444.7515.1614.7
Commerce335.1406.2463.9538.3643.9
Transport, storage and communication312.2381.6434.8503.3602.5
Services296.2373.1425.6492.7589.7
Professional technicians226.2289.0338.5391.8---
Office workers and suppliers316.6378.2431.0498.9---
Other356.6414.8472.9547.5579.4
Average real minimum wage index1/97.699.4103.5106.3104.0
By sector
Agriculture101.7106.6110.6114.5114.1
Mining99.798.3102.1104.2100.9
Manufacturing104.4107.7111.8114.0110.6
Construction91.389.592.994.891.8
Utilities101.098.7102.6104.6101.4
Commerce103.3102.8107.0109.4106.2
Transport, storage and communication96.396.6100.3102.299.4
Services91.394.598.2100.197.3
Professional technicians69.773.278.179.6---
Office workers and suppliers97.695.899.4101.3---
Other109.9105.0109.1111.295.6
Sources: Ministry of Labor; and Central Bank of Costa Rica.Note: Minimum wages are raised twice a year in January and July.

Nominal minimum wages deflated by the consumer price index.

Sources: Ministry of Labor; and Central Bank of Costa Rica.Note: Minimum wages are raised twice a year in January and July.

Nominal minimum wages deflated by the consumer price index.

Table 18.Costa Rica: Employment 1/
1991199219931994Prel.

1995
(In thousands)
Total employment1,006.61,043.01,096.41,137.61,168.1
By sector
Agriculture256.4251.1247.9243.6252.4
Manufacturing and mining190.2198.7198.4205.6195.5
Construction63.461.367.474.673.3
Commerce and finance193.6210.4241.1260.3275.6
Basic services and transportation55.061.767.975.274.6
Personal and other services248.0259.8273.7278.3296.7
By employer
Private sector844.3873.5919.9964.1996.3
Public sector159.8169.5176.5173.5171.8
(In percent)
Participation rate37.137.038.138.739.3
Open unemployment rate5.54.14.14.25.2
Total employment100.0100.0100.0100.0100.0
By sector
Agriculture25.524.122.621.421.6
Manufacturing and mining18.919.118.118.116.7
Construction6.35.86.16.66.3
Commerce and finance19.220.222.022.823.6
Basic services and transportation5.55.96.26.66.4
Personal and other services24.624.925.024.525.4
By employer
Private sector83.983.783.984.785.3
Public sector15.916.316.115.314.7
Sources: “Multiple Purpose Household Survey, Employment Module,” General Directorate of Statistics and Census; Ministry of Economy, Industry and Commerce.

Data from the July survey.

Sources: “Multiple Purpose Household Survey, Employment Module,” General Directorate of Statistics and Census; Ministry of Economy, Industry and Commerce.

Data from the July survey.

Table 19.Costa Rica: Operations of the Central Government(In millions of colones)
1991199219931994Prel.

1995
Current revenue100,405137,798162,353189,822254,819
Tax revenue97,308132,882159,199185,074250,070
Direct taxes 1/15,34420,46528,87136,63249,393
Indirect taxes81,964113,417130,328148,442200,677
Current transfers9171,5751,5563,3052,941
Other current revenue2,1802,3411,5981,4431,808
Current expenditure111,726139,373161,997225,697296,666
Wages and salaries37,43745,88957,84574,69391,870
Goods and services5,6646,4907,75410,91312,525
Interest payments28,57232,99433,29753,49190,947
Transfers38,55549,71559,48380,50990,174
Public sector17,70925,13432,66837,69136,941
Private sector 1/20,74024,36426,36542,33752,838
External106217450481395
Other current expenditure1,4984,2853,6186,09211,150
Current account surplus (deficit -)-11,321-1,575356-35,875-41,847
Capital expenditure9,91715,86121,10030,08230,902
Fixed investment4,0805,6556,6429,65613,375
Transfers5,4889,86814,01319,35616,414
Other3493384451,0701,112
Overall surplus (deficit -)-21,238-17,437-20,744-65,957-72,749
Sources: Ministry of Finance; Comptroller General’s Office; Central Bank of Costa Rica; and Fund staff estimates.

Social security contributions of central government employees are excluded from both revenues and expenditures.

Sources: Ministry of Finance; Comptroller General’s Office; Central Bank of Costa Rica; and Fund staff estimates.

Social security contributions of central government employees are excluded from both revenues and expenditures.

Table 20.Costa Rica: Central Government Revenue(In millions of colones)
1991199219931994Prel.

1995
Total revenue100,405137,798162,353189,822254,819
Tax revenue97,308133,882159,199185,073250,070
Direct taxes15,34420,46528,87136,63249,393
Income and profits tax14,54519,01326,94234,78947,164
Payroll tax (netted out) 1/1,7453,1025,1477,1799,706
Property tax7991,4521,9291,8432,229
Indirect taxes81,964113,417130,328148,441200,677
General sales tax35,74751,45558,91966,00287,551
Selected taxes on goods and services16,28627,60033,06539,46251,343
Taxes on international trade29,93134,36238,34442,97761,783
Taxes on imports24,39227,61533,19237,42749,359
Import duties14,79723,20429,68133,51745,210
Import surcharges7,8351,669566--
Other on imports1,7602,7423,4553,9044,149
Taxes on exports5,1295,9594,3304,43011,154
Ad valorem export tax1,1911,0528431,5146,545
Banana export tax3,8614,5433,2302,8514,546
Coffee processing--------37
Other on exports773642576526
Other taxes on international trade4107888221,1201,270
Nontax revenue3,0973,9163,1544,4794,749
Sales of goods and services324673449462410
Property income3625013915953
Public enterprises11826279
Public financial institutions34667615042
Other12122
Transfers9171,5751,5563,3052,941
Rest of general government106604338414856
Public enterprises2042614232,126635
Public financial institutions6077107957651,450
Other nontax revenue1,8201,4181,0108231,345
Source: Ministry of Finance.

Social security contributions of central government employees are excluded from both revenues and expenditure.

Source: Ministry of Finance.

Social security contributions of central government employees are excluded from both revenues and expenditure.

Table 21.Costa Rica: Central Government Expenditure(In millions of colones)
1991199219931994Prel.

1995
Total expenditure121,643155,234183,097255,779327,567
Current expenditure111,726139,373161,997225,697296,666
Wages and salaries37,43745,88957,84574,69391,870
Social security1,4984,2853,6186,09211,150
Goods and services5,6646,4907,75410,91312,525
Interest28,57232,99433,29753,49190,947
Domestic debt22,30225,49425,29743,84178,425
External debt 1/6,2707,5008,0009,65012,522
Transfers to38,55549,71559,48380,50990,173
Rest of general government4,5317,86310,80311,5116,688
Public enterprises6997681,1431,2831,318
Other 2/3/33,32541,08447,53767,71482,167
Capital expenditure9,91715,86121,10030,08230,092
Fixed capital formation4,0805,6556,6429,65613,375
Transfers to5,4889,86814,01319,35616,414
Rest of general government4339621,6121,3371,786
Public enterprises4501691741,2124,006
Other 2/4,6058,73812,22716,80710,622
Other capital expenditure3493384451,0701,112
Source: Ministry of Finance.

Includes unpaid interest.

Includes transfers to nonconsolidated public sector and to private sector.

Social security contributions of central government employees are excluded from both revenues and expenditure.

Source: Ministry of Finance.

Includes unpaid interest.

Includes transfers to nonconsolidated public sector and to private sector.

Social security contributions of central government employees are excluded from both revenues and expenditure.

Table 22.Costa Rica: Summary Operations of the Social Security Institute (CCSS)(In millions of colones)
1991199219931994Prel.

1995
Current revenue52,76868,45783,459104,474131,603
Tax revenue 1/40,55654,76467,09986,328104,758
Nontax revenue11,46612,70614,27015,22424,468
Current transfers7469872,0902,9222,377
Total expenditure49,62159,73272,59293,551114,816
Current expenditure47,29258,06070,69190,686110,461
Wages and salaries19,60024,04329,94839,93850,441
Goods and services12,60514,82517,43122,62225,122
Interest31244296.193.9
Current transfers15,05619,16723,23028,03034,804
Capital and net lending2,3291,6711,9012,8654,354
Capital expenditure1,8651,6582,0602,1642,286
Net lending46413-1597002,069
Current surplus5,47610,39712,76813,78821,142
Overall surplus3,1478,72610,86711,02117,044
Source: Ministry of Finance.

Mostly social security contributions.

Source: Ministry of Finance.

Mostly social security contributions.

Table 23.Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions 1/(In millions of colones)
1991199219931994Prel.

1995
Current revenue111,296168,061201,950223,749263,709
Of which:
RECOPE36,88047,26952,03559,77479,377
ICE36,04051,62561,62370,070100,228
ICAA3,3094,8036,8847,9739,808
CNP10,1829,1979,95810,8065,448
Current expenditure84,660129,129148,005184,429194,037
Of which:
RECOPE28,80738,63842,62361,38968,699
ICE17,99127,28033,08047,14556,665
ICAA2,7305,1356,5327,6888,566
CNP10,9318,64210,56112,3415,180
Capital expenditure 2/13,09223,55038,19349,91251,793
Of which:
RECOPE1,1652,0912,5132,6313,503
ICE9,43220,32021,64435,18934,005
ICAA1,0611,0071,1562,2103,120
CNP53884512763
Current account26,63638,93253,94439,32069,671
Of which:
RECOPE8,0738,6319,412-1,6165,678
ICE18,04924,34528,54322,92643,563
ICAA5799831,7491,4422,195
CNP-749555-603-1,535268
Capital revenue1,7437717093,3135,305
Overall deficit (-)15,28716,15316,460-7,27923,183
Of which:
RECOPE6,8006,5406,899-4,2472,175
ICE8,6174,1827,011-12,1889,613
ICAA4365791,1808442,190
CNP-802478-639-1,661235
Sources: Ministry of Finance; and Fund staff estimates.

Includes: ICE, RECOPE, CODESA, CNP, ICAA, INCOFER, ESPH, JPSSJ, FANAL, INCOP, CTAMS, FERTICA, FODESAF, ICAFE’, ICT, INA, IDA, OCIS.

Includes net lending.

Sources: Ministry of Finance; and Fund staff estimates.

Includes: ICE, RECOPE, CODESA, CNP, ICAA, INCOFER, ESPH, JPSSJ, FANAL, INCOP, CTAMS, FERTICA, FODESAF, ICAFE’, ICT, INA, IDA, OCIS.

Includes net lending.

Table 24.Costa Rica: Detailed Accounts of the Banking System(In millions of colones)
C$141.5=US$1C$144.4=US$1C$157.0=US$1C$179.4=US$1
19911992199219931993199419941995
I. Central Bank
Net international reserves 1/90,433107,865110,076118,740129,740104,735119,678169,275
Official reserves99,276118,888121,325124,545135,413118,943135,913176,899
Payment arrears-8,844-11,023-11,249-5,805-6,311-14,209-16,236-7,625
Net domestic assets362,151376,069380,089375,231390,315470,143500,565504,282
Credit to the public sector (net)73,97670,13771,33963,63268,26578,46085,94670,748
Credit to Central
Government (net)30,29634,94835,59835,29238,17355,95861,39652,561
Of which: rescheduling28,95733,35434,03735,49538,59240,64346,44149,494
Credit to rest of pub sect (net)35,59528,76229,18222,19723,41316,22717,38211,548
Of which: rescheduling26,39120,38920,80713,93615,1528,0709,2256,472
Credit to public sector for buy-back8,0856,4276,5596,1436,6796,2767,1686,640
Official capital and reserves-15-15-15-15-15-15-15-15
Credit to commercial banks20,38218,59418,65316,85717,09644,93545,34412,300
Of which: rescheduling1,9081,4621,4911,1021,198784896372
Credit to rest of banking system387--------------
Credit to banking system for buy-back3,1793,0953,1593,1663,4423,4403,9313,925
Credit to nonbank intermediaries2,4002,1012,1201,8481,9091,5301,5881,042
Subscriptions to international agencies (net)-2,679-1,592-1,682-1,405-1,774-4,124-5,115687
Counterpart arrears8,84411,02311,2495,8056,31114,20916,2367,625
Operational losses (accrual basis)194,709209,752209,752225,620225,620244,431244,431274,489
Unclassified assets (net)-102,974-101,738-101,462-100,398-98,924-86,152-82,634-63,033
Valuation adjustments163,942164,712166,975160,121168,385173,430190,853196,513
Counterpart unrequited foreign exchange4,8024,6164,7114,7065,1165,4386,2146,327
Government trust funds24,26725,85725,85719,68719,68718,43218,43218,473
Medium- and long-term foreign liabilities207,761207,242211,394205,924222,884199,820228,330215,334
Regular89,07091,32693,10294,231101,44591,280104,30397,127
Rescheduled118,690115,917118,292111,693121,440108,540124,026118,207
Liabilities to banks131,340147,979149,840153,196160,732198,038213,194253,790
Currency held by banks7,8119,0709,0709,3259,32511,15111,15114,181
Bank deposits121,454132,561134,422136,332143,868170,859186,015191,268
In local currency27,55541,77541,77549,96649,96664,63364,63349,363
In foreign currency93,89990,78692,64786,36693,902106,226121,382141,905
Stabilization bonds7182,5862,5861,5051,5057,7367,73636,072
SICP-commercial banks1,3573,7623,7626,0346,0348,2928,29212,269
Liabilities to nonbank intermediaries5908778776046045,4935,4933,179
Liabilities to private sector83,82397,36297,486109,854110,394147,656148,580176,454
Currency in circulation34,66747,86447,86454,67254,67274,86274,86284,750
Demand deposits48242242230530529729758
Foreign currency deposits1,9212,1432,1872,7603,0012,9913,4183,384
Stabilization bonds31,28534,40034,40040,54540,54561,71161,71181,131
Other15,46812,53312,61311,57211,8717,7958,2937,131
II. Commercial banks
Net international reserves 1/16,75424,69225,19813,81915,02524,46127,95123,519
Assets19,47028,55529,14022,03523,95831,36935,84435,952
Short-term liabilities-2,717-3,863-3,942-8,216-8,933-6,908-7,894-12,432
Claims on Central Bank133,179147,727149,579153,519160,940198,882213,987256,568
Net domestic assets127,168146,491146,733187,195189,602212,599216,006185,286
Credit to the public sector (net)1,794-13,956-13,983-20,970-20,976-22,110-22,207-18,684
Credit to Central Government (net)13,0106,8016,8017,3557,3549,4679,46623,746
Credit to rest of public sector (net)-11,216-20,757-20,784-28,325-28,330-31,577-31,673-42,430
Official capital and reserves-22,202-25,191-25,191-28,150-28,150-9,497-9,497-37,103
Private capital-9,340-10,445-10,445-14,994-14,994-19,885-19,885-26,613
Credit to private sector97,194143,749143,921194,314196,327224,068229,826218,367
Credit to rest of banking system2,3102,7502,7502,9292,9292,6242,62467
Credit to nonbank intermediaries4026565150150110110260
Unclassified assets (net)47,75840,26740,62644,92546,99729,97131,43945,396
Valuation adjustments9,2529,2528,9918,9917,3197,3193,5973,597
Medium- and long-term foreign liabilities2,6153,2483,2964,8875,2059,97811,11218,068
Liabilities to Central Bank22,90719,99120,08218,48418,86447,89048,55214,138
Liabilities to rest of banking system1,7602,1582,1582,3052,3052,3262,326--
Liabilities to nonbank intermediaries5,5413,1693,1712,6802,6855,5345,7977,181
Liabilities to private sector244,278290,344292,702326,177336,508370,214390,157425,987
Demand deposits45,79661,29961,29963,89463,89476,64676,64668,361
Savings deposits10,87317,02817,02819,14919,14922,81522,81523,882
Time deposits60,70588,50288,502120,620120,620119,648119,648138,719
Foreign currency deposits121,931119,935122,393118,394128,724139,777159,720183,634
Other obligations4,9733,5803,5804,1204,12011,32811,32811,392
III. Consolidated Banking System
Net international reserves 1/107,186132,557135,274132,559144,126129,195147,628192,794
Assets118,747147,443150,465146,580159,371150,312171,758212,851
Short-term liabilities-11,561-14,886-15,191-14,021-15,245-21,117-24,129-20,057
Net domestic assets466,490500,158504,320541,960558,956633,370666,487678,208
Credit to the public sector (net)75,77056,18157,35642,66247,28956,35063,73952,064
Credit to Central Government (net)43,30641,74942,39942,64745,52765,42570,86276,307
Credit to rest of public sector (net)24,3798,0058,397-6,128-4,917-15,350-14,291-30,882
Credit to public sector for buy-back8,0856,4276,5596,1436,6796,2767,1686,640
Official capital and reserves-22,217-25,206-25,206-28,165-28,165-9,512-9,512-37,118
Private capital-9,340-10,445-10,445-14,994-14,994-19,885-19,885-26,613
Credit to nonbank intermediaries2,8022,1662,1851,9982,0591,6401,6981,302
Credit to private sector97,194143,749143,921194,314196,327224,068229,826218,367
Subscriptions to international agencies (net)-2,679-1,592-1,682-1,405-1,774-4,124-5,115687
Counterpart arrears8,84411,02311,2495,8056,31114,20916,2367,625
Operational losses (accrual basis)194,709209,752209,752225,620225,620244,431244,431274,489
Unclassified assets (net)-51,100-57,785-57,085-51,683-47,860-52,443-46,966-13,646
Interbank float-686-1,649-1,690-1,304-1,560-2,111-2,414941
Valuation adjustments173,194173,964175,966169,112175,704180,749194,450200,110
Counterpart unrequited foreign exchange4,8024,6164,7114,7065,1165,4386,2146,327
Government trust funds24,26725,85725,85719,68719,68718,43218,43218,473
Medium- and long-term foreign liabilities210,375210,490214,690210,812228,089209,798239,442233,401
Liabilities to nonbank intermediaries6,1314,0464,0483,2843,28911,02711,29010,360
Liabilities to private sector328,101387,706390,288436,031446,901517,870538,737602,441
Currency34,66747,86447,86454,67254,67274,86274,86284,750
Demand deposits46,27861,72161,72164,19964,19976,94376,94368,419
Savings deposits10,87317,02817,02819,14919,14922,81522,81523,882
Time deposits60,70588,50288,502120,620120,620119,648119,648138,719
Foreign currency deposits123,852122,078124,580121,154131,725142,768163,138187,018
Stabilization bonds31,28534,40034,40040,54540,54561,71161,71181,131
Other20,44216,11316,19315,69315,99119,12319,62118,523
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes the change in commercial banks’ foreign currency deposits at the Central Bank as a reserve liability.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes the change in commercial banks’ foreign currency deposits at the Central Bank as a reserve liability.

Table 25.Costa Rica: Legal Reserve Position of the Commercial Banks
December 31
1991199219931994Prel.

1995
(In millions of colones)
Liabilities subject to requirements154,557306,985354,150432,497482,318
Local currency139,444190,845232,699273,348288,172
Foreign currency15,113115,240121,451159,149194,147
Required reserves39,069128,748141,075187,985211,936
Local currency27,02542,85852,82165,06859,534
Foreign currency12,04485,88988,254122,918152,402
Actual reserves44,008141,820144,677192,585215,386
Local currency28,32245,31654,36467,35162,241
Foreign currency15,68696,50490,313125,233153,145
Net excess or deficiency (-)4,93913,0723,6034,5993,450
Local currency1,2972,4581,5432,2842,706
Foreign currency3,64210,6152,0602,316744
(As percent of liabilities)
Required reserves25.342.139.843.543.9
Local currency19.422.522.723.820.7
Foreign currency79.774.572.777.278.5
Actual reserves28.546.340.944.544.7
Local currency20.323.723.424.621.6
Foreign currency103.883.774.478.778.9
Net excess or deficiency (-)3.24.31.01.10.7
Local currency0.91.30.70.80.9
Foreign currency24.19.21.71.50.4
Source: Superintendency of Financial Entities.
Source: Superintendency of Financial Entities.
Table 26.Costa Rica: Private Sector Financial Assets 1/(At the end of the year)
December
19911992199319941995
(In millions of colones)
Total353,123429,621500,290611,063771,286
By instrument
Money82,757109,708118,931151,869153,244
Currency35,90547,86454,67274,86284,750
Demand deposits46,85261,84464,25977,00768,494
Quasi-money232,339293,468350,505420,002572,606
In domestic currency121,899174,918223,445269,714369,170
Savings deposits11,62617,02819,14922,81523,882
Time deposits60,15688,502120,620119,648138,719
Bonds 2/50,11769,38883,676127,251206,569
In foreign currency110,440118,550127,060150,288203,437
Private capital and other38,02726,44530,85339,19245,436
By issuing entity353,123429,621500,290611,063771,286
Banking system323,623394,633457,159545,523645,848
Central Bank76,96997,311110,216148,062177,126
Commercial banks246,654297,322346,943397,462468,722
Central Government29,50034,98843,13165,540125,438
(Percent change)
Total38.418.216.422.126.2
Money33.135.48.427.70.9
Currency30.538.114.236.913.2
Demand deposits35.233.53.919.8-11.1
Quasi-money44.722.119.419.836.3
In domestic currency35.943.727.720.736.9
Savings deposits27.656.612.519.14.7
Time deposits23.945.836.3-0.815.9
Bonds 2/56.538.320.652.162.3
In foreign currency55.7--7.218.335.4
Private capital and other17.8-37.116.727.015.9
(As percent of GDP)
Total44.143.243.542.541.7
Money10.510.610.710.49.2
Currency4.64.64.85.04.8
Demand deposits5.96.05.95.44.4
Quasi-money28.529.030.129.529.9
In domestic currency15.316.418.618.919.3
Savings deposits1.51.61.71.61.4
Time deposits7.98.29.89.27.8
Bonds6.06.67.28.110.1
In foreign currency13.112.611.510.610.7
Private capital and other5.13.62.72.72.5
Sources: Central Bank of Costa Rica; and Fund staff estimates.

All instruments denominated in foreign currency are valued at actual end-of-period exchange rates.

Includes private sector holdings of bands issued by the Central Government. Excludes stabilization bonds held by EARTH and FEAA.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

All instruments denominated in foreign currency are valued at actual end-of-period exchange rates.

Includes private sector holdings of bands issued by the Central Government. Excludes stabilization bonds held by EARTH and FEAA.

Table 27.Costa Rica: Changes in Banking System Domestic Credit by Origin, Destination and Financing(In millions of colones; end of period)
December
19911992199319941995
Origin8,99534,77342,19079,305127,857
Central Bank-5,73415,706-3,06151,989101,771
Commercial banks19,78020,03044,86427,86726,626
Interbank float (net)-5,052-963387-551-540
Destination8,99534,77342,19079,305127,857
Public sector (net)-8,693-19,589-14,6949,06151,711
Private sector6,84946,55550,39327,741-4,868
Other financial intermediaries-309-636-187-419-182
Counterpart arrears-24,1962,179-5,4447,8978,432
Other40,3957,22711,73435,57673,304
Interbank float (net)-5,052-963387-551-540
Financing8,99534,77342,19079,305127,857
Net international reserves 1/-77,407-25,3712,71514,931-29,484
Medium- and long-term foreign liabilities 2/11,9131,519-10,053-19,22416,259
Private sector liabilities74,48958,62549,52883,598141,082
Money (M-1)18,78528,6409,28632,93417,584
Other55,70429,98540,24250,664123,498
Source: Central Bank of Costa Rica.

After payments arrears.

Includes counterpart USAID grants and counterpart unrequited foreign exchange.

Source: Central Bank of Costa Rica.

After payments arrears.

Includes counterpart USAID grants and counterpart unrequited foreign exchange.

Table 28.Costa Rica: Exports(In millions of U.S. dollars)
1991199219931994Prel.

1995
Total exports, f.o.b.1,490.21,728.51,873.92,093.72,480.2
Industrial goods515.6644.0632.3770.4890.0
Consumables 1/93.7152.4167.4173.2229.6
Textiles 2/81.5108.8111.763.250.1
Wood and paper products29.439.334.843.548.1
Chemical/petroleum products96.8130.7143.0114.8139.2
Machinery/metal products67.478.6101.1112.4113.2
Medicine34.137.944.949.151.6
Other112.796.329.4214.3258.2
Agricultural/marine goods974.61,084.51,241.61,323.31,590.2
Coffee263.6201.6201.5300.2414.2
Bananas396.6522.1560.1561.1640.1
Sugar24.729.527.928.546.2
Meat69.344.062.551.245.7
Other220.4287.3389.5382.4444.0
Of which:Seafood42.974.790.997.5108.3
Plants/flowers65.677.290.096.2112.6
Tropical fruit60.774.087.093.9101.5
Vegetable/roots28.433.536.349.359.2
Other22.827.985.345.462.4
Memoranda
Maquila exports 3/102.5119.3129.9210.4269.9
Traditional exports 4/754.2797.2852.1940.91,146.2
Nontraditional exports 5/736.0931.31,021.81,152.81,334.0
Sources: Central Bank of Costa Rica; Ministry of Foreign Trade; and Fund staff estimates.

Includes food products and tobacco.

Includes leather products and shoes, excludes maquila.

Value added on some textile exports; included under services in the balance of payments.

Coffee, bananas, meat, and sugar.

All other exports not included in 4/.

Sources: Central Bank of Costa Rica; Ministry of Foreign Trade; and Fund staff estimates.

Includes food products and tobacco.

Includes leather products and shoes, excludes maquila.

Value added on some textile exports; included under services in the balance of payments.

Coffee, bananas, meat, and sugar.

All other exports not included in 4/.

Table 29.Costa Rica: Imports 1/
1991199219931994
(In millions of U.S. dollars)
Imports, c.i.f.1,886.22,455.02,919.43,040.3
Consumer goods439.3640.8822.7897.3
Nondurables330.0384.1493.2567.1
Durables109.3256.7329.5330.2
Raw materials880.61,065.11,151.91,295.6
Agriculture97.6115.8117.151.5
Manufacturing and mining686.8817.0935.31,108.7
Construction72.388.193.0118.2
Petroleum and petroleum products186.6215.9214.1235.9
Capital goods394.4555.9722.0620.9
Manufacturing and mining285.1393.9512.5435.4
Agriculture8.512.515.928.0
Transport100.8149.5193.6157.6
Other9.221.615.17.9
(In percent of total)
Imports, c.i.f.100100100100
Consumer goods23262830
Raw materials45423942
Petroleum and petroleum products10978
Capital goods21232520
Other0110
(Annual percentage change)
Imports, c.i.f.-5.530.218.94.1
Consumer goods-4.745.928.49.1
Raw materials-0.519.212.211.6
Petroleum and petroleum products-2.315.7-0.810.2
Capital goods-15.640.929.9-14.0
Other-41.7135.6-29.8-47.7
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Data for 1995 is not yet available.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Data for 1995 is not yet available.

Table 30.Costa Rica: Petroleum Imports
19911992199319941995

Prel.
(In millions of U.S. dollars)
Total imports, c.i.f.186.6215.9214.1235.9264.3
Partially refined oil52.979.871.264.292.7
Diesel67.877.464.891.182.6
Gasoline44.340.950.854.459.3
Aviation fuel0.92.41.51.91.2
Asphalt2.42.01.81.70.3
Bunker C3.7--------
Other products14.813.324.122.728.2
(In thousands of barrels)
Total imports, c.i.f.8,4439,91010,74512,20613,148
Partially refined oil2,6404,1954,1214,0155,297
Diesel2,7813,2322,7384,4563,962
Gasoline1,9231,6812,2392,6142,705
Aviation fuel1965374228
Asphalt1341371418822
Bunker C332--------
Other products6156001,4699921,133
(In U.S. dollars per barrel)
Average price22.121.819.919.320.1
Partially refined oil20.119.017.316.017.5
Diesel24.424.023.720.420.9
Gasoline23.024.422.720.821.9
Source: Central Bank of Costa Rica.
Source: Central Bank of Costa Rica.
Table 31.Costa Rica: Direction of Trade 1/
ExportsImports
19911992199319941991199219931994
(In millions of U.S. dollars)
Total1,490.21,728.51,873.92093.71,886.22,455.02,919.43040.3
United States 2/555.5705.1817.7736.7838.91,076.71253.21336.5
United Kingdom29.823.636.963.821.827.829.630.9
Belgium/Luxembourg60.187.8125.5149.115.217.821.315.2
Canada42.129.536.627.325.925.035.342.0
Japan20.313.512.319.8110.1159.6222.0166.5
Germany158.1191.5175.1198.359.183.1104.3100.2
Italy66.494.786.2104.327.036.150.350.4
Netherlands42.135.342.059.519.424.827.028.3
Central America177.8248.4267.5292.7151.1180.7207.1231.1
Guatemala58.675.285.2103.382.796.0104.7109.2
El Salvador43.855.563.073.751.560.769.276.4
Honduras18.743.251.845.05.97.911.222.8
Nicaragua56.774.567.570.711.016.122.022.7
Panama53.658.767.166.828.039.260.765.2
Mexico15.217.628.224.085.2122.4115.6136.8
Venezuela4.27.612.48.8115.8113.6144.1164.9
Other 3/265.0215.2166.4342.6388.7548.2648.9672.3
(In percent of total)
United States37.340.843.635.244.543.942.944.0
Other industrial28.127.527.529.714.815.216.814.3
Central America11.914.414.314.08.07.47.17.6
Mexico1.01.01.51.14.55.04.04.5
Other21.716.313.120.028.228.629.229.7
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Data for 1995 is not yet available.

Excludes maquila exports.

Includes adjustment for consistency with balance of payments data.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Data for 1995 is not yet available.

Excludes maquila exports.

Includes adjustment for consistency with balance of payments data.

Table 32.Costa Rica: Indices of Terms of Trade 1/(1985=100)
1991199219931994Prel.

1995
Total value
Exports158.7184.1199.6223.0264.1
Imports169.8221.0262.8273.7295.8
Volume
Exports146.6174.2187.9196.2214.5
Imports141.4179.6208.6214.2225.9
Unit value
Exports108.3105.7106.2113.6123.1
Imports120.1123.1126.0127.8130.9
Terms of trade90.185.984.388.994.0
(Annual percentage change)
Total value
Exports10.716.08.411.718.5
Imports-5.530.218.94.18.1
Volume
Exports6.518.97.94.49.3
Imports-8.427.016.12.75.5
Unit value
Exports4.0-2.40.57.08.4
Imports3.22.42.41.42.5
Terms of trade0.8-4.8-1.95.55.7
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Paasche index.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Paasche index.

Table 33.Costa Rica: Tourism Indicators
1991199219931994Prel.

1995
Total arrivals (’000)504.6610.6684.0761.4792.3
By:Air354.0443.5511.3559.4578.6
Other150.6167.1172.7202.0213.7
Source markets
U.S.173.6217.7242.5263.6371.9
Europe67.388.3113.9129.6162.2
Canada37.242.044.249.153.8
Central America164.8187.8193.5221.473.4
South America32.842.752.954.073.2
Other28.932.137.043.757.8
Length of stay (days)8.99.110.49.710.6
Spending per night (US$)75.577.785.784.087.0
Total tourism receipts
(millions of US$)328.6428.6573.7624.1664.4
(as percent of exports)22.124.830.629.826.8
(annual percentage change)19.430.433.98.86.5
Memorandum items:
Costa Rica as percent of total tourism to Central America
Arrivals24.625.426.3
Receipts31.739.343.5
Travel abroad by Costa Ricans
Departures (’000)188.6239.3259.6269.0274.1
Expenditure (US$ millions)148.8222.9266.0299.3332.2
Source: Costa Rican Tourism Institute.
Source: Costa Rican Tourism Institute.
Table 34.Costa Rica: External Public Debt by Creditor
1991199219931994Prel.

1995
(End of period, in millions of U.S. dollars)
Total1/3,376.73,389.03,375.13,311.53,231.3
Medium- and long-term debt3,222.73,271.53,291.93,253.53,217.4
Multilaterals1,315.81,340.91,344.61,375.41,539.2
Bilaterals1,302.71,353.01,386.51,275.71,106.6
Commercial Banks31.522.718.012.98.9
Bonds 2/560.1542.0533.7582.5557.5
Suppliers12.712.99.17.05.2
Short-term debt 3/154.0117.583.258.013.9
(As Percent of medium- and long-term debt)
Multilaterals40.841.040.842.347.8
Bilaterals40.441.442.139.234.4
Commercial Banks1.00.70.50.40.3
Bonds 2/17.416.616.217.917.3
Suppliers0.40.40.30.20.2
Memorandum item:
Total as percent of GDP59.750.245.639.835.0
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

Includes the bonds resulting from the commercial bank debt restructuring in 1989.

Short-term liabilities of the Central Bank.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

Includes the bonds resulting from the commercial bank debt restructuring in 1989.

Short-term liabilities of the Central Bank.

Table 35.Costa Rica: External Public Debt by Debtor
19911992199319941995

Prel.
(End of period, in millions of U.S. dollars)
Total3,376.73,389.03,375.13,311.53,231.3
Medium- and long-term debt3,222.73,271.53,291.93,253.53,217.4
Central Government1,205.41,191.21,194.11,185.01,238.6
Central Bank1,523.91,525.11,535.51,380.11,244.4
Public enterprises471.3537.1545.0675.4722.6
Other public sector22.118.117.313.011.8
Short-term debt154.0117.583.258.013.9
(As percent of medium- and long-term debt)
Central Government37.436.436.336.438.5
Central Bank47.346.646.642.438.7
Public enterprises14.616.416.620.822.5
Memorandum items:
Total as percent of GDP59.750.245.639.835.0
Private sector debt725.6767.0852.0878.9928.4
As percent of GDP12.811.411.510.610.1
Source: Central Bank of Costa Rica; and Fund staff estimates.

Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

Short-term liabilities of the Central Bank.

Source: Central Bank of Costa Rica; and Fund staff estimates.

Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

Short-term liabilities of the Central Bank.

Table 36.Costa Rica: External Debt Payments Arrears(In millions of U.S. dollars)
December 31, 1991December 31, 1992December 31, 1993December 31, 1994Prel.

December 31, 1995
PrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotal
Total/Nonreschedulable41.121.462.558.019.977.924.715.540.265.025.590.538.83.742.5
Medium- and long-term39.320.960.256.519.075.522.914.837.764.825.390.138.53.642.1
Banks0.90.51.40.20.40.60.70.41.10.90.41.30.20.00.2
Multilaterals0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Bilaterals38.420.458.856.318.674.922.214.436.663.924.988.838.33.641.9
Bonds0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Suppliers1.80.52.31.50.92.41.80.72.50.20.20.40.30.10.4
Imports0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total/reschedulable1/73.452.1125.562.633.796.325.837.463.27.83.611.48.46.514.9
Total114.573.5188.0120.653.6174.250.552.9103.472.829.1101.947.210.257.4
Sources: Central Bank of Costa Rica; and Fund staff estimates.

Arrears to multilaterals within grace period or rescheduled on regular basis.

Sources: Central Bank of Costa Rica; and Fund staff estimates.

Arrears to multilaterals within grace period or rescheduled on regular basis.

Costa Rica: Summary of the Tax System as of March 30, 1996
TAXNATURE OF TAXTAX BASETAX RATESEXEMPTIONS
1.Income taxIncome, earnings, or profits from Costa Rican sources, whether of a steady or occasional nature, in money or in kind, earned or accrued during the tax period by individuals or corporations encaged in gainful activities and domiciled in Costa Rica.



Personal income earned from employment in an employer/employee relationship. Any income or profits from Costa Rican sources, intended for persons not domiciled in Costa Rica.
(I) Tax on legal entities or individuals engaged in gainful activities: gross income consists of total receipts, whether in money or in kind, of an ongoing or occasional nature, earned during the period and any increases in net worth not accounted for.



(II) Tax on individuals earning income from employment in an employer/employee relationship; tax assessed on total income earned in respect of wages, salaries, bonuses, gratuities, etc.



(III) Tax on outward remittances: the basis of assessment will be the total amount of income remitted, credited, transferred, cleared, or made available to a payee domiciled in Costa Rica.
(I) Corporate income tax: Net income is subject to the following rates, based on gross receipts in the following ranges:

Up to C 8,700,000 - 10 percent

Up to C 17,500,000 - 20 percent

Over C 17,500,000 - 30 percent



(II) Individuals gainfully employed, tax on net income:

Up to C 580,000 - 0 percent

C 580,001-C 888,000 - 10 percent

C 888,001-C 1,448,000 - 15 percent

C 1,448,001-C 2,902,000 - 20 percent

In excess of C 2,902,000 - 25 percent



From the tax thus assessed, a taxpayer may deduct C 1,800 per child and C 2,400 if married.



(III) Wage tax: Levied on total monthly income:

Up to C 131,000 - 0 percent

C 131,000-C 197,000 - 10 percent

C 197,000 - 15 percent

C 150 per month per child and C 150 (for married persons) may be deducted from the tax thus assessed.



(IV) Tax on outward remittances: Tax rates in the range of 6.5 percent-50 percent depending on the service.
(A) The State, municipalities, and autonomous or semi-autonomous institutions qualifying for exemptions pursuant to special law;

(B) Religious institutions;

(C) Cooperatives and associations declared to be in the public interest, foundations, and political parties, chamber organizations, trade unions and other nonprofit institutions;

(D) Nonprofit solidarity-based associations and civil associations of small-scale farmers;

(E) Individuals or legal entities Qualifying for exemption under the law on industrial enterprises, established in export-processing zones, income from sales of forest products, etc.;

(F) Income up to the first tax bracket and tips up to one twelfth of a year’s wages;

(G) Compensation for death or disability and other types of compensation pursuant to the Labor Code;

(H) Lottery premiums, commissions earned in which costs are incurred; legacies, bequests, and community property accruing to individuals domiciled in Costa Rica;

(I) Capital gains realized in transferring movable or immovable assets, if this is not the taxpayer’s customary occupation.
2.Assets taxHoldings of assets in excess of C 30 million.Consists of the total value of assets held by the party liable for tax, less the sum of: working capital, other contributions of assets from other companies in which the party liable for tax is a shareholder, and investments in securities or other assets the income from which is not liable for profits tax.1 percent.Set forth in Article 2(e) and (0 and Article 3(a), (b), and (ch) of Law 7082.

Associations of small-scale and medium-scale producers of goods and services, engaged in providing technical assistance, supplying inputs, or researching alternative production options, provided mat such associations are nonprofit in nature.

Autonomous or semiautonomous institutions and public enterprises organized as corporations, inter alia, are also exempt.
3.Tax on dividends and interest from securities(I) Dividend payments or credits of any kind, equity stakes or any other type of profits that may be likened to dividends.

(II) Interest payments and credits or discounts applied in respect of notes, bills of exchange, banks’ acceptances, and any other type of securities, to persons domiciled in Costa Rica.
Amount paid or accrued in respect of dividends and interest on securities.(I) Dividends - 15 percent. For companies listed on the national securities exchange, the withholding is 6 percent.



(II) Interest - 15 percent. A rate of 8 percent is payable for securities listed on an officially recognized securities exchange or issued by financial institutions registered with the Superintendency of Banks or in the case of bills of exchange or banks’ acceptances.
(A) If the shareholder is also a shareholder in another stock company domiciled in Costa Rica that is also subject to this tax.

(B) If dividends are distributed on the registered shares of stock, or partnership shares, of the stock company or partnership that is paying them.

(C) If the securities interest and discounts tax has been paid.

(D) Income generated by securities denominated in foreign currency issued by the Government or state-owned banks.
4.Selective consumption tax(A) Transfers of ownership, effected on the territory of the Republic to non-exempt individuals or corporations.

(B) imports or admissions of selected goods effected by individuals or corporations not exempt from payment of the tax.
(I) Domestically produced: producer’s cash sale price.

(II) Imports: The amount of import duty actually paid (in accordance with customs law) is added to the customs valuation.
Ad valorem rates of 10 percent-75 percent on the basis of lists of goods decreed by the Executive Branch.(A) Importers operating in accordance with international agreements or special laws specifying that they are exempt, albeit only in connection with the goods therein specified. The following categories are also exempt: (a) exporters with respect to the goods they export; (b) reimportation of domestic goods occurring within the 3 years after their export; (c) the branches of Government, the Electoral Court and the Municipalities.
5.Sales taxTax levied on the value-added in the sale of goods and in the provision of the following services: Restaurants, bars, and similar establishments, hotels, repair shops and paint shops for all types of vehicles and goods, parking lots, telephone or fax services, cable, storage warehouses, laundry services, advertising services, and other services. (A) Transfer of the ownership of goods; (B) importation of goods into national territory; (C) sales on consignment, on a piecemeal basis, as well as the leasing of goods with option to buy; (D) provision of services specified in the law; (E) any other action ultimately aiming at the transfer of goods.(I) Domestically produced; net sale price, including selective consumption tax (ISC).

(II) Imports: The amount actually paid in respect of import duty, selective consumption tax and any other tax levied on imports, as well as any other items included in the customs document is added to the customs valuation of such goods (in accordance with customs law).
15 percent through 2/18/97, 13 percent thereafter. The rate charged for residential electric power consumption is 5 percent.Sales of items specified in the basic basket of food items; retreads and tires for agricultural machinery; veterinary products and agricultural inputs; medicines, kerosene, diesel fuel for nonrecreational fishing, books, etc.
6.Tax on the transfer of used vehiclesTransfer of ownership of vehicles, boats, and used aircraft, duly registered.The larger value of the actual sale price and the value recorded in the list of values published each year by the Directorate General of Direct Taxation.5 percent.Motor vehicles owned by diplomats and accredited consular personnel or their governments, or international organizations and personnel thereof, if imported pursuant to a tax exemption for which they are eligible in their official capacities.
7.Tax on the customs valuation of goodsImportation into Costa Rica of goods intended for final domestic use or consumption.Customs valuation of imports.1 percent.(A) The regime applicable to export-processing zones, as prescribed in the Law on Export-Processing Zones and Industrial Parks.

(B) State-owned institutions of higher education.

(C) Self-managed savings and credit or service cooperatives and workers’ trade unions.

(D) Medical and surgical equipment, medicines and raw materials for the manufacturing of same within Costa Rica.
8.Import dutyImportation into Costa Rica of goods intended for final domestic use or consumption.Customs valuation of imports; i.e., the value which, at the time of acceptance of the customs document, arises from a purchase and sale transaction entered into on a basis of unrestricted competition.3 percent for capital goods; 5 percent for raw materials; 20 percent for consumption goods.(A) Household furnishings and appliances for personnel absent from Costa Rica for 24 months prior to their permanent return.

(B) Goods covered by rules set forth in current regional agreements and conventions.

(C) Goods imported with the aim of engaging in activities of a nonindustrial (artisanal) nature, small-scale industry, or industries exporting to third countries.

(D) Eligible activities authorized by the Central American Tariff and Customs Council.

(E) Goods originating from Costa Rica, reimported without any further processing within a period of 3 years.

There are general exemptions, such as the regimes governing the tree trade zones and temporary admission arrangements, export incentives, the Law for the Promotion of Fishery and Agricultural Production, etc.
9.Ad valorem export dutyExports of bananas, coffee, meat, and cattle.Export value (f.o.b.).Bananas, coffee, meat, and purebred cattle: 1 percent. Regular cattle: 8 percent.Exports conducted through the National Production Council.
10.Banana export dutyBanana exports.Case or package weighing 18.14 kg.US$0.30 per case of exported bananas.None.
11.Tax on vehicle ownershipOwnership of vehicles listed in the Public Register of Vehicle Ownership, aircraft listed in the Civil Aviation Register, and boats registered with the Directorate General of Maritime Transportation.Applicable domestic market value of motor vehicles, aircraft, or boats in the month of January of each year, as determined by the Directorate General of Direct Taxation.

The following exceptions apply:

(A) Motor vehicles used for passenger transportation on a for-profit basis, and freight trucks (excluding vans), in which case the tax base is the number of vehicles or trucks; (B) motorcycles, in which case the tax base is the combined piston displacement of all cylinders in the engine.
(I) Vehicles, aircraft, etc.; the amount of the tax is in the range of C 4,000-200,000, depending on the value of the vehicle.

(II) For motorcycles, the tax is in the range of C 700-15,000 depending on the model and the cylinder capacity.

(III) For motor vehicles used for passenger transportation on a for-profit basis, the tax is C 6,000.
(A) Vehicles owned by foreign governments with which reciprocal arrangements on tax treatment are in effect; (B) vehicles owned by international organizations; (C) vehicles owned by the Central Government; (D) ambulances and rescue units of the Costa Rican Red Cross, the National Hospital System, veterans’ homes and the National Insurance Institute, as well as fire-fighting machinery belonging to the National Insurance Institute.
12.Real estate transfer taxTransfers, on whatever basis, of real estate, whether or not listed in the Public Real Estate Register.Amount entered by the parties on the deed of transfer. Under no circumstances may the tax base be lower than the value on record with the Directorate General of Direct Taxation, which has the authority to adjust such amounts.3 percent.(A) Transfers of real estate intended for low-cost housing; (B) the State, where applicable; (C) community development associations, administrative councils and school boards, etc.

A new chapter (XI) has been included, entitled “Taxation arrangements applicable to coffee-producing activities,” pursuant to Law No. 7097, defining a tax base on which 20 percent is withheld quarterly in respect of income tax on coffee producers; it is a minimum payment and is nonrefundable. If, upon filing a tax return, it is determined that the tax payable is greater than the tax withheld, then the difference between the tax withheld and the total amount of the tax must be paid.

A new chapter (XI) has been included, entitled “Taxation arrangements applicable to coffee-producing activities,” pursuant to Law No. 7097, defining a tax base on which 20 percent is withheld quarterly in respect of income tax on coffee producers; it is a minimum payment and is nonrefundable. If, upon filing a tax return, it is determined that the tax payable is greater than the tax withheld, then the difference between the tax withheld and the total amount of the tax must be paid.

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