Costa Rica: Statistical Appendix

International Monetary Fund

doi:10.5089/9781451809572.002.A001

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Costa Rica

Statistical Appendix

Author:

International Monetary Fund

International Monetary Fund
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Publication Date:: 26 Aug 1996

eISBN:: 9781451809572

Language:: English

Keywords:: ISCR; CR; central bank of Costa Rica; central bank; private sector; legal reserve; fund staff estimate

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Table 1.

Costa Rica: Summary Public Sector Operations

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excluding transfer to cover intervention of Banco Anglo Costarricense.

^{^2/}Includes rescheduling.

^{^3/}Including capital gains and interest arrears.

Table 1.

Costa Rica: Summary Public Sector Operations

							Prel.
			1991	1992	1993	1994 ^1/	1995
(In billions of colones)
Central Government			-21.2	-17.4	-20.7	-66.0	-72.7
	Revenue		100.4	137.8	162.4	189.8	254.8
	Expenditure		121.6	155.2	183.1	255.8	327.6
Public enterprises balance			14.4	16.2	16.5	-7.3	23.2
Major public entities			15.2	11.8	14.5	-17.3	14.2
	RECOPE		6.9	6.5	6.9	-4.2	2.2
	ICE		8.6	4.2	7.0	-12.2	9.6
	CNP		-0.8	0.5	-0.6	-1.7	0.2
	ICAA		0.4	0.6	1.2	0.8	2.2
Other public entities			-0.8	4.4	2.0	10.0	9.0
CCSS balance			3.1	8.7	10.9	11.0	17.0
CCSS plus public enterprises			17.5	24.9	27.3	3.7	40.2
Nonfinancial public sector balance			-3.7	7.4	6.6	-62.2	-32.5
Financing (net)			2.6	-6.0	-6.0	58.1	36.6
	External borrowing (net)		1.4	5.2	-0.2	5.8	-7.4
		Disbursements ^2/	18.4	22.0	25.3	33.4	39.0
		Amortization	-17.7	-22.9	-20.1	-34.2	-36.6
		Change in arrears	0.7	6.1	-5.4	6.6	-9.8
	Domestic financing		1.2	-11.2	-5.8	52.3	44.0
		Central Bank	-9.9	-6.7	-8.7	14.7	-41.7
		Rest of banking system	9.6	-15.9	-6.5	-12.4	3.5
		Bonds	6.8	15.1	17.8	40.0	87.4
		Float and other ^3/	-5.3	-3.7	-8.4	9.9	-5.2
Discrepancy			-1.1	1.4	0.6	-4.2	4.0
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 savings			8.9	32.7	51.9	1.8	29.9
(In percent of GDP)
Central Government			-3.1	-1.9	-1.9	-5.0	-4.4
	Revenue		14.5	15.2	15.2	14.5	15.4
	Expenditure		17.6	17.1	17.1	19.6	19.7
Public enterprises			2.1	1.8	1.5	-0.6	1.4
	Major public enterprises		2.2	1.3	1.4	-1.3	0.9
	Other public enterprises		-0.1	0.5	0.2	0.8	0.5
CCSS			0.5	1.0	1.0	0.8	1.0
Nonfinancial nubile sector balance			-0.5	0.8	0.6	-4.8	-2.0
Financing (net)			0.4	-0.7	-0.6	4.4	2.2
	External		0.2	0.6	--	0.4	-0.4
	Domestic		0.2	-1.2	-0.5	4.0	2.6
Statistical discrepancy			--	--	0.1	-0.3	0.1
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 savings			1.3	3.6	4.9	0.1	1.8

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excluding transfer to cover intervention of Banco Anglo Costarricense.

^{^2/}Includes rescheduling.

^{^3/}Including capital gains and interest arrears.

Table 1.

Costa Rica: Summary Public Sector Operations

							Prel.
			1991	1992	1993	1994 ^1/	1995
(In billions of colones)
Central Government			-21.2	-17.4	-20.7	-66.0	-72.7
	Revenue		100.4	137.8	162.4	189.8	254.8
	Expenditure		121.6	155.2	183.1	255.8	327.6
Public enterprises balance			14.4	16.2	16.5	-7.3	23.2
Major public entities			15.2	11.8	14.5	-17.3	14.2
	RECOPE		6.9	6.5	6.9	-4.2	2.2
	ICE		8.6	4.2	7.0	-12.2	9.6
	CNP		-0.8	0.5	-0.6	-1.7	0.2
	ICAA		0.4	0.6	1.2	0.8	2.2
Other public entities			-0.8	4.4	2.0	10.0	9.0
CCSS balance			3.1	8.7	10.9	11.0	17.0
CCSS plus public enterprises			17.5	24.9	27.3	3.7	40.2
Nonfinancial public sector balance			-3.7	7.4	6.6	-62.2	-32.5
Financing (net)			2.6	-6.0	-6.0	58.1	36.6
	External borrowing (net)		1.4	5.2	-0.2	5.8	-7.4
		Disbursements ^2/	18.4	22.0	25.3	33.4	39.0
		Amortization	-17.7	-22.9	-20.1	-34.2	-36.6
		Change in arrears	0.7	6.1	-5.4	6.6	-9.8
	Domestic financing		1.2	-11.2	-5.8	52.3	44.0
		Central Bank	-9.9	-6.7	-8.7	14.7	-41.7
		Rest of banking system	9.6	-15.9	-6.5	-12.4	3.5
		Bonds	6.8	15.1	17.8	40.0	87.4
		Float and other ^3/	-5.3	-3.7	-8.4	9.9	-5.2
Discrepancy			-1.1	1.4	0.6	-4.2	4.0
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 savings			8.9	32.7	51.9	1.8	29.9
(In percent of GDP)
Central Government			-3.1	-1.9	-1.9	-5.0	-4.4
	Revenue		14.5	15.2	15.2	14.5	15.4
	Expenditure		17.6	17.1	17.1	19.6	19.7
Public enterprises			2.1	1.8	1.5	-0.6	1.4
	Major public enterprises		2.2	1.3	1.4	-1.3	0.9
	Other public enterprises		-0.1	0.5	0.2	0.8	0.5
CCSS			0.5	1.0	1.0	0.8	1.0
Nonfinancial nubile sector balance			-0.5	0.8	0.6	-4.8	-2.0
Financing (net)			0.4	-0.7	-0.6	4.4	2.2
	External		0.2	0.6	--	0.4	-0.4
	Domestic		0.2	-1.2	-0.5	4.0	2.6
Statistical discrepancy			--	--	0.1	-0.3	0.1
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 savings			1.3	3.6	4.9	0.1	1.8

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excluding transfer to cover intervention of Banco Anglo Costarricense.

^{^2/}Includes rescheduling.

^{^3/}Including capital gains and interest arrears.

Table 2.

Costa Rica: Summary Central Government Operations

Sources: Ministry of Finance; and Fund staff estimates.

Table 2.

Costa Rica: Summary Central Government Operations

		1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Total revenue		100,405	137,798	162,353	189,822	254,819
Tax revenue		97,308	133,882	159,199	185,074	250,070
	Direct taxes	15,344	20,465	28,871	36,632	49,393
	Indirect taxes	81,964	113,417	130,328	148,442	200,677
Nontax revenue		3,097	3,916	3,154	4,748	4,749
Total expenditure		121,643	155,235	183,097	255,779	327,568
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Social security		1,498	4,285	3,618	6,092	11,150
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest payments		28,572	32,994	33,297	53,491	90,947
	Internal	22,302	25,494	25,297	43,841	78,425
	External	6,270	7,500	8,000	9,650	12,522
Transfers		38,555	49,715	59,483	80,509	90,174
	Public sector	17,709	25,134	32,668	37,691	36,941
	Private sector	20,740	24,364	26,365	42,337	52,838
	External sector	106	217	450	481	395
Capital expenditure		9,917	15,861	21,100	30,082	30,092
Fixed investment		4,080	5,655	6,642	9,656	13,375
Transfers		5,488	9,868	14,013	19,356	16,414
Other		349	338	445	1,070	1,112
Overall balance (deficit -)		-21,238	-17,437	-20,744	-65,957	-72,749
(In percent of GDP)
Total revenue		14.5	15.2	15.2	14.5	15.4
Total expenditure		17.6	17.1	17.1	19.6	19.7
Current expenditure		16.2	15.4	15.2	17.3	17.9
Capital expenditure		1.4	1.6	2.0	2.3	1.9
Overall balance (deficit -)		-3.1	-1.9	-1.9	-5.0	-4.4

Sources: Ministry of Finance; and Fund staff estimates.

Table 2.

Costa Rica: Summary Central Government Operations

		1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Total revenue		100,405	137,798	162,353	189,822	254,819
Tax revenue		97,308	133,882	159,199	185,074	250,070
	Direct taxes	15,344	20,465	28,871	36,632	49,393
	Indirect taxes	81,964	113,417	130,328	148,442	200,677
Nontax revenue		3,097	3,916	3,154	4,748	4,749
Total expenditure		121,643	155,235	183,097	255,779	327,568
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Social security		1,498	4,285	3,618	6,092	11,150
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest payments		28,572	32,994	33,297	53,491	90,947
	Internal	22,302	25,494	25,297	43,841	78,425
	External	6,270	7,500	8,000	9,650	12,522
Transfers		38,555	49,715	59,483	80,509	90,174
	Public sector	17,709	25,134	32,668	37,691	36,941
	Private sector	20,740	24,364	26,365	42,337	52,838
	External sector	106	217	450	481	395
Capital expenditure		9,917	15,861	21,100	30,082	30,092
Fixed investment		4,080	5,655	6,642	9,656	13,375
Transfers		5,488	9,868	14,013	19,356	16,414
Other		349	338	445	1,070	1,112
Overall balance (deficit -)		-21,238	-17,437	-20,744	-65,957	-72,749
(In percent of GDP)
Total revenue		14.5	15.2	15.2	14.5	15.4
Total expenditure		17.6	17.1	17.1	19.6	19.7
Current expenditure		16.2	15.4	15.2	17.3	17.9
Capital expenditure		1.4	1.6	2.0	2.3	1.9
Overall balance (deficit -)		-3.1	-1.9	-1.9	-5.0	-4.4

Sources: Ministry of Finance; and Fund staff estimates.

Table 3.

Costa Rica: Interest Rates

(In percent, annual basis)

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

^{^1/}Ex-post real rate at time of issue.

^{^2/}Ex-post excess return of colón bonds vis-à-vis LIBOR plus depreciation.

^{^3/}BNCR base lending minus deposit rates.

Table 3.

Costa Rica: Interest Rates

(In percent, annual basis)

	Nominal Rates		Real Rate ^1/	Premium ^2/	Spread ^3/
	Stabilization Bonds (6 mos.)	BNCR Base Lending Rate	Stabilization Bonds (6 mos.)	Stabilization Bonds (6 mos.)	BNCR
1991
March	34.50	41.50	4.11	-7.94	11.50
June	30.50	39.75	0.21	-14.59	10.25
Sept.	31.50	39.75	1.26	-11.89	10.25
Dec.	29.75	39.00	3.53	-6.99	11.50
1992
March	20.00	33.00	-4.84	-0.45	13.00
June	16.00	25.00	-5.69	2.06	14.00
Sept.	17.25	28.00	-1.18	9.55	11.50
Dec.	18.90	29.50	1.62	13.83	11.00
1993
March	15.95	29.50	5.22	8.58	13.50
June	17.94	29.50	7.90	9.73	12.75
Sept.	27.17	38.00	16.79	16.26	16.00
Dec.	26.09	37.00	15.64	12.02	16.00
1994
March	24.18	34.00	11.60	8.01	14.00
June	24.18	34.00	10.85	7.42	14.00
Sept.	26.68	34.00	8.96	10.46	14.00
Dec.	28.68	37.00	7.36	11.98	15.00
1995
March	34.00	41.00	8.46	14.96	13.00
June	34.00	42.00	9.56	12.37	14.00
Sept.	32.06	41.00	8.24	8.41	15.00
Dec.	27.00	37.00	5.53	4.74	13.00

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

^{^1/}Ex-post real rate at time of issue.

^{^2/}Ex-post excess return of colón bonds vis-à-vis LIBOR plus depreciation.

^{^3/}BNCR base lending minus deposit rates.

Table 3.

Costa Rica: Interest Rates

(In percent, annual basis)

	Nominal Rates		Real Rate ^1/	Premium ^2/	Spread ^3/
	Stabilization Bonds (6 mos.)	BNCR Base Lending Rate	Stabilization Bonds (6 mos.)	Stabilization Bonds (6 mos.)	BNCR
1991
March	34.50	41.50	4.11	-7.94	11.50
June	30.50	39.75	0.21	-14.59	10.25
Sept.	31.50	39.75	1.26	-11.89	10.25
Dec.	29.75	39.00	3.53	-6.99	11.50
1992
March	20.00	33.00	-4.84	-0.45	13.00
June	16.00	25.00	-5.69	2.06	14.00
Sept.	17.25	28.00	-1.18	9.55	11.50
Dec.	18.90	29.50	1.62	13.83	11.00
1993
March	15.95	29.50	5.22	8.58	13.50
June	17.94	29.50	7.90	9.73	12.75
Sept.	27.17	38.00	16.79	16.26	16.00
Dec.	26.09	37.00	15.64	12.02	16.00
1994
March	24.18	34.00	11.60	8.01	14.00
June	24.18	34.00	10.85	7.42	14.00
Sept.	26.68	34.00	8.96	10.46	14.00
Dec.	28.68	37.00	7.36	11.98	15.00
1995
March	34.00	41.00	8.46	14.96	13.00
June	34.00	42.00	9.56	12.37	14.00
Sept.	32.06	41.00	8.24	8.41	15.00
Dec.	27.00	37.00	5.53	4.74	13.00

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

^{^1/}Ex-post real rate at time of issue.

^{^2/}Ex-post excess return of colón bonds vis-à-vis LIBOR plus depreciation.

^{^3/}BNCR base lending minus deposit rates.

Table 4.

Costa Rica: Central Bank Operating Losses

Source: Central Bank of Costa Rica.

^{^1/}In billions of colones.

Table 4.

Costa Rica: Central Bank Operating Losses

				1991	1992	1993	1994	Prel. 1995
(In millions of current colones)
A.	Income			20,265	17,445	15,618	19,834	31,757
	1.	Interest		15,593	13,688	11,635	16,853	28,591
	2.	Commissions		612	755	920	1,071	1,404
	3.	Other		4,060	3,002	3,063	1,910	1,762
B.	Expenditures			32,939	33,314	31,486	38,645	62,287
	a.	Interest on domestic liabilities		10,140	11,128	11,240	15,415	31,517
		1.	Stabilization Bonds	8,541	9,020	8,224	12,736	28,290
		2.	SICP	1,318	1,819	2,193	1,887	1,952
		3.	Other	281	289	823	792	1,275
	b.	Interest on foreign liabilities		19,641	18,184	15,791	17,640	25,443
		1.	Deposits	6,833	6,343	4,373	4,865	9,413
		2.	External debt	12,808	11,841	11,418	12,775	16,030
	c.	Other expenditure		3,158	4,002	4,455	5,589	5,327
C.	Operating Losses (A-B)			(12,674)	(15,869)	(15,868)	(18,811)	(30,530)
(In percent of total expenditures)
A.	Income			61.5	52.4	49.6	51.3	51.0
	1.	Interest		47.3	41.1	37.0	43.6	45.9
	2.	Commissions		1.9	2.3	2.9	2.8	2.3
	3.	Other		12.3	9.0	9.7	4.9	2.8
B.	Expenditures			100.0	100.0	100.0	100.0	100.0
	a.	Interest on domestic liabilities		30.8	33.4	35.7	39.9	50.6
		1.	Stabilization Bonds	25.9	27.1	26.1	33.0	45.4
		2.	SICP	4.0	5.5	7.0	4.9	3.1
		3.	Other	9.6	7.5	6.8	2.0	2.1
	b.	Interest on foreign liabilities		59.6	54.6	50.2	45.6	40.8
		1.	Deposits	20.7	19.0	13.9	12.6	15.1
		2.	External debt	38.9	35.5	36.3	33.1	25.7
	c.	Other expenditure		9.6	12.0	14.1	14.5	8.6
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/			32,164	37,541	42,603	75,802	124,836
	Interest rate on Stabilization Bonds			29.8	18.9	26.1	25.6	31.9

Source: Central Bank of Costa Rica.

^{^1/}In billions of colones.

Table 4.

Costa Rica: Central Bank Operating Losses

				1991	1992	1993	1994	Prel. 1995
(In millions of current colones)
A.	Income			20,265	17,445	15,618	19,834	31,757
	1.	Interest		15,593	13,688	11,635	16,853	28,591
	2.	Commissions		612	755	920	1,071	1,404
	3.	Other		4,060	3,002	3,063	1,910	1,762
B.	Expenditures			32,939	33,314	31,486	38,645	62,287
	a.	Interest on domestic liabilities		10,140	11,128	11,240	15,415	31,517
		1.	Stabilization Bonds	8,541	9,020	8,224	12,736	28,290
		2.	SICP	1,318	1,819	2,193	1,887	1,952
		3.	Other	281	289	823	792	1,275
	b.	Interest on foreign liabilities		19,641	18,184	15,791	17,640	25,443
		1.	Deposits	6,833	6,343	4,373	4,865	9,413
		2.	External debt	12,808	11,841	11,418	12,775	16,030
	c.	Other expenditure		3,158	4,002	4,455	5,589	5,327
C.	Operating Losses (A-B)			(12,674)	(15,869)	(15,868)	(18,811)	(30,530)
(In percent of total expenditures)
A.	Income			61.5	52.4	49.6	51.3	51.0
	1.	Interest		47.3	41.1	37.0	43.6	45.9
	2.	Commissions		1.9	2.3	2.9	2.8	2.3
	3.	Other		12.3	9.0	9.7	4.9	2.8
B.	Expenditures			100.0	100.0	100.0	100.0	100.0
	a.	Interest on domestic liabilities		30.8	33.4	35.7	39.9	50.6
		1.	Stabilization Bonds	25.9	27.1	26.1	33.0	45.4
		2.	SICP	4.0	5.5	7.0	4.9	3.1
		3.	Other	9.6	7.5	6.8	2.0	2.1
	b.	Interest on foreign liabilities		59.6	54.6	50.2	45.6	40.8
		1.	Deposits	20.7	19.0	13.9	12.6	15.1
		2.	External debt	38.9	35.5	36.3	33.1	25.7
	c.	Other expenditure		9.6	12.0	14.1	14.5	8.6
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/			32,164	37,541	42,603	75,802	124,836
	Interest rate on Stabilization Bonds			29.8	18.9	26.1	25.6	31.9

Source: Central Bank of Costa Rica.

^{^1/}In billions of colones.

Table 5.

Costa Rica: Summary Balance of Payments, 1991-95

(In millions of U.S. dollars)

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

^{^1/}Includes errors and omissions.

^{^2/}Does not include changes in commercial banks’ dollar deposits at the Central Bank and swaps.

^{^3/}Includes overdue obligations to multilateral institutions within grace period.

^{^4/}Considering commercial banks’ dollar deposits at the Central Bank as a reserve liability.

Table 5.

Costa Rica: Summary Balance of Payments, 1991-95

(In millions of U.S. dollars)

			1991	1992	1993	1994	Prel. 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.			1,490.2	1,728.5	1,873.9	2,093.7	2,480.2
	Of which:	bananas	396.6	522.1	560.1	561.1	640.1
		coffee	263.6	201.6	201.5	300.2	414.2
		nontraditional exports	741.0	934.6	1,026.5	1,157.5	1,338.0
Imports, c.i.f.			-1,886.2	-2,455.0	-2,919.4	-3,040.3	-3,285.7
Services			179.3	182.7	289.1	511.7	509.0
Factor payments			-170.8	-197.1	-221.6	-115.8	-176.8
	Official interest		-186.4	-196.6	-191.8	-173.3	-195.6
	Other		15.6	-0.5	-29.8	57.5	18.8
Nonfactor services			350.1	379.8	510.7	627.5	685.8
	Of which:	tourism receipts	328.6	428.6	573.7	624.1	664.4
		net maquila exports	102.5	119.3	129.9	210.4	269.9
Transfers			141.6	173.4	143.1	165.7	153.5
Capital account			243.5	373.3	602.6	276.3	387.1
Official capital			63.2	3.1	-47.5	-21.5	-107.4
Disbursements			310.6	330.8	373.7	252.7	214.8
	BOP support		59.9	128.4	14.7	0.0	64.0
	Other		250.6	202.4	359.0	252.7	150.8
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 capital ^1/			180.3	457.9	618.7	297.8	494.5
Direct and other long-term			169.3	210.2	222.7	213.6	364.0
Short-term			11.0	247.7	396.0	84.2	130.5
Overall balance			168.4	90.6	-14.4	7.1	244.1
Financing			-168.4	-90.6	14.4	-7.1	-244.1
Net international reserves ^2/
	(- increase)		-349.8	-88.2	-32.0	-5.6	-228.6
Rescheduling			293.8	11.4	117.2	--	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)			11.7	10.7	10.3	10.4	11.4
Tourism receipts (in percent of GDP)			5.8	6.4	7.7	7.5	7.2
Current account (including transfers; in percent of GDP)			-1.3	-5.5	-8.3	-3.2	-1.5
Net international reserves (millions of US$) ^2/			631.8	720.0	752.0	757.6	986.1
	(in months of imports of goods and services)		3.4	3.0	2.6	2.5	3.0
Adjusted net international reserves ^4/			201.4	311.6	387.2	314.2	428.4
	(in months of imports of goods and services)		1.1	1.3	1.4	1.0	1.3
Stock of nonrefinanceable external arrears (end of period; millions of US$)			62.5	77.9	40.2	90.5	42.5

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

^{^1/}Includes errors and omissions.

^{^2/}Does not include changes in commercial banks’ dollar deposits at the Central Bank and swaps.

^{^3/}Includes overdue obligations to multilateral institutions within grace period.

^{^4/}Considering commercial banks’ dollar deposits at the Central Bank as a reserve liability.

Table 5.

Costa Rica: Summary Balance of Payments, 1991-95

(In millions of U.S. dollars)

			1991	1992	1993	1994	Prel. 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.			1,490.2	1,728.5	1,873.9	2,093.7	2,480.2
	Of which:	bananas	396.6	522.1	560.1	561.1	640.1
		coffee	263.6	201.6	201.5	300.2	414.2
		nontraditional exports	741.0	934.6	1,026.5	1,157.5	1,338.0
Imports, c.i.f.			-1,886.2	-2,455.0	-2,919.4	-3,040.3	-3,285.7
Services			179.3	182.7	289.1	511.7	509.0
Factor payments			-170.8	-197.1	-221.6	-115.8	-176.8
	Official interest		-186.4	-196.6	-191.8	-173.3	-195.6
	Other		15.6	-0.5	-29.8	57.5	18.8
Nonfactor services			350.1	379.8	510.7	627.5	685.8
	Of which:	tourism receipts	328.6	428.6	573.7	624.1	664.4
		net maquila exports	102.5	119.3	129.9	210.4	269.9
Transfers			141.6	173.4	143.1	165.7	153.5
Capital account			243.5	373.3	602.6	276.3	387.1
Official capital			63.2	3.1	-47.5	-21.5	-107.4
Disbursements			310.6	330.8	373.7	252.7	214.8
	BOP support		59.9	128.4	14.7	0.0	64.0
	Other		250.6	202.4	359.0	252.7	150.8
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 capital ^1/			180.3	457.9	618.7	297.8	494.5
Direct and other long-term			169.3	210.2	222.7	213.6	364.0
Short-term			11.0	247.7	396.0	84.2	130.5
Overall balance			168.4	90.6	-14.4	7.1	244.1
Financing			-168.4	-90.6	14.4	-7.1	-244.1
Net international reserves ^2/
	(- increase)		-349.8	-88.2	-32.0	-5.6	-228.6
Rescheduling			293.8	11.4	117.2	--	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)			11.7	10.7	10.3	10.4	11.4
Tourism receipts (in percent of GDP)			5.8	6.4	7.7	7.5	7.2
Current account (including transfers; in percent of GDP)			-1.3	-5.5	-8.3	-3.2	-1.5
Net international reserves (millions of US$) ^2/			631.8	720.0	752.0	757.6	986.1
	(in months of imports of goods and services)		3.4	3.0	2.6	2.5	3.0
Adjusted net international reserves ^4/			201.4	311.6	387.2	314.2	428.4
	(in months of imports of goods and services)		1.1	1.3	1.4	1.0	1.3
Stock of nonrefinanceable external arrears (end of period; millions of US$)			62.5	77.9	40.2	90.5	42.5

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

^{^1/}Includes errors and omissions.

^{^2/}Does not include changes in commercial banks’ dollar deposits at the Central Bank and swaps.

^{^3/}Includes overdue obligations to multilateral institutions within grace period.

^{^4/}Considering commercial banks’ dollar deposits at the Central Bank as a reserve liability.

Table 6.

Costa Rica: Comparative Social Indicators

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

^{^1/}In percent of school age population. Last year for which data are available is 1993.

^{^2/}In percent of population above 15 years of age. Last year for which data are available is 1993.

^{^3/}Per thousand live births. Last year for which data are available is 1993.

^{^4/}In percent of age group under five. Last year for which data are available is 1993.

Table 6.

Costa Rica: Comparative Social Indicators

		Costa Rica			Latin America
		1975	1985	1994	1975	1985	1994
GNP per capita (US$)		950	1,382	2,743	1,192	1,836	3,310
Primary enrollment ^1/		107	97	105	99	107	110
	Male	108	98	106	100	…	…
	Female	106	96	105	98	…	…
Secondary enrollment ^1/		42	40	47	35	48	51
Illiteracy ^2/		12	8	5	26	18	14
	Female	…	8	5	…	20	15
Infant mortality ^3/		38	19	13	78	56	41
Life expectancy (years)		68	74	77	61	65	68
Child malnutrition ^4/		…	6	2	…	…	…

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

^{^1/}In percent of school age population. Last year for which data are available is 1993.

^{^2/}In percent of population above 15 years of age. Last year for which data are available is 1993.

^{^3/}Per thousand live births. Last year for which data are available is 1993.

^{^4/}In percent of age group under five. Last year for which data are available is 1993.

Table 6.

Costa Rica: Comparative Social Indicators

		Costa Rica			Latin America
		1975	1985	1994	1975	1985	1994
GNP per capita (US$)		950	1,382	2,743	1,192	1,836	3,310
Primary enrollment ^1/		107	97	105	99	107	110
	Male	108	98	106	100	…	…
	Female	106	96	105	98	…	…
Secondary enrollment ^1/		42	40	47	35	48	51
Illiteracy ^2/		12	8	5	26	18	14
	Female	…	8	5	…	20	15
Infant mortality ^3/		38	19	13	78	56	41
Life expectancy (years)		68	74	77	61	65	68
Child malnutrition ^4/		…	6	2	…	…	…

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

^{^1/}In percent of school age population. Last year for which data are available is 1993.

^{^2/}In percent of population above 15 years of age. Last year for which data are available is 1993.

^{^3/}Per thousand live births. Last year for which data are available is 1993.

^{^4/}In percent of age group under five. Last year for which data are available is 1993.

Table 7.

Costa Rica: National Accounts

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

Table 7.

Costa Rica: National Accounts

		1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Consumption		522,981	689,057	826,916	1,005,941	1,268,890
Private sector		411,105	544,609	648,464	779,307	990,129
Public sector		111,876	144,448	178,452	226,634	278,761
Gross domestic investment		173,581	261,060	319,602	349,963	411,297
Fixed capital formation		136,098	188,318	248,535	257,763	304,367
	Private sector	106,811	150,837	196,163	196,031	237,115
	Public sector	29,287	37,481	52,372	61,732	67,252
Inventory changes		37,483	77,197	71,067	92,200	106,930
Gross domestic expenditure		696,562	954,572	1,146,518	1,355,904	1,680,186
Resource gap		-6,398	-48,293	-77,259	-49,603	-20,801
Exports of goods and nonfactor services		264,505	342,873	412,478	514,146	678,265
Imports of goods and nonfactor services		-270,903	-391,166	-489,737	-563,749	-699,066
GDP at market prices		690,164	906,278	1,069,259	1,306,302	1,659,385
(In millions of 1966 colones)
Consumption		8,718	9,362	9,963	10,347	10,524
Private sector		7,369	7,974	8,491	8,831	9,008
Public sector		1,349	1,388	1,472	1,516	1,516
Gross domestic investment		2,559	3,551	4,006	3,837	3,512
Fixed capital formation		2,593	3,156	3,875	3,533	3,392
	Private sector	2,024	2,531	3,073	2,802	2,690
	Public sector	569	625	802	731	702
Inventory changes		-34	395	131	304	220
Gross domestic expenditure		11,277	12,913	13,969	14,184	14,136
Resource gap		1,244	575	375	807	1,238
Exports of goods and nonfactor services		6,845	7,681	8,556	9,169	9,805
Imports of goods and nonfactor services		-5,601	-7,106	-8,181	-8,362	-8,567
GDP at market prices		12,521	13,489	14,344	14,992	15,374

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

Table 7.

Costa Rica: National Accounts

		1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Consumption		522,981	689,057	826,916	1,005,941	1,268,890
Private sector		411,105	544,609	648,464	779,307	990,129
Public sector		111,876	144,448	178,452	226,634	278,761
Gross domestic investment		173,581	261,060	319,602	349,963	411,297
Fixed capital formation		136,098	188,318	248,535	257,763	304,367
	Private sector	106,811	150,837	196,163	196,031	237,115
	Public sector	29,287	37,481	52,372	61,732	67,252
Inventory changes		37,483	77,197	71,067	92,200	106,930
Gross domestic expenditure		696,562	954,572	1,146,518	1,355,904	1,680,186
Resource gap		-6,398	-48,293	-77,259	-49,603	-20,801
Exports of goods and nonfactor services		264,505	342,873	412,478	514,146	678,265
Imports of goods and nonfactor services		-270,903	-391,166	-489,737	-563,749	-699,066
GDP at market prices		690,164	906,278	1,069,259	1,306,302	1,659,385
(In millions of 1966 colones)
Consumption		8,718	9,362	9,963	10,347	10,524
Private sector		7,369	7,974	8,491	8,831	9,008
Public sector		1,349	1,388	1,472	1,516	1,516
Gross domestic investment		2,559	3,551	4,006	3,837	3,512
Fixed capital formation		2,593	3,156	3,875	3,533	3,392
	Private sector	2,024	2,531	3,073	2,802	2,690
	Public sector	569	625	802	731	702
Inventory changes		-34	395	131	304	220
Gross domestic expenditure		11,277	12,913	13,969	14,184	14,136
Resource gap		1,244	575	375	807	1,238
Exports of goods and nonfactor services		6,845	7,681	8,556	9,169	9,805
Imports of goods and nonfactor services		-5,601	-7,106	-8,181	-8,362	-8,567
GDP at market prices		12,521	13,489	14,344	14,992	15,374

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

Table 8.

Costa Rica: Gross Domestic Product by Sector

Source: Central Bank of Costa Rica.

Table 8.

Costa Rica: Gross Domestic Product by Sector

	1991	1992	1993	1994	Prel. 1995
(In millions of current colones)
Gross domestic product	690,164	906,278	1,069,259	1,306,302	1,659,385
Agriculture	119,626	147,910	171,588	216,216	288,432
Industry and mining	137,469	185,616	206,877	243,044	308,423
Utilities	24,210	31,960	39,610	47,104	56,478
Construction	19,549	23,294	29,283	35,446	37,785
Commercial services	139,459	193,292	222,302	263,561	335,777
Transport and communication	35,884	48,034	58,023	69,339	88,755
Financial services	53,655	69,344	90,052	114,608	146,698
Housing	22,870	27,427	31,559	37,774	47,482
Public administration	92,818	118,999	144,723	186,814	232,583
Other services	44,623	60,403	75,242	92,396	116,973
(In millions of 1966 colones)
Gross domestic product	12,521	13,489	14,344	14,992	15,374
Agriculture	2,513	2,614	2,681	2,762	2,854
Industry and mining	2,685	2,961	3,151	3,261	3,359
Utilities	397	421	445	477	496
Construction	466	478	556	591	520
Commercial services	2,061	2,319	2,493	2,617	2,696
Transport and communication	1,091	1,245	1,384	1,484	1,573
Financial services	869	963	1,082	1,158	1,169
Housing	820	836	854	875	893
Public administration	1,070	1,081	1,102	1,130	1,158
Other services	550	573	607	637	656

Source: Central Bank of Costa Rica.

Table 8.

Costa Rica: Gross Domestic Product by Sector

	1991	1992	1993	1994	Prel. 1995
(In millions of current colones)
Gross domestic product	690,164	906,278	1,069,259	1,306,302	1,659,385
Agriculture	119,626	147,910	171,588	216,216	288,432
Industry and mining	137,469	185,616	206,877	243,044	308,423
Utilities	24,210	31,960	39,610	47,104	56,478
Construction	19,549	23,294	29,283	35,446	37,785
Commercial services	139,459	193,292	222,302	263,561	335,777
Transport and communication	35,884	48,034	58,023	69,339	88,755
Financial services	53,655	69,344	90,052	114,608	146,698
Housing	22,870	27,427	31,559	37,774	47,482
Public administration	92,818	118,999	144,723	186,814	232,583
Other services	44,623	60,403	75,242	92,396	116,973
(In millions of 1966 colones)
Gross domestic product	12,521	13,489	14,344	14,992	15,374
Agriculture	2,513	2,614	2,681	2,762	2,854
Industry and mining	2,685	2,961	3,151	3,261	3,359
Utilities	397	421	445	477	496
Construction	466	478	556	591	520
Commercial services	2,061	2,319	2,493	2,617	2,696
Transport and communication	1,091	1,245	1,384	1,484	1,573
Financial services	869	963	1,082	1,158	1,169
Housing	820	836	854	875	893
Public administration	1,070	1,081	1,102	1,130	1,158
Other services	550	573	607	637	656

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

	1991	1992	1993	1994	Prel. 1995
Coffee	161.8	161.3	152.3	148.8	150.8
Bananas	1,714.6	1,920.0	2,110.9	2,170.7	2,340.1
Sugarcane	2,946.6	3,157.4	3,304.5	3,302.9	3,557.0
Cocoa	2.8	2.1	1.8	1.4	1.3
Rice	182.7	173.3	147.3	175.6	151.8
Corn	56.6	41.4	37.5	30.5	27.4
Beans	36.1	36.6	30.8	35.9	34.9
Plantains	96.1	99.6	108.9	138.3	149.5

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

	1991	1992	1993	1994	Prel. 1995
Coffee	161.8	161.3	152.3	148.8	150.8
Bananas	1,714.6	1,920.0	2,110.9	2,170.7	2,340.1
Sugarcane	2,946.6	3,157.4	3,304.5	3,302.9	3,557.0
Cocoa	2.8	2.1	1.8	1.4	1.3
Rice	182.7	173.3	147.3	175.6	151.8
Corn	56.6	41.4	37.5	30.5	27.4
Beans	36.1	36.6	30.8	35.9	34.9
Plantains	96.1	99.6	108.9	138.3	149.5

Source: Central Bank of Costa Rica.

Table 10.

Costa Rica: Output and Prices of Major Agricultural Products

(Annual percentage changes)

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

^{^1/}Changes based on export unit values converted at the average annual buying exchange rate.

Table 10.

Costa Rica: Output and Prices of Major Agricultural Products

(Annual percentage changes)

		1991	1992	1993	1994	Prel. 1995
Major exports
Coffee
	Output	6.0	-0.3	-5.6	-2.3	1.3
	Export price ^1/	37.9	-17.7	9.4	79.0	67.8
Bananas
	Output	7.2	12.0	9.9	2.8	7.8
	Export price ^1/	55.4	22.8	2.8	10.7	19.8
Sugar
	Output (sugarcane)	7.0	7.2	4.7	0.0	7.7
	Export price ^1/	-8.2	10.0	15.0	2.0	35.3
Basic grains
Rice
	Output	-3.9	-5.1	-15.2	19.5	-13.6
	Consumer price	41.1	19.5	4.8	…	…
Corn
	Output	-14.2	-26.9	-9.5	-18.7	-10.2
	Support price	41.3	4.2	6.3	…	…
	Consumer price	55.3	…	1.0	…	…
Beans
	Output	14.5	-1.5	-16.0	16.6	-2.8
	Support price	40.7	…	12.8	…	…
	Consumer price	49.7	16.2	-0.7	…	…

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

^{^1/}Changes based on export unit values converted at the average annual buying exchange rate.

Table 10.

Costa Rica: Output and Prices of Major Agricultural Products

(Annual percentage changes)

		1991	1992	1993	1994	Prel. 1995
Major exports
Coffee
	Output	6.0	-0.3	-5.6	-2.3	1.3
	Export price ^1/	37.9	-17.7	9.4	79.0	67.8
Bananas
	Output	7.2	12.0	9.9	2.8	7.8
	Export price ^1/	55.4	22.8	2.8	10.7	19.8
Sugar
	Output (sugarcane)	7.0	7.2	4.7	0.0	7.7
	Export price ^1/	-8.2	10.0	15.0	2.0	35.3
Basic grains
Rice
	Output	-3.9	-5.1	-15.2	19.5	-13.6
	Consumer price	41.1	19.5	4.8	…	…
Corn
	Output	-14.2	-26.9	-9.5	-18.7	-10.2
	Support price	41.3	4.2	6.3	…	…
	Consumer price	55.3	…	1.0	…	…
Beans
	Output	14.5	-1.5	-16.0	16.6	-2.8
	Support price	40.7	…	12.8	…	…
	Consumer price	49.7	16.2	-0.7	…	…

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

^{^1/}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)

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

^{^1/}In the second half of 1995 CNP ceased to support prices of basic grains.

Table 11.

Costa Rica: Average Prices of Basic Grains

(In colones per kilo)

	1991	1992	1993	1994	1995
Rice
Wholesalers	60.09	70.10	73.50	78.22	87.95
Retailers	61.64	72.20	75.67	80.53	90.55
Cons tuners	66.43	79.40	83.20	82.95	98.45
Corn
Support price	23.90	24.90	26.48	31.55	30.65	^1/
Wholesalers	33.53	33.53	33.88	35.38	34.40
Industrial	33.97	33.97	34.33	35.84	…
Retailers	34.87	34.87	35.30	37.15	40.56
Consumers	39.50	39.50	39.90	41.99	45.84
Beans
Support price	70.33	70.33	79.30	93.57	91.24	^1/
Wholesalers	72.90	87.30	88.28	…	…
Retailers	76.55	89.04	88.28	107.11	105.85
Consumers	86.50	100.50	99.75	114.42	119.93

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

^{^1/}In the second half of 1995 CNP ceased to support prices of basic grains.

Table 11.

Costa Rica: Average Prices of Basic Grains

(In colones per kilo)

	1991	1992	1993	1994	1995
Rice
Wholesalers	60.09	70.10	73.50	78.22	87.95
Retailers	61.64	72.20	75.67	80.53	90.55
Cons tuners	66.43	79.40	83.20	82.95	98.45
Corn
Support price	23.90	24.90	26.48	31.55	30.65	^1/
Wholesalers	33.53	33.53	33.88	35.38	34.40
Industrial	33.97	33.97	34.33	35.84	…
Retailers	34.87	34.87	35.30	37.15	40.56
Consumers	39.50	39.50	39.90	41.99	45.84
Beans
Support price	70.33	70.33	79.30	93.57	91.24	^1/
Wholesalers	72.90	87.30	88.28	…	…
Retailers	76.55	89.04	88.28	107.11	105.85
Consumers	86.50	100.50	99.75	114.42	119.93

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

^{^1/}In the second half of 1995 CNP ceased to support prices of basic grains.

Table 12.

Costa Rica: Industrial Production

(Index 1985=100)

Source: Central Bank of Costa Rica.

^{^1/}The 1995 index refers to the period January-September.

Table 12.

Costa Rica: Industrial Production

(Index 1985=100)

	1991	1992	1993	1994	Prel. 1995 ^1/
Total	127.5	140.6	149.8	155.0	158.9
Foodstuffs, beverages and tobacco	134.4	138.6	148.5	148.1	156.6
Textiles, clothing and leather	92.8	103.3	107.7	100.2	99.5
Wood and wood products	111.9	110.1	97.9	102.2	94.3
Paper and paper products	142.1	149.0	161.1	155.3	151.1
Chemical and petroleum products	117.2	145.9	155.9	181.2	184.2
Nonmetallic minerals	134.2	140.1	149.5	145.5	150.4
Metals	134.4	182.4	200.6	216.2	212.4
Other	87.5	101.8	92.4	116.9	94.3

Source: Central Bank of Costa Rica.

^{^1/}The 1995 index refers to the period January-September.

Table 12.

Costa Rica: Industrial Production

(Index 1985=100)

	1991	1992	1993	1994	Prel. 1995 ^1/
Total	127.5	140.6	149.8	155.0	158.9
Foodstuffs, beverages and tobacco	134.4	138.6	148.5	148.1	156.6
Textiles, clothing and leather	92.8	103.3	107.7	100.2	99.5
Wood and wood products	111.9	110.1	97.9	102.2	94.3
Paper and paper products	142.1	149.0	161.1	155.3	151.1
Chemical and petroleum products	117.2	145.9	155.9	181.2	184.2
Nonmetallic minerals	134.2	140.1	149.5	145.5	150.4
Metals	134.4	182.4	200.6	216.2	212.4
Other	87.5	101.8	92.4	116.9	94.3

Source: Central Bank of Costa Rica.

^{^1/}The 1995 index refers to the period January-September.

Table 13.

Costa Rica: Price Indicators

Source: Central Bank of Costa Rica.

^{^1/}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 13.

Costa Rica: Price Indicators

	Indices
	1991	1992	1993	1994	1995
(1991 = 100)
Producer prices (average)	100	118.4	124.5	140.8	174.5
Food, beverages and tobacco	100	123.2	128.7	150.0	183.6
Textiles and leather	100	116.9	123.0	134.9	157.6
Wood products	100	128.2	158.5	189.3	225.6
Paper and printing	100	117.5	124.6	141.4	194.9
Chemicals and petroleum products	100	112.9	118.8	128.3	161.2
Non metallic mineral products	100	116.9	128.4	143.7	173.7
Basic metalic products	100	107.5	106.7	112.6	150.0
Machinery	100	109.9	111.5	122.0	143.4
Producer prices (end of period)	109.8	121.2	128.8	154.4	188.2
Food, beverages and tobacco	110.1	126.9	134.1	166.9	195.6
Textiles and leather	110.1	120.6	123.1	140.6	172.3
Wood products	110.1	138.6	176.6	197.2	246.9
Paper and printing	110.9	119.8	128.2	161.0	213.8
Chemicals and petroleum products	108.6	115.3	121.2	140.4	173.5
Non metallic mineral products	110.7	120.9	132.6	152.4	185.8
Basic metalic products	107.6	105.5	109.9	119.5	170.1
Machinery	109.5	106.6	116.1	127.6	152.7
(1966 = 100)
Implicit GDP deflator	5,512.0	6,718.6	7,454.4	8,713.6	10,903.5
(1975 = 100) ^1/
Consumer prices (average)	1,849.4	2,252.3	2,472.6	2,807.3	3,458.2
Food	2,022.8	2,506.9	2,784.5	3,158.3	3,804.8
Clothing	791.3	930.9	997.6	1,075.3	1,214.6
Housing	1,284.3	1,538.1	1,737.5	1,911.9	2,311.7
Other	2,704.4	3,259.6	3,470.2	4,044.8	4,991.9
Consumer prices (end of period)	2,021.1	2,364.0	2,577.9	3,089.7	3,787.0
Food	2,196.7	2,613.5	2,784.5	3,481.9	4,238.5
Clothing	871.6	966.7	1,014.5	1,121.6	1,304.7
Housing	1,450.7	1,652.7	1,805.4	2,055.6	2,425.4
Other	2,920.3	3,412.0	3,470.2	4,527.6	5,153.2

Source: Central Bank of Costa Rica.

Table 13.

Costa Rica: Price Indicators

	Indices
	1991	1992	1993	1994	1995
(1991 = 100)
Producer prices (average)	100	118.4	124.5	140.8	174.5
Food, beverages and tobacco	100	123.2	128.7	150.0	183.6
Textiles and leather	100	116.9	123.0	134.9	157.6
Wood products	100	128.2	158.5	189.3	225.6
Paper and printing	100	117.5	124.6	141.4	194.9
Chemicals and petroleum products	100	112.9	118.8	128.3	161.2
Non metallic mineral products	100	116.9	128.4	143.7	173.7
Basic metalic products	100	107.5	106.7	112.6	150.0
Machinery	100	109.9	111.5	122.0	143.4
Producer prices (end of period)	109.8	121.2	128.8	154.4	188.2
Food, beverages and tobacco	110.1	126.9	134.1	166.9	195.6
Textiles and leather	110.1	120.6	123.1	140.6	172.3
Wood products	110.1	138.6	176.6	197.2	246.9
Paper and printing	110.9	119.8	128.2	161.0	213.8
Chemicals and petroleum products	108.6	115.3	121.2	140.4	173.5
Non metallic mineral products	110.7	120.9	132.6	152.4	185.8
Basic metalic products	107.6	105.5	109.9	119.5	170.1
Machinery	109.5	106.6	116.1	127.6	152.7
(1966 = 100)
Implicit GDP deflator	5,512.0	6,718.6	7,454.4	8,713.6	10,903.5
(1975 = 100) ^1/
Consumer prices (average)	1,849.4	2,252.3	2,472.6	2,807.3	3,458.2
Food	2,022.8	2,506.9	2,784.5	3,158.3	3,804.8
Clothing	791.3	930.9	997.6	1,075.3	1,214.6
Housing	1,284.3	1,538.1	1,737.5	1,911.9	2,311.7
Other	2,704.4	3,259.6	3,470.2	4,044.8	4,991.9
Consumer prices (end of period)	2,021.1	2,364.0	2,577.9	3,089.7	3,787.0
Food	2,196.7	2,613.5	2,784.5	3,481.9	4,238.5
Clothing	871.6	966.7	1,014.5	1,121.6	1,304.7
Housing	1,450.7	1,652.7	1,805.4	2,055.6	2,425.4
Other	2,920.3	3,412.0	3,470.2	4,527.6	5,153.2

Source: Central Bank of Costa Rica.

Table 14.

Costa Rica: Producer Price Index Components

(1991 = 100)

Source: Central Bank of Costa Rica.

Table 14.

Costa Rica: Producer Price Index Components

(1991 = 100)

	General	By degree of price control
	Index	Controlled	Noncontrolled
1991
March	93.8	99.4	93.3
June	99.4	98.1	99.7
September	105.2	102.9	105.6
December	109.8	107.2	110.2
1992
March	116.8	118.9	116.4
June	118.3	119.8	118.0
September	119.6	120.5	119.4
December	121.2	123.5	120.8
1993
March	121.9	125.3	121.3
June	123.7	129.7	122.7
September	126.2	128.0	125.9
December	128.8	127.9	128.9
1994
March	132.8	126.5	134.1
June	138.7	131.1	140.2
September	146.5	136.7	148.4
December	154.4	143.5	156.6
1995
March	165.2	151.3	168.0
June	173.5	152.3	177.3
September	180.3	157.6	184.3
December	188.2	170.7	191.5

Source: Central Bank of Costa Rica.

Table 14.

Costa Rica: Producer Price Index Components

(1991 = 100)

	General	By degree of price control
	Index	Controlled	Noncontrolled
1991
March	93.8	99.4	93.3
June	99.4	98.1	99.7
September	105.2	102.9	105.6
December	109.8	107.2	110.2
1992
March	116.8	118.9	116.4
June	118.3	119.8	118.0
September	119.6	120.5	119.4
December	121.2	123.5	120.8
1993
March	121.9	125.3	121.3
June	123.7	129.7	122.7
September	126.2	128.0	125.9
December	128.8	127.9	128.9
1994
March	132.8	126.5	134.1
June	138.7	131.1	140.2
September	146.5	136.7	148.4
December	154.4	143.5	156.6
1995
March	165.2	151.3	168.0
June	173.5	152.3	177.3
September	180.3	157.6	184.3
December	188.2	170.7	191.5

Source: Central Bank of Costa Rica.

Table 15.

Costa Rica: Energy Prices

Source: Central Bank of Costa Rica.

^{^1/}End-of-year basis.

Table 15.

Costa Rica: Energy Prices

	1991	1992	1993	1994	1995
(In colones per liter) ^1/
Petroleum prices
Gasoline	52.80	50.20	48.20	56.90	72.80
Diesel	41.40	41.70	40.10	47.30	51.50
Kerosene	41.50	42.00	40.70	48.50	51.40
(in colones per kwh) ^1/
Electricity rates
Residential	7.08	8.05	9.25	11.25	14.70
Industrial	9.77	10.97	12.77	15.80	21.07
Commercial	14.83	16.42	19.05	23.13	30.65
(Annual percentage change)
Petroleum prices
Gasoline	13.1	-4.9	-4.0	18.1	27.9
Diesel	13.1	0.7	-3.8	18.0	8.9
Kerosene	13.4	1.2	-3.1	19.2	6.0
Electricity rates
Residential	56.3	13.7	14.9	21.6	30.7
Industrial	50.3	12.3	16.4	23.7	33.4
Commercial	48.3	10.7	16.0	21.4	32.5

Source: Central Bank of Costa Rica.

^{^1/}End-of-year basis.

Table 15.

Costa Rica: Energy Prices

	1991	1992	1993	1994	1995
(In colones per liter) ^1/
Petroleum prices
Gasoline	52.80	50.20	48.20	56.90	72.80
Diesel	41.40	41.70	40.10	47.30	51.50
Kerosene	41.50	42.00	40.70	48.50	51.40
(in colones per kwh) ^1/
Electricity rates
Residential	7.08	8.05	9.25	11.25	14.70
Industrial	9.77	10.97	12.77	15.80	21.07
Commercial	14.83	16.42	19.05	23.13	30.65
(Annual percentage change)
Petroleum prices
Gasoline	13.1	-4.9	-4.0	18.1	27.9
Diesel	13.1	0.7	-3.8	18.0	8.9
Kerosene	13.4	1.2	-3.1	19.2	6.0
Electricity rates
Residential	56.3	13.7	14.9	21.6	30.7
Industrial	50.3	12.3	16.4	23.7	33.4
Commercial	48.3	10.7	16.0	21.4	32.5

Source: Central Bank of Costa Rica.

^{^1/}End-of-year basis.

Table 16.

Costa Rica: Average Monthly Wages ^1/

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

^{^1/}Data for June of each year.

^{^2/}Nominal wages deflated by the consumer price index.

Table 16.

Costa Rica: Average Monthly Wages ^1/

	1991	1992	1993	1994	Prel. 1995
(In colones)
Total	30,465	37,461	45,627	55,953	68,426
By sector
Agriculture	21,093	26,902	31,945	37,470	45,868
Mining	20,935	25,791	35,714	38,744	47,410
Manufacturing industry	25,171	31,099	38,540	45,857	55,395
Public utilities	50,656	60,877	73,877	102,382	120,108
Construction	21,561	26,246	31,271	38,032	46,488
Commerce	24,989	30,383	36,784	43,898	51,752
Transport, storage and communication	27,842	34,006	40,624	49,791	58,678
Finance	46,696	59,318	69,652	86,153	105,717
Services	38,907	48,026	59,754	73,953	91,500
By employer
Private enterprises	24,011	30,161	36,947	43,762	52,986
Central Government	38,433	51,135	64,114	81,119	99,121
Autonomous entities	48,542	59,590	73,526	95,496	121,603
(In 1975 colones) ^2/
Total	1,655	1,654	1,844	2,018	2,018
By sector
Agriculture	1,146	1,188	1,291	1,351	1,353
Mining	1,137	1,139	1,443	1,397	1,398
Manufacturing industries	1,367	1,373	1,557	1,654	1,634
Public utilities	2,752	2,689	2,985	3,693	3,542
Construction	1,171	1,159	1,264	1,372	1,371
Commerce	1,357	1,342	1,486	1,583	1,526
Transport, storage and communication	1,512	1,502	1,641	1,796	1,730
Finance	2,536	2,620	2,814	3,107	3,118
Services	2,113	2,121	2,414	2,667	2,698
By employer
Private sector	1,304	1,332	1,493	1,578	1,563
Central Government	2,088	2,258	2,591	2,926	2,923
Autonomous entities	2,637	2,632	2,971	3,444	3,586
Memorandum item
CPI for June of each year	1,841.0	2,264.3	2,474.8	2,772.6	3,391.1

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

^{^1/}Data for June of each year.

^{^2/}Nominal wages deflated by the consumer price index.

Table 16.

Costa Rica: Average Monthly Wages ^1/

	1991	1992	1993	1994	Prel. 1995
(In colones)
Total	30,465	37,461	45,627	55,953	68,426
By sector
Agriculture	21,093	26,902	31,945	37,470	45,868
Mining	20,935	25,791	35,714	38,744	47,410
Manufacturing industry	25,171	31,099	38,540	45,857	55,395
Public utilities	50,656	60,877	73,877	102,382	120,108
Construction	21,561	26,246	31,271	38,032	46,488
Commerce	24,989	30,383	36,784	43,898	51,752
Transport, storage and communication	27,842	34,006	40,624	49,791	58,678
Finance	46,696	59,318	69,652	86,153	105,717
Services	38,907	48,026	59,754	73,953	91,500
By employer
Private enterprises	24,011	30,161	36,947	43,762	52,986
Central Government	38,433	51,135	64,114	81,119	99,121
Autonomous entities	48,542	59,590	73,526	95,496	121,603
(In 1975 colones) ^2/
Total	1,655	1,654	1,844	2,018	2,018
By sector
Agriculture	1,146	1,188	1,291	1,351	1,353
Mining	1,137	1,139	1,443	1,397	1,398
Manufacturing industries	1,367	1,373	1,557	1,654	1,634
Public utilities	2,752	2,689	2,985	3,693	3,542
Construction	1,171	1,159	1,264	1,372	1,371
Commerce	1,357	1,342	1,486	1,583	1,526
Transport, storage and communication	1,512	1,502	1,641	1,796	1,730
Finance	2,536	2,620	2,814	3,107	3,118
Services	2,113	2,121	2,414	2,667	2,698
By employer
Private sector	1,304	1,332	1,493	1,578	1,563
Central Government	2,088	2,258	2,591	2,926	2,923
Autonomous entities	2,637	2,632	2,971	3,444	3,586
Memorandum item
CPI for June of each year	1,841.0	2,264.3	2,474.8	2,772.6	3,391.1

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

^{^1/}Data for June of each year.

^{^2/}Nominal wages deflated by the consumer price index.

Table 17.

Costa Rica: Minimum Wage Index

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

^{^1/}Nominal minimum wages deflated by the consumer price index.

Table 17.

Costa Rica: Minimum Wage Index

	1991	1992	1993	1994	Prel. 1995
Average nominal minimum wage index	316.57	392.7	448.9	523.0	630.5
By sector
Agriculture	329.7	420.9	479.7	563.8	691.5
Mining	323.5	388.4	442.9	512.8	611.9
Manufacturing	338.4	425.3	484.7	561.1	670.2
Construction	296.2	353.3	402.8	466.5	556.6
Utilities	327.5	389.9	444.7	515.1	614.7
Commerce	335.1	406.2	463.9	538.3	643.9
Transport, storage and communication	312.2	381.6	434.8	503.3	602.5
Services	296.2	373.1	425.6	492.7	589.7
Professional technicians	226.2	289.0	338.5	391.8	---
Office workers and suppliers	316.6	378.2	431.0	498.9	---
Other	356.6	414.8	472.9	547.5	579.4
Average real minimum wage index ^1/	97.6	99.4	103.5	106.3	104.0
By sector
Agriculture	101.7	106.6	110.6	114.5	114.1
Mining	99.7	98.3	102.1	104.2	100.9
Manufacturing	104.4	107.7	111.8	114.0	110.6
Construction	91.3	89.5	92.9	94.8	91.8
Utilities	101.0	98.7	102.6	104.6	101.4
Commerce	103.3	102.8	107.0	109.4	106.2
Transport, storage and communication	96.3	96.6	100.3	102.2	99.4
Services	91.3	94.5	98.2	100.1	97.3
Professional technicians	69.7	73.2	78.1	79.6	---
Office workers and suppliers	97.6	95.8	99.4	101.3	---
Other	109.9	105.0	109.1	111.2	95.6

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

^{^1/}Nominal minimum wages deflated by the consumer price index.

Table 17.

Costa Rica: Minimum Wage Index

	1991	1992	1993	1994	Prel. 1995
Average nominal minimum wage index	316.57	392.7	448.9	523.0	630.5
By sector
Agriculture	329.7	420.9	479.7	563.8	691.5
Mining	323.5	388.4	442.9	512.8	611.9
Manufacturing	338.4	425.3	484.7	561.1	670.2
Construction	296.2	353.3	402.8	466.5	556.6
Utilities	327.5	389.9	444.7	515.1	614.7
Commerce	335.1	406.2	463.9	538.3	643.9
Transport, storage and communication	312.2	381.6	434.8	503.3	602.5
Services	296.2	373.1	425.6	492.7	589.7
Professional technicians	226.2	289.0	338.5	391.8	---
Office workers and suppliers	316.6	378.2	431.0	498.9	---
Other	356.6	414.8	472.9	547.5	579.4
Average real minimum wage index ^1/	97.6	99.4	103.5	106.3	104.0
By sector
Agriculture	101.7	106.6	110.6	114.5	114.1
Mining	99.7	98.3	102.1	104.2	100.9
Manufacturing	104.4	107.7	111.8	114.0	110.6
Construction	91.3	89.5	92.9	94.8	91.8
Utilities	101.0	98.7	102.6	104.6	101.4
Commerce	103.3	102.8	107.0	109.4	106.2
Transport, storage and communication	96.3	96.6	100.3	102.2	99.4
Services	91.3	94.5	98.2	100.1	97.3
Professional technicians	69.7	73.2	78.1	79.6	---
Office workers and suppliers	97.6	95.8	99.4	101.3	---
Other	109.9	105.0	109.1	111.2	95.6

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

^{^1/}Nominal minimum wages deflated by the consumer price index.

Table 18.

Costa Rica: Employment ^1/

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

^{^1/}Data from the July survey.

Table 18.

Costa Rica: Employment ^1/

	1991	1992	1993	1994	Prel. 1995
(In thousands)
Total employment	1,006.6	1,043.0	1,096.4	1,137.6	1,168.1
By sector
Agriculture	256.4	251.1	247.9	243.6	252.4
Manufacturing and mining	190.2	198.7	198.4	205.6	195.5
Construction	63.4	61.3	67.4	74.6	73.3
Commerce and finance	193.6	210.4	241.1	260.3	275.6
Basic services and transportation	55.0	61.7	67.9	75.2	74.6
Personal and other services	248.0	259.8	273.7	278.3	296.7
By employer
Private sector	844.3	873.5	919.9	964.1	996.3
Public sector	159.8	169.5	176.5	173.5	171.8
(In percent)
Participation rate	37.1	37.0	38.1	38.7	39.3
Open unemployment rate	5.5	4.1	4.1	4.2	5.2
Total employment	100.0	100.0	100.0	100.0	100.0
By sector
Agriculture	25.5	24.1	22.6	21.4	21.6
Manufacturing and mining	18.9	19.1	18.1	18.1	16.7
Construction	6.3	5.8	6.1	6.6	6.3
Commerce and finance	19.2	20.2	22.0	22.8	23.6
Basic services and transportation	5.5	5.9	6.2	6.6	6.4
Personal and other services	24.6	24.9	25.0	24.5	25.4
By employer
Private sector	83.9	83.7	83.9	84.7	85.3
Public sector	15.9	16.3	16.1	15.3	14.7

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

^{^1/}Data from the July survey.

Table 18.

Costa Rica: Employment ^1/

	1991	1992	1993	1994	Prel. 1995
(In thousands)
Total employment	1,006.6	1,043.0	1,096.4	1,137.6	1,168.1
By sector
Agriculture	256.4	251.1	247.9	243.6	252.4
Manufacturing and mining	190.2	198.7	198.4	205.6	195.5
Construction	63.4	61.3	67.4	74.6	73.3
Commerce and finance	193.6	210.4	241.1	260.3	275.6
Basic services and transportation	55.0	61.7	67.9	75.2	74.6
Personal and other services	248.0	259.8	273.7	278.3	296.7
By employer
Private sector	844.3	873.5	919.9	964.1	996.3
Public sector	159.8	169.5	176.5	173.5	171.8
(In percent)
Participation rate	37.1	37.0	38.1	38.7	39.3
Open unemployment rate	5.5	4.1	4.1	4.2	5.2
Total employment	100.0	100.0	100.0	100.0	100.0
By sector
Agriculture	25.5	24.1	22.6	21.4	21.6
Manufacturing and mining	18.9	19.1	18.1	18.1	16.7
Construction	6.3	5.8	6.1	6.6	6.3
Commerce and finance	19.2	20.2	22.0	22.8	23.6
Basic services and transportation	5.5	5.9	6.2	6.6	6.4
Personal and other services	24.6	24.9	25.0	24.5	25.4
By employer
Private sector	83.9	83.7	83.9	84.7	85.3
Public sector	15.9	16.3	16.1	15.3	14.7

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

^{^1/}Data from the July survey.

Table 19.

Costa Rica: Operations of the Central Government

(In millions of colones)

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

^{^1/}Social security contributions of central government employees are excluded from both revenues and expenditures.

Table 19.

Costa Rica: Operations of the Central Government

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		100,405	137,798	162,353	189,822	254,819
Tax revenue		97,308	132,882	159,199	185,074	250,070
	Direct taxes ^1/	15,344	20,465	28,871	36,632	49,393
	Indirect taxes	81,964	113,417	130,328	148,442	200,677
Current transfers		917	1,575	1,556	3,305	2,941
Other current revenue		2,180	2,341	1,598	1,443	1,808
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest payments		28,572	32,994	33,297	53,491	90,947
Transfers		38,555	49,715	59,483	80,509	90,174
	Public sector	17,709	25,134	32,668	37,691	36,941
	Private sector ^1/	20,740	24,364	26,365	42,337	52,838
	External	106	217	450	481	395
Other current expenditure		1,498	4,285	3,618	6,092	11,150
Current account surplus (deficit -)		-11,321	-1,575	356	-35,875	-41,847
Capital expenditure		9,917	15,861	21,100	30,082	30,902
Fixed investment		4,080	5,655	6,642	9,656	13,375
Transfers		5,488	9,868	14,013	19,356	16,414
Other		349	338	445	1,070	1,112
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.

^{^1/}Social security contributions of central government employees are excluded from both revenues and expenditures.

Table 19.

Costa Rica: Operations of the Central Government

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		100,405	137,798	162,353	189,822	254,819
Tax revenue		97,308	132,882	159,199	185,074	250,070
	Direct taxes ^1/	15,344	20,465	28,871	36,632	49,393
	Indirect taxes	81,964	113,417	130,328	148,442	200,677
Current transfers		917	1,575	1,556	3,305	2,941
Other current revenue		2,180	2,341	1,598	1,443	1,808
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest payments		28,572	32,994	33,297	53,491	90,947
Transfers		38,555	49,715	59,483	80,509	90,174
	Public sector	17,709	25,134	32,668	37,691	36,941
	Private sector ^1/	20,740	24,364	26,365	42,337	52,838
	External	106	217	450	481	395
Other current expenditure		1,498	4,285	3,618	6,092	11,150
Current account surplus (deficit -)		-11,321	-1,575	356	-35,875	-41,847
Capital expenditure		9,917	15,861	21,100	30,082	30,902
Fixed investment		4,080	5,655	6,642	9,656	13,375
Transfers		5,488	9,868	14,013	19,356	16,414
Other		349	338	445	1,070	1,112
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.

^{^1/}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)

Source: Ministry of Finance.

^{^1/}Social security contributions of central government employees are excluded from both revenues and expenditure.

Table 20.

Costa Rica: Central Government Revenue

(In millions of colones)

				1991	1992	1993	1994	Prel. 1995
Total revenue				100,405	137,798	162,353	189,822	254,819
Tax revenue				97,308	133,882	159,199	185,073	250,070
Direct taxes				15,344	20,465	28,871	36,632	49,393
	Income and profits tax			14,545	19,013	26,942	34,789	47,164
	Payroll tax (netted out) ^1/			1,745	3,102	5,147	7,179	9,706
	Property tax			799	1,452	1,929	1,843	2,229
Indirect taxes				81,964	113,417	130,328	148,441	200,677
	General sales tax			35,747	51,455	58,919	66,002	87,551
	Selected taxes on goods and services			16,286	27,600	33,065	39,462	51,343
	Taxes on international trade			29,931	34,362	38,344	42,977	61,783
		Taxes on imports		24,392	27,615	33,192	37,427	49,359
			Import duties	14,797	23,204	29,681	33,517	45,210
			Import surcharges	7,835	1,669	56	6	--
			Other on imports	1,760	2,742	3,455	3,904	4,149
		Taxes on exports		5,129	5,959	4,330	4,430	11,154
			Ad valorem export tax	1,191	1,052	843	1,514	6,545
			Banana export tax	3,861	4,543	3,230	2,851	4,546
			Coffee processing	--	--	--	--	37
			Other on exports	77	364	257	65	26
		Other taxes on international trade		410	788	822	1,120	1,270
Nontax revenue				3,097	3,916	3,154	4,479	4,749
Sales of goods and services				324	673	449	462	410
Property income				36	250	139	159	53
	Public enterprises			1	182	62	7	9
	Public financial institutions			34	66	76	150	42
	Other			1	2	1	2	2
Transfers				917	1,575	1,556	3,305	2,941
	Rest of general government			106	604	338	414	856
	Public enterprises			204	261	423	2,126	635
	Public financial institutions			607	710	795	765	1,450
Other nontax revenue				1,820	1,418	1,010	823	1,345

Source: Ministry of Finance.

^{^1/}Social security contributions of central government employees are excluded from both revenues and expenditure.

Table 20.

Costa Rica: Central Government Revenue

(In millions of colones)

				1991	1992	1993	1994	Prel. 1995
Total revenue				100,405	137,798	162,353	189,822	254,819
Tax revenue				97,308	133,882	159,199	185,073	250,070
Direct taxes				15,344	20,465	28,871	36,632	49,393
	Income and profits tax			14,545	19,013	26,942	34,789	47,164
	Payroll tax (netted out) ^1/			1,745	3,102	5,147	7,179	9,706
	Property tax			799	1,452	1,929	1,843	2,229
Indirect taxes				81,964	113,417	130,328	148,441	200,677
	General sales tax			35,747	51,455	58,919	66,002	87,551
	Selected taxes on goods and services			16,286	27,600	33,065	39,462	51,343
	Taxes on international trade			29,931	34,362	38,344	42,977	61,783
		Taxes on imports		24,392	27,615	33,192	37,427	49,359
			Import duties	14,797	23,204	29,681	33,517	45,210
			Import surcharges	7,835	1,669	56	6	--
			Other on imports	1,760	2,742	3,455	3,904	4,149
		Taxes on exports		5,129	5,959	4,330	4,430	11,154
			Ad valorem export tax	1,191	1,052	843	1,514	6,545
			Banana export tax	3,861	4,543	3,230	2,851	4,546
			Coffee processing	--	--	--	--	37
			Other on exports	77	364	257	65	26
		Other taxes on international trade		410	788	822	1,120	1,270
Nontax revenue				3,097	3,916	3,154	4,479	4,749
Sales of goods and services				324	673	449	462	410
Property income				36	250	139	159	53
	Public enterprises			1	182	62	7	9
	Public financial institutions			34	66	76	150	42
	Other			1	2	1	2	2
Transfers				917	1,575	1,556	3,305	2,941
	Rest of general government			106	604	338	414	856
	Public enterprises			204	261	423	2,126	635
	Public financial institutions			607	710	795	765	1,450
Other nontax revenue				1,820	1,418	1,010	823	1,345

Source: Ministry of Finance.

^{^1/}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)

Source: Ministry of Finance.

^{^1/}Includes unpaid interest.

^{^2/}Includes transfers to nonconsolidated public sector and to private sector.

^{^3/}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)

		1991	1992	1993	1994	Prel. 1995
Total expenditure		121,643	155,234	183,097	255,779	327,567
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Social security		1,498	4,285	3,618	6,092	11,150
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest		28,572	32,994	33,297	53,491	90,947
	Domestic debt	22,302	25,494	25,297	43,841	78,425
	External debt ^1/	6,270	7,500	8,000	9,650	12,522
Transfers to		38,555	49,715	59,483	80,509	90,173
	Rest of general government	4,531	7,863	10,803	11,511	6,688
	Public enterprises	699	768	1,143	1,283	1,318
	Other ^2/ ^3/	33,325	41,084	47,537	67,714	82,167
Capital expenditure		9,917	15,861	21,100	30,082	30,092
Fixed capital formation		4,080	5,655	6,642	9,656	13,375
Transfers to		5,488	9,868	14,013	19,356	16,414
	Rest of general government	433	962	1,612	1,337	1,786
	Public enterprises	450	169	174	1,212	4,006
	Other ^2/	4,605	8,738	12,227	16,807	10,622
Other capital expenditure		349	338	445	1,070	1,112

Source: Ministry of Finance.

^{^1/}Includes unpaid interest.

^{^2/}Includes transfers to nonconsolidated public sector and to private sector.

^{^3/}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)

		1991	1992	1993	1994	Prel. 1995
Total expenditure		121,643	155,234	183,097	255,779	327,567
Current expenditure		111,726	139,373	161,997	225,697	296,666
Wages and salaries		37,437	45,889	57,845	74,693	91,870
Social security		1,498	4,285	3,618	6,092	11,150
Goods and services		5,664	6,490	7,754	10,913	12,525
Interest		28,572	32,994	33,297	53,491	90,947
	Domestic debt	22,302	25,494	25,297	43,841	78,425
	External debt ^1/	6,270	7,500	8,000	9,650	12,522
Transfers to		38,555	49,715	59,483	80,509	90,173
	Rest of general government	4,531	7,863	10,803	11,511	6,688
	Public enterprises	699	768	1,143	1,283	1,318
	Other ^2/ ^3/	33,325	41,084	47,537	67,714	82,167
Capital expenditure		9,917	15,861	21,100	30,082	30,092
Fixed capital formation		4,080	5,655	6,642	9,656	13,375
Transfers to		5,488	9,868	14,013	19,356	16,414
	Rest of general government	433	962	1,612	1,337	1,786
	Public enterprises	450	169	174	1,212	4,006
	Other ^2/	4,605	8,738	12,227	16,807	10,622
Other capital expenditure		349	338	445	1,070	1,112

Source: Ministry of Finance.

^{^1/}Includes unpaid interest.

^{^2/}Includes transfers to nonconsolidated public sector and to private sector.

^{^3/}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)

Source: Ministry of Finance.

^{^1/}Mostly social security contributions.

Table 22.

Costa Rica: Summary Operations of the Social Security Institute (CCSS)

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		52,768	68,457	83,459	104,474	131,603
Tax revenue ^1/		40,556	54,764	67,099	86,328	104,758
Nontax revenue		11,466	12,706	14,270	15,224	24,468
Current transfers		746	987	2,090	2,922	2,377
Total expenditure		49,621	59,732	72,592	93,551	114,816
Current expenditure		47,292	58,060	70,691	90,686	110,461
	Wages and salaries	19,600	24,043	29,948	39,938	50,441
	Goods and services	12,605	14,825	17,431	22,622	25,122
	Interest	31	24	42	96.1	93.9
	Current transfers	15,056	19,167	23,230	28,030	34,804
Capital and net lending		2,329	1,671	1,901	2,865	4,354
	Capital expenditure	1,865	1,658	2,060	2,164	2,286
	Net lending	464	13	-159	700	2,069
Current surplus		5,476	10,397	12,768	13,788	21,142
Overall surplus		3,147	8,726	10,867	11,021	17,044

Source: Ministry of Finance.

^{^1/}Mostly social security contributions.

Table 22.

Costa Rica: Summary Operations of the Social Security Institute (CCSS)

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		52,768	68,457	83,459	104,474	131,603
Tax revenue ^1/		40,556	54,764	67,099	86,328	104,758
Nontax revenue		11,466	12,706	14,270	15,224	24,468
Current transfers		746	987	2,090	2,922	2,377
Total expenditure		49,621	59,732	72,592	93,551	114,816
Current expenditure		47,292	58,060	70,691	90,686	110,461
	Wages and salaries	19,600	24,043	29,948	39,938	50,441
	Goods and services	12,605	14,825	17,431	22,622	25,122
	Interest	31	24	42	96.1	93.9
	Current transfers	15,056	19,167	23,230	28,030	34,804
Capital and net lending		2,329	1,671	1,901	2,865	4,354
	Capital expenditure	1,865	1,658	2,060	2,164	2,286
	Net lending	464	13	-159	700	2,069
Current surplus		5,476	10,397	12,768	13,788	21,142
Overall surplus		3,147	8,726	10,867	11,021	17,044

Source: Ministry of Finance.

^{^1/}Mostly social security contributions.

Table 23.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/

(In millions of colones)

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes: ICE, RECOPE, CODESA, CNP, ICAA, INCOFER, ESPH, JPSSJ, FANAL, INCOP, CTAMS, FERTICA, FODESAF, ICAFE’, ICT, INA, IDA, OCIS.

^{^2/}Includes net lending.

Table 23.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		111,296	168,061	201,950	223,749	263,709
Of which:
	RECOPE	36,880	47,269	52,035	59,774	79,377
	ICE	36,040	51,625	61,623	70,070	100,228
	ICAA	3,309	4,803	6,884	7,973	9,808
	CNP	10,182	9,197	9,958	10,806	5,448
Current expenditure		84,660	129,129	148,005	184,429	194,037
Of which:
	RECOPE	28,807	38,638	42,623	61,389	68,699
	ICE	17,991	27,280	33,080	47,145	56,665
	ICAA	2,730	5,135	6,532	7,688	8,566
	CNP	10,931	8,642	10,561	12,341	5,180
Capital expenditure ^2/		13,092	23,550	38,193	49,912	51,793
Of which:
	RECOPE	1,165	2,091	2,513	2,631	3,503
	ICE	9,432	20,320	21,644	35,189	34,005
	ICAA	1,061	1,007	1,156	2,210	3,120
	CNP	53	88	45	127	63
Current account		26,636	38,932	53,944	39,320	69,671
Of which:
	RECOPE	8,073	8,631	9,412	-1,616	5,678
	ICE	18,049	24,345	28,543	22,926	43,563
	ICAA	579	983	1,749	1,442	2,195
	CNP	-749	555	-603	-1,535	268
Capital revenue		1,743	771	709	3,313	5,305
Overall deficit (-)		15,287	16,153	16,460	-7,279	23,183
Of which:
	RECOPE	6,800	6,540	6,899	-4,247	2,175
	ICE	8,617	4,182	7,011	-12,188	9,613
	ICAA	436	579	1,180	844	2,190
	CNP	-802	478	-639	-1,661	235

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes: ICE, RECOPE, CODESA, CNP, ICAA, INCOFER, ESPH, JPSSJ, FANAL, INCOP, CTAMS, FERTICA, FODESAF, ICAFE’, ICT, INA, IDA, OCIS.

^{^2/}Includes net lending.

Table 23.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/

(In millions of colones)

		1991	1992	1993	1994	Prel. 1995
Current revenue		111,296	168,061	201,950	223,749	263,709
Of which:
	RECOPE	36,880	47,269	52,035	59,774	79,377
	ICE	36,040	51,625	61,623	70,070	100,228
	ICAA	3,309	4,803	6,884	7,973	9,808
	CNP	10,182	9,197	9,958	10,806	5,448
Current expenditure		84,660	129,129	148,005	184,429	194,037
Of which:
	RECOPE	28,807	38,638	42,623	61,389	68,699
	ICE	17,991	27,280	33,080	47,145	56,665
	ICAA	2,730	5,135	6,532	7,688	8,566
	CNP	10,931	8,642	10,561	12,341	5,180
Capital expenditure ^2/		13,092	23,550	38,193	49,912	51,793
Of which:
	RECOPE	1,165	2,091	2,513	2,631	3,503
	ICE	9,432	20,320	21,644	35,189	34,005
	ICAA	1,061	1,007	1,156	2,210	3,120
	CNP	53	88	45	127	63
Current account		26,636	38,932	53,944	39,320	69,671
Of which:
	RECOPE	8,073	8,631	9,412	-1,616	5,678
	ICE	18,049	24,345	28,543	22,926	43,563
	ICAA	579	983	1,749	1,442	2,195
	CNP	-749	555	-603	-1,535	268
Capital revenue		1,743	771	709	3,313	5,305
Overall deficit (-)		15,287	16,153	16,460	-7,279	23,183
Of which:
	RECOPE	6,800	6,540	6,899	-4,247	2,175
	ICE	8,617	4,182	7,011	-12,188	9,613
	ICAA	436	579	1,180	844	2,190
	CNP	-802	478	-639	-1,661	235

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes: ICE, RECOPE, CODESA, CNP, ICAA, INCOFER, ESPH, JPSSJ, FANAL, INCOP, CTAMS, FERTICA, FODESAF, ICAFE’, ICT, INA, IDA, OCIS.

^{^2/}Includes net lending.

Table 24.

Costa Rica: Detailed Accounts of the Banking System

(In millions of colones)

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

^{^1/}Includes the change in commercial banks’ foreign currency deposits at the Central Bank as a reserve liability.

Table 24.

Costa Rica: Detailed Accounts of the Banking System

(In millions of colones)

			C$141.5=US$1		C$144.4=US$1		C$157.0=US$1		C$179.4=US$1
			1991	1992	1992	1993	1993	1994	1994	1995
I. Central Bank
Net international reserves ^1/			90,433	107,865	110,076	118,740	129,740	104,735	119,678	169,275
Official reserves			99,276	118,888	121,325	124,545	135,413	118,943	135,913	176,899
Payment arrears			-8,844	-11,023	-11,249	-5,805	-6,311	-14,209	-16,236	-7,625
Net domestic assets			362,151	376,069	380,089	375,231	390,315	470,143	500,565	504,282
Credit to the public sector (net)			73,976	70,137	71,339	63,632	68,265	78,460	85,946	70,748
	Credit to Central
		Government (net)	30,296	34,948	35,598	35,292	38,173	55,958	61,396	52,561
		Of which: rescheduling	28,957	33,354	34,037	35,495	38,592	40,643	46,441	49,494
	Credit to rest of pub sect (net)		35,595	28,762	29,182	22,197	23,413	16,227	17,382	11,548
		Of which: rescheduling	26,391	20,389	20,807	13,936	15,152	8,070	9,225	6,472
	Credit to public sector for buy-back		8,085	6,427	6,559	6,143	6,679	6,276	7,168	6,640
Official capital and reserves			-15	-15	-15	-15	-15	-15	-15	-15
Credit to commercial banks			20,382	18,594	18,653	16,857	17,096	44,935	45,344	12,300
	Of which: rescheduling		1,908	1,462	1,491	1,102	1,198	784	896	372
Credit to rest of banking system			387	--	--	--	--	--	--	--
Credit to banking system for buy-back			3,179	3,095	3,159	3,166	3,442	3,440	3,931	3,925
Credit to nonbank intermediaries			2,400	2,101	2,120	1,848	1,909	1,530	1,588	1,042
Subscriptions to international agencies (net)			-2,679	-1,592	-1,682	-1,405	-1,774	-4,124	-5,115	687
Counterpart arrears			8,844	11,023	11,249	5,805	6,311	14,209	16,236	7,625
Operational losses (accrual basis)			194,709	209,752	209,752	225,620	225,620	244,431	244,431	274,489
Unclassified assets (net)			-102,974	-101,738	-101,462	-100,398	-98,924	-86,152	-82,634	-63,033
Valuation adjustments			163,942	164,712	166,975	160,121	168,385	173,430	190,853	196,513
Counterpart unrequited foreign exchange			4,802	4,616	4,711	4,706	5,116	5,438	6,214	6,327
Government trust funds			24,267	25,857	25,857	19,687	19,687	18,432	18,432	18,473
Medium- and long-term foreign liabilities			207,761	207,242	211,394	205,924	222,884	199,820	228,330	215,334
Regular			89,070	91,326	93,102	94,231	101,445	91,280	104,303	97,127
Rescheduled			118,690	115,917	118,292	111,693	121,440	108,540	124,026	118,207
Liabilities to banks			131,340	147,979	149,840	153,196	160,732	198,038	213,194	253,790
Currency held by banks			7,811	9,070	9,070	9,325	9,325	11,151	11,151	14,181
Bank deposits			121,454	132,561	134,422	136,332	143,868	170,859	186,015	191,268
	In local currency		27,555	41,775	41,775	49,966	49,966	64,633	64,633	49,363
	In foreign currency		93,899	90,786	92,647	86,366	93,902	106,226	121,382	141,905
Stabilization bonds			718	2,586	2,586	1,505	1,505	7,736	7,736	36,072
SICP-commercial banks			1,357	3,762	3,762	6,034	6,034	8,292	8,292	12,269
Liabilities to nonbank intermediaries			590	877	877	604	604	5,493	5,493	3,179
Liabilities to private sector			83,823	97,362	97,486	109,854	110,394	147,656	148,580	176,454
Currency in circulation			34,667	47,864	47,864	54,672	54,672	74,862	74,862	84,750
Demand deposits			482	422	422	305	305	297	297	58
Foreign currency deposits			1,921	2,143	2,187	2,760	3,001	2,991	3,418	3,384
Stabilization bonds			31,285	34,400	34,400	40,545	40,545	61,711	61,711	81,131
Other			15,468	12,533	12,613	11,572	11,871	7,795	8,293	7,131
II. Commercial banks
Net international reserves ^1/			16,754	24,692	25,198	13,819	15,025	24,461	27,951	23,519
Assets			19,470	28,555	29,140	22,035	23,958	31,369	35,844	35,952
Short-term liabilities			-2,717	-3,863	-3,942	-8,216	-8,933	-6,908	-7,894	-12,432
Claims on Central Bank			133,179	147,727	149,579	153,519	160,940	198,882	213,987	256,568
Net domestic assets			127,168	146,491	146,733	187,195	189,602	212,599	216,006	185,286
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)		13,010	6,801	6,801	7,355	7,354	9,467	9,466	23,746
	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 sector			97,194	143,749	143,921	194,314	196,327	224,068	229,826	218,367
Credit to rest of banking system			2,310	2,750	2,750	2,929	2,929	2,624	2,624	67
Credit to nonbank intermediaries			402	65	65	150	150	110	110	260
Unclassified assets (net)			47,758	40,267	40,626	44,925	46,997	29,971	31,439	45,396
Valuation adjustments			9,252	9,252	8,991	8,991	7,319	7,319	3,597	3,597
Medium- and long-term foreign liabilities			2,615	3,248	3,296	4,887	5,205	9,978	11,112	18,068
Liabilities to Central Bank			22,907	19,991	20,082	18,484	18,864	47,890	48,552	14,138
Liabilities to rest of banking system			1,760	2,158	2,158	2,305	2,305	2,326	2,326	--
Liabilities to nonbank intermediaries			5,541	3,169	3,171	2,680	2,685	5,534	5,797	7,181
Liabilities to private sector			244,278	290,344	292,702	326,177	336,508	370,214	390,157	425,987
Demand deposits			45,796	61,299	61,299	63,894	63,894	76,646	76,646	68,361
Savings deposits			10,873	17,028	17,028	19,149	19,149	22,815	22,815	23,882
Time deposits			60,705	88,502	88,502	120,620	120,620	119,648	119,648	138,719
Foreign currency deposits			121,931	119,935	122,393	118,394	128,724	139,777	159,720	183,634
Other obligations			4,973	3,580	3,580	4,120	4,120	11,328	11,328	11,392
III. Consolidated Banking System
Net international reserves ^1/			107,186	132,557	135,274	132,559	144,126	129,195	147,628	192,794
Assets			118,747	147,443	150,465	146,580	159,371	150,312	171,758	212,851
Short-term liabilities			-11,561	-14,886	-15,191	-14,021	-15,245	-21,117	-24,129	-20,057
Net domestic assets			466,490	500,158	504,320	541,960	558,956	633,370	666,487	678,208
Credit to the public sector (net)			75,770	56,181	57,356	42,662	47,289	56,350	63,739	52,064
	Credit to Central Government (net)		43,306	41,749	42,399	42,647	45,527	65,425	70,862	76,307
	Credit to rest of public sector (net)		24,379	8,005	8,397	-6,128	-4,917	-15,350	-14,291	-30,882
	Credit to public sector for buy-back		8,085	6,427	6,559	6,143	6,679	6,276	7,168	6,640
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 intermediaries			2,802	2,166	2,185	1,998	2,059	1,640	1,698	1,302
Credit to private sector			97,194	143,749	143,921	194,314	196,327	224,068	229,826	218,367
Subscriptions to international agencies (net)			-2,679	-1,592	-1,682	-1,405	-1,774	-4,124	-5,115	687
Counterpart arrears			8,844	11,023	11,249	5,805	6,311	14,209	16,236	7,625
Operational losses (accrual basis)			194,709	209,752	209,752	225,620	225,620	244,431	244,431	274,489
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	-2,414	941
Valuation adjustments			173,194	173,964	175,966	169,112	175,704	180,749	194,450	200,110
Counterpart unrequited foreign exchange			4,802	4,616	4,711	4,706	5,116	5,438	6,214	6,327
Government trust funds			24,267	25,857	25,857	19,687	19,687	18,432	18,432	18,473
Medium- and long-term foreign liabilities			210,375	210,490	214,690	210,812	228,089	209,798	239,442	233,401
Liabilities to nonbank intermediaries			6,131	4,046	4,048	3,284	3,289	11,027	11,290	10,360
Liabilities to private sector			328,101	387,706	390,288	436,031	446,901	517,870	538,737	602,441
Currency			34,667	47,864	47,864	54,672	54,672	74,862	74,862	84,750
Demand deposits			46,278	61,721	61,721	64,199	64,199	76,943	76,943	68,419
Savings deposits			10,873	17,028	17,028	19,149	19,149	22,815	22,815	23,882
Time deposits			60,705	88,502	88,502	120,620	120,620	119,648	119,648	138,719
Foreign currency deposits			123,852	122,078	124,580	121,154	131,725	142,768	163,138	187,018
Stabilization bonds			31,285	34,400	34,400	40,545	40,545	61,711	61,711	81,131
Other			20,442	16,113	16,193	15,693	15,991	19,123	19,621	18,523

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

^{^1/}Includes the change in commercial banks’ foreign currency deposits at the Central Bank as a reserve liability.

Table 24.

Costa Rica: Detailed Accounts of the Banking System

(In millions of colones)

			C$141.5=US$1		C$144.4=US$1		C$157.0=US$1		C$179.4=US$1
			1991	1992	1992	1993	1993	1994	1994	1995
I. Central Bank
Net international reserves ^1/			90,433	107,865	110,076	118,740	129,740	104,735	119,678	169,275
Official reserves			99,276	118,888	121,325	124,545	135,413	118,943	135,913	176,899
Payment arrears			-8,844	-11,023	-11,249	-5,805	-6,311	-14,209	-16,236	-7,625
Net domestic assets			362,151	376,069	380,089	375,231	390,315	470,143	500,565	504,282
Credit to the public sector (net)			73,976	70,137	71,339	63,632	68,265	78,460	85,946	70,748
	Credit to Central
		Government (net)	30,296	34,948	35,598	35,292	38,173	55,958	61,396	52,561
		Of which: rescheduling	28,957	33,354	34,037	35,495	38,592	40,643	46,441	49,494
	Credit to rest of pub sect (net)		35,595	28,762	29,182	22,197	23,413	16,227	17,382	11,548
		Of which: rescheduling	26,391	20,389	20,807	13,936	15,152	8,070	9,225	6,472
	Credit to public sector for buy-back		8,085	6,427	6,559	6,143	6,679	6,276	7,168	6,640
Official capital and reserves			-15	-15	-15	-15	-15	-15	-15	-15
Credit to commercial banks			20,382	18,594	18,653	16,857	17,096	44,935	45,344	12,300
	Of which: rescheduling		1,908	1,462	1,491	1,102	1,198	784	896	372
Credit to rest of banking system			387	--	--	--	--	--	--	--
Credit to banking system for buy-back			3,179	3,095	3,159	3,166	3,442	3,440	3,931	3,925
Credit to nonbank intermediaries			2,400	2,101	2,120	1,848	1,909	1,530	1,588	1,042
Subscriptions to international agencies (net)			-2,679	-1,592	-1,682	-1,405	-1,774	-4,124	-5,115	687
Counterpart arrears			8,844	11,023	11,249	5,805	6,311	14,209	16,236	7,625
Operational losses (accrual basis)			194,709	209,752	209,752	225,620	225,620	244,431	244,431	274,489
Unclassified assets (net)			-102,974	-101,738	-101,462	-100,398	-98,924	-86,152	-82,634	-63,033
Valuation adjustments			163,942	164,712	166,975	160,121	168,385	173,430	190,853	196,513
Counterpart unrequited foreign exchange			4,802	4,616	4,711	4,706	5,116	5,438	6,214	6,327
Government trust funds			24,267	25,857	25,857	19,687	19,687	18,432	18,432	18,473
Medium- and long-term foreign liabilities			207,761	207,242	211,394	205,924	222,884	199,820	228,330	215,334
Regular			89,070	91,326	93,102	94,231	101,445	91,280	104,303	97,127
Rescheduled			118,690	115,917	118,292	111,693	121,440	108,540	124,026	118,207
Liabilities to banks			131,340	147,979	149,840	153,196	160,732	198,038	213,194	253,790
Currency held by banks			7,811	9,070	9,070	9,325	9,325	11,151	11,151	14,181
Bank deposits			121,454	132,561	134,422	136,332	143,868	170,859	186,015	191,268
	In local currency		27,555	41,775	41,775	49,966	49,966	64,633	64,633	49,363
	In foreign currency		93,899	90,786	92,647	86,366	93,902	106,226	121,382	141,905
Stabilization bonds			718	2,586	2,586	1,505	1,505	7,736	7,736	36,072
SICP-commercial banks			1,357	3,762	3,762	6,034	6,034	8,292	8,292	12,269
Liabilities to nonbank intermediaries			590	877	877	604	604	5,493	5,493	3,179
Liabilities to private sector			83,823	97,362	97,486	109,854	110,394	147,656	148,580	176,454
Currency in circulation			34,667	47,864	47,864	54,672	54,672	74,862	74,862	84,750
Demand deposits			482	422	422	305	305	297	297	58
Foreign currency deposits			1,921	2,143	2,187	2,760	3,001	2,991	3,418	3,384
Stabilization bonds			31,285	34,400	34,400	40,545	40,545	61,711	61,711	81,131
Other			15,468	12,533	12,613	11,572	11,871	7,795	8,293	7,131
II. Commercial banks
Net international reserves ^1/			16,754	24,692	25,198	13,819	15,025	24,461	27,951	23,519
Assets			19,470	28,555	29,140	22,035	23,958	31,369	35,844	35,952
Short-term liabilities			-2,717	-3,863	-3,942	-8,216	-8,933	-6,908	-7,894	-12,432
Claims on Central Bank			133,179	147,727	149,579	153,519	160,940	198,882	213,987	256,568
Net domestic assets			127,168	146,491	146,733	187,195	189,602	212,599	216,006	185,286
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)		13,010	6,801	6,801	7,355	7,354	9,467	9,466	23,746
	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 sector			97,194	143,749	143,921	194,314	196,327	224,068	229,826	218,367
Credit to rest of banking system			2,310	2,750	2,750	2,929	2,929	2,624	2,624	67
Credit to nonbank intermediaries			402	65	65	150	150	110	110	260
Unclassified assets (net)			47,758	40,267	40,626	44,925	46,997	29,971	31,439	45,396
Valuation adjustments			9,252	9,252	8,991	8,991	7,319	7,319	3,597	3,597
Medium- and long-term foreign liabilities			2,615	3,248	3,296	4,887	5,205	9,978	11,112	18,068
Liabilities to Central Bank			22,907	19,991	20,082	18,484	18,864	47,890	48,552	14,138
Liabilities to rest of banking system			1,760	2,158	2,158	2,305	2,305	2,326	2,326	--
Liabilities to nonbank intermediaries			5,541	3,169	3,171	2,680	2,685	5,534	5,797	7,181
Liabilities to private sector			244,278	290,344	292,702	326,177	336,508	370,214	390,157	425,987
Demand deposits			45,796	61,299	61,299	63,894	63,894	76,646	76,646	68,361
Savings deposits			10,873	17,028	17,028	19,149	19,149	22,815	22,815	23,882
Time deposits			60,705	88,502	88,502	120,620	120,620	119,648	119,648	138,719
Foreign currency deposits			121,931	119,935	122,393	118,394	128,724	139,777	159,720	183,634
Other obligations			4,973	3,580	3,580	4,120	4,120	11,328	11,328	11,392
III. Consolidated Banking System
Net international reserves ^1/			107,186	132,557	135,274	132,559	144,126	129,195	147,628	192,794
Assets			118,747	147,443	150,465	146,580	159,371	150,312	171,758	212,851
Short-term liabilities			-11,561	-14,886	-15,191	-14,021	-15,245	-21,117	-24,129	-20,057
Net domestic assets			466,490	500,158	504,320	541,960	558,956	633,370	666,487	678,208
Credit to the public sector (net)			75,770	56,181	57,356	42,662	47,289	56,350	63,739	52,064
	Credit to Central Government (net)		43,306	41,749	42,399	42,647	45,527	65,425	70,862	76,307
	Credit to rest of public sector (net)		24,379	8,005	8,397	-6,128	-4,917	-15,350	-14,291	-30,882
	Credit to public sector for buy-back		8,085	6,427	6,559	6,143	6,679	6,276	7,168	6,640
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 intermediaries			2,802	2,166	2,185	1,998	2,059	1,640	1,698	1,302
Credit to private sector			97,194	143,749	143,921	194,314	196,327	224,068	229,826	218,367
Subscriptions to international agencies (net)			-2,679	-1,592	-1,682	-1,405	-1,774	-4,124	-5,115	687
Counterpart arrears			8,844	11,023	11,249	5,805	6,311	14,209	16,236	7,625
Operational losses (accrual basis)			194,709	209,752	209,752	225,620	225,620	244,431	244,431	274,489
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	-2,414	941
Valuation adjustments			173,194	173,964	175,966	169,112	175,704	180,749	194,450	200,110
Counterpart unrequited foreign exchange			4,802	4,616	4,711	4,706	5,116	5,438	6,214	6,327
Government trust funds			24,267	25,857	25,857	19,687	19,687	18,432	18,432	18,473
Medium- and long-term foreign liabilities			210,375	210,490	214,690	210,812	228,089	209,798	239,442	233,401
Liabilities to nonbank intermediaries			6,131	4,046	4,048	3,284	3,289	11,027	11,290	10,360
Liabilities to private sector			328,101	387,706	390,288	436,031	446,901	517,870	538,737	602,441
Currency			34,667	47,864	47,864	54,672	54,672	74,862	74,862	84,750
Demand deposits			46,278	61,721	61,721	64,199	64,199	76,943	76,943	68,419
Savings deposits			10,873	17,028	17,028	19,149	19,149	22,815	22,815	23,882
Time deposits			60,705	88,502	88,502	120,620	120,620	119,648	119,648	138,719
Foreign currency deposits			123,852	122,078	124,580	121,154	131,725	142,768	163,138	187,018
Stabilization bonds			31,285	34,400	34,400	40,545	40,545	61,711	61,711	81,131
Other			20,442	16,113	16,193	15,693	15,991	19,123	19,621	18,523

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

^{^1/}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

Source: Superintendency of Financial Entities.

Table 25.

Costa Rica: Legal Reserve Position of the Commercial Banks

	December 31
	1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Liabilities subject to requirements	154,557	306,985	354,150	432,497	482,318
Local currency	139,444	190,845	232,699	273,348	288,172
Foreign currency	15,113	115,240	121,451	159,149	194,147
Required reserves	39,069	128,748	141,075	187,985	211,936
Local currency	27,025	42,858	52,821	65,068	59,534
Foreign currency	12,044	85,889	88,254	122,918	152,402
Actual reserves	44,008	141,820	144,677	192,585	215,386
Local currency	28,322	45,316	54,364	67,351	62,241
Foreign currency	15,686	96,504	90,313	125,233	153,145
Net excess or deficiency (-)	4,939	13,072	3,603	4,599	3,450
Local currency	1,297	2,458	1,543	2,284	2,706
Foreign currency	3,642	10,615	2,060	2,316	744
(As percent of liabilities)
Required reserves	25.3	42.1	39.8	43.5	43.9
Local currency	19.4	22.5	22.7	23.8	20.7
Foreign currency	79.7	74.5	72.7	77.2	78.5
Actual reserves	28.5	46.3	40.9	44.5	44.7
Local currency	20.3	23.7	23.4	24.6	21.6
Foreign currency	103.8	83.7	74.4	78.7	78.9
Net excess or deficiency (-)	3.2	4.3	1.0	1.1	0.7
Local currency	0.9	1.3	0.7	0.8	0.9
Foreign currency	24.1	9.2	1.7	1.5	0.4

Source: Superintendency of Financial Entities.

Table 25.

Costa Rica: Legal Reserve Position of the Commercial Banks

	December 31
	1991	1992	1993	1994	Prel. 1995
(In millions of colones)
Liabilities subject to requirements	154,557	306,985	354,150	432,497	482,318
Local currency	139,444	190,845	232,699	273,348	288,172
Foreign currency	15,113	115,240	121,451	159,149	194,147
Required reserves	39,069	128,748	141,075	187,985	211,936
Local currency	27,025	42,858	52,821	65,068	59,534
Foreign currency	12,044	85,889	88,254	122,918	152,402
Actual reserves	44,008	141,820	144,677	192,585	215,386
Local currency	28,322	45,316	54,364	67,351	62,241
Foreign currency	15,686	96,504	90,313	125,233	153,145
Net excess or deficiency (-)	4,939	13,072	3,603	4,599	3,450
Local currency	1,297	2,458	1,543	2,284	2,706
Foreign currency	3,642	10,615	2,060	2,316	744
(As percent of liabilities)
Required reserves	25.3	42.1	39.8	43.5	43.9
Local currency	19.4	22.5	22.7	23.8	20.7
Foreign currency	79.7	74.5	72.7	77.2	78.5
Actual reserves	28.5	46.3	40.9	44.5	44.7
Local currency	20.3	23.7	23.4	24.6	21.6
Foreign currency	103.8	83.7	74.4	78.7	78.9
Net excess or deficiency (-)	3.2	4.3	1.0	1.1	0.7
Local currency	0.9	1.3	0.7	0.8	0.9
Foreign currency	24.1	9.2	1.7	1.5	0.4

Source: Superintendency of Financial Entities.

Table 26.

Costa Rica: Private Sector Financial Assets ^1/

(At the end of the year)

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

^{^1/}All instruments denominated in foreign currency are valued at actual end-of-period exchange rates.

^{^2/}Includes private sector holdings of bands issued by the Central Government. Excludes stabilization bonds held by EARTH and FEAA.

Table 26.

Costa Rica: Private Sector Financial Assets ^1/

(At the end of the year)

			December
			1991	1992	1993	1994	1995
(In millions of colones)
Total			353,123	429,621	500,290	611,063	771,286
By instrument
Money			82,757	109,708	118,931	151,869	153,244
	Currency		35,905	47,864	54,672	74,862	84,750
	Demand deposits		46,852	61,844	64,259	77,007	68,494
Quasi-money			232,339	293,468	350,505	420,002	572,606
	In domestic currency		121,899	174,918	223,445	269,714	369,170
		Savings deposits	11,626	17,028	19,149	22,815	23,882
		Time deposits	60,156	88,502	120,620	119,648	138,719
		Bonds ^2/	50,117	69,388	83,676	127,251	206,569
	In foreign currency		110,440	118,550	127,060	150,288	203,437
Private capital and other			38,027	26,445	30,853	39,192	45,436
By issuing entity			353,123	429,621	500,290	611,063	771,286
Banking system			323,623	394,633	457,159	545,523	645,848
	Central Bank		76,969	97,311	110,216	148,062	177,126
	Commercial banks		246,654	297,322	346,943	397,462	468,722
Central Government			29,500	34,988	43,131	65,540	125,438
(Percent change)
Total			38.4	18.2	16.4	22.1	26.2
Money			33.1	35.4	8.4	27.7	0.9
	Currency		30.5	38.1	14.2	36.9	13.2
	Demand deposits		35.2	33.5	3.9	19.8	-11.1
Quasi-money			44.7	22.1	19.4	19.8	36.3
	In domestic currency		35.9	43.7	27.7	20.7	36.9
		Savings deposits	27.6	56.6	12.5	19.1	4.7
		Time deposits	23.9	45.8	36.3	-0.8	15.9
		Bonds ^2/	56.5	38.3	20.6	52.1	62.3
	In foreign currency		55.7	--	7.2	18.3	35.4
Private capital and other			17.8	-37.1	16.7	27.0	15.9
(As percent of GDP)
Total			44.1	43.2	43.5	42.5	41.7
Money			10.5	10.6	10.7	10.4	9.2
	Currency		4.6	4.6	4.8	5.0	4.8
	Demand deposits		5.9	6.0	5.9	5.4	4.4
Quasi-money			28.5	29.0	30.1	29.5	29.9
	In domestic currency		15.3	16.4	18.6	18.9	19.3
		Savings deposits	1.5	1.6	1.7	1.6	1.4
		Time deposits	7.9	8.2	9.8	9.2	7.8
		Bonds	6.0	6.6	7.2	8.1	10.1
	In foreign currency		13.1	12.6	11.5	10.6	10.7
Private capital and other			5.1	3.6	2.7	2.7	2.5

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

^{^1/}All instruments denominated in foreign currency are valued at actual end-of-period exchange rates.

^{^2/}Includes private sector holdings of bands issued by the Central Government. Excludes stabilization bonds held by EARTH and FEAA.

Table 26.

Costa Rica: Private Sector Financial Assets ^1/

(At the end of the year)

			December
			1991	1992	1993	1994	1995
(In millions of colones)
Total			353,123	429,621	500,290	611,063	771,286
By instrument
Money			82,757	109,708	118,931	151,869	153,244
	Currency		35,905	47,864	54,672	74,862	84,750
	Demand deposits		46,852	61,844	64,259	77,007	68,494
Quasi-money			232,339	293,468	350,505	420,002	572,606
	In domestic currency		121,899	174,918	223,445	269,714	369,170
		Savings deposits	11,626	17,028	19,149	22,815	23,882
		Time deposits	60,156	88,502	120,620	119,648	138,719
		Bonds ^2/	50,117	69,388	83,676	127,251	206,569
	In foreign currency		110,440	118,550	127,060	150,288	203,437
Private capital and other			38,027	26,445	30,853	39,192	45,436
By issuing entity			353,123	429,621	500,290	611,063	771,286
Banking system			323,623	394,633	457,159	545,523	645,848
	Central Bank		76,969	97,311	110,216	148,062	177,126
	Commercial banks		246,654	297,322	346,943	397,462	468,722
Central Government			29,500	34,988	43,131	65,540	125,438
(Percent change)
Total			38.4	18.2	16.4	22.1	26.2
Money			33.1	35.4	8.4	27.7	0.9
	Currency		30.5	38.1	14.2	36.9	13.2
	Demand deposits		35.2	33.5	3.9	19.8	-11.1
Quasi-money			44.7	22.1	19.4	19.8	36.3
	In domestic currency		35.9	43.7	27.7	20.7	36.9
		Savings deposits	27.6	56.6	12.5	19.1	4.7
		Time deposits	23.9	45.8	36.3	-0.8	15.9
		Bonds ^2/	56.5	38.3	20.6	52.1	62.3
	In foreign currency		55.7	--	7.2	18.3	35.4
Private capital and other			17.8	-37.1	16.7	27.0	15.9
(As percent of GDP)
Total			44.1	43.2	43.5	42.5	41.7
Money			10.5	10.6	10.7	10.4	9.2
	Currency		4.6	4.6	4.8	5.0	4.8
	Demand deposits		5.9	6.0	5.9	5.4	4.4
Quasi-money			28.5	29.0	30.1	29.5	29.9
	In domestic currency		15.3	16.4	18.6	18.9	19.3
		Savings deposits	1.5	1.6	1.7	1.6	1.4
		Time deposits	7.9	8.2	9.8	9.2	7.8
		Bonds	6.0	6.6	7.2	8.1	10.1
	In foreign currency		13.1	12.6	11.5	10.6	10.7
Private capital and other			5.1	3.6	2.7	2.7	2.5

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

^{^1/}All instruments denominated in foreign currency are valued at actual end-of-period exchange rates.

^{^2/}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)

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart USAID grants and counterpart unrequited foreign exchange.

Table 27.

Costa Rica: Changes in Banking System Domestic Credit by Origin, Destination and Financing

(In millions of colones; end of period)

		December
		1991	1992	1993	1994	1995
Origin		8,995	34,773	42,190	79,305	127,857
Central Bank		-5,734	15,706	-3,061	51,989	101,771
Commercial banks		19,780	20,030	44,864	27,867	26,626
Interbank float (net)		-5,052	-963	387	-551	-540
Destination		8,995	34,773	42,190	79,305	127,857
Public sector (net)		-8,693	-19,589	-14,694	9,061	51,711
Private sector		6,849	46,555	50,393	27,741	-4,868
Other financial intermediaries		-309	-636	-187	-419	-182
Counterpart arrears		-24,196	2,179	-5,444	7,897	8,432
Other		40,395	7,227	11,734	35,576	73,304
Interbank float (net)		-5,052	-963	387	-551	-540
Financing		8,995	34,773	42,190	79,305	127,857
Net international reserves ^1/		-77,407	-25,371	2,715	14,931	-29,484
	Medium- and long-term foreign liabilities ^2/	11,913	1,519	-10,053	-19,224	16,259
Private sector liabilities		74,489	58,625	49,528	83,598	141,082
	Money (M-1)	18,785	28,640	9,286	32,934	17,584
	Other	55,704	29,985	40,242	50,664	123,498

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart USAID grants and counterpart unrequited foreign exchange.

Table 27.

Costa Rica: Changes in Banking System Domestic Credit by Origin, Destination and Financing

(In millions of colones; end of period)

		December
		1991	1992	1993	1994	1995
Origin		8,995	34,773	42,190	79,305	127,857
Central Bank		-5,734	15,706	-3,061	51,989	101,771
Commercial banks		19,780	20,030	44,864	27,867	26,626
Interbank float (net)		-5,052	-963	387	-551	-540
Destination		8,995	34,773	42,190	79,305	127,857
Public sector (net)		-8,693	-19,589	-14,694	9,061	51,711
Private sector		6,849	46,555	50,393	27,741	-4,868
Other financial intermediaries		-309	-636	-187	-419	-182
Counterpart arrears		-24,196	2,179	-5,444	7,897	8,432
Other		40,395	7,227	11,734	35,576	73,304
Interbank float (net)		-5,052	-963	387	-551	-540
Financing		8,995	34,773	42,190	79,305	127,857
Net international reserves ^1/		-77,407	-25,371	2,715	14,931	-29,484
	Medium- and long-term foreign liabilities ^2/	11,913	1,519	-10,053	-19,224	16,259
Private sector liabilities		74,489	58,625	49,528	83,598	141,082
	Money (M-1)	18,785	28,640	9,286	32,934	17,584
	Other	55,704	29,985	40,242	50,664	123,498

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart USAID grants and counterpart unrequited foreign exchange.

Table 28.

Costa Rica: Exports

(In millions of U.S. dollars)

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

^{^1/}Includes food products and tobacco.

^{^2/}Includes leather products and shoes, excludes maquila.

^{^3/}Value added on some textile exports; included under services in the balance of payments.

^{^4/}Coffee, bananas, meat, and sugar.

^{^5/}All other exports not included in 4/.

Table 28.

Costa Rica: Exports

(In millions of U.S. dollars)

				1991	1992	1993	1994	Prel. 1995
Total exports, f.o.b.				1,490.2	1,728.5	1,873.9	2,093.7	2,480.2
Industrial goods				515.6	644.0	632.3	770.4	890.0
	Consumables ^1/			93.7	152.4	167.4	173.2	229.6
	Textiles ^2/			81.5	108.8	111.7	63.2	50.1
	Wood and paper products			29.4	39.3	34.8	43.5	48.1
	Chemical/petroleum products			96.8	130.7	143.0	114.8	139.2
	Machinery/metal products			67.4	78.6	101.1	112.4	113.2
	Medicine			34.1	37.9	44.9	49.1	51.6
	Other			112.7	96.3	29.4	214.3	258.2
Agricultural/marine goods				974.6	1,084.5	1,241.6	1,323.3	1,590.2
	Coffee			263.6	201.6	201.5	300.2	414.2
	Bananas			396.6	522.1	560.1	561.1	640.1
	Sugar			24.7	29.5	27.9	28.5	46.2
	Meat			69.3	44.0	62.5	51.2	45.7
	Other			220.4	287.3	389.5	382.4	444.0
		Of which:	Seafood	42.9	74.7	90.9	97.5	108.3
			Plants/flowers	65.6	77.2	90.0	96.2	112.6
			Tropical fruit	60.7	74.0	87.0	93.9	101.5
			Vegetable/roots	28.4	33.5	36.3	49.3	59.2
			Other	22.8	27.9	85.3	45.4	62.4
Memoranda
Maquila exports ^3/				102.5	119.3	129.9	210.4	269.9
Traditional exports ^4/				754.2	797.2	852.1	940.9	1,146.2
Nontraditional exports ^5/				736.0	931.3	1,021.8	1,152.8	1,334.0

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

^{^1/}Includes food products and tobacco.

^{^2/}Includes leather products and shoes, excludes maquila.

^{^3/}Value added on some textile exports; included under services in the balance of payments.

^{^4/}Coffee, bananas, meat, and sugar.

^{^5/}All other exports not included in 4/.

Table 28.

Costa Rica: Exports

(In millions of U.S. dollars)

				1991	1992	1993	1994	Prel. 1995
Total exports, f.o.b.				1,490.2	1,728.5	1,873.9	2,093.7	2,480.2
Industrial goods				515.6	644.0	632.3	770.4	890.0
	Consumables ^1/			93.7	152.4	167.4	173.2	229.6
	Textiles ^2/			81.5	108.8	111.7	63.2	50.1
	Wood and paper products			29.4	39.3	34.8	43.5	48.1
	Chemical/petroleum products			96.8	130.7	143.0	114.8	139.2
	Machinery/metal products			67.4	78.6	101.1	112.4	113.2
	Medicine			34.1	37.9	44.9	49.1	51.6
	Other			112.7	96.3	29.4	214.3	258.2
Agricultural/marine goods				974.6	1,084.5	1,241.6	1,323.3	1,590.2
	Coffee			263.6	201.6	201.5	300.2	414.2
	Bananas			396.6	522.1	560.1	561.1	640.1
	Sugar			24.7	29.5	27.9	28.5	46.2
	Meat			69.3	44.0	62.5	51.2	45.7
	Other			220.4	287.3	389.5	382.4	444.0
		Of which:	Seafood	42.9	74.7	90.9	97.5	108.3
			Plants/flowers	65.6	77.2	90.0	96.2	112.6
			Tropical fruit	60.7	74.0	87.0	93.9	101.5
			Vegetable/roots	28.4	33.5	36.3	49.3	59.2
			Other	22.8	27.9	85.3	45.4	62.4
Memoranda
Maquila exports ^3/				102.5	119.3	129.9	210.4	269.9
Traditional exports ^4/				754.2	797.2	852.1	940.9	1,146.2
Nontraditional exports ^5/				736.0	931.3	1,021.8	1,152.8	1,334.0

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

^{^1/}Includes food products and tobacco.

^{^2/}Includes leather products and shoes, excludes maquila.

^{^3/}Value added on some textile exports; included under services in the balance of payments.

^{^4/}Coffee, bananas, meat, and sugar.

^{^5/}All other exports not included in 4/.

Table 29.

Costa Rica: Imports ^1/

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

^{^1/}Data for 1995 is not yet available.

Table 29.

Costa Rica: Imports ^1/

		1991	1992	1993	1994
(In millions of U.S. dollars)
Imports, c.i.f.		1,886.2	2,455.0	2,919.4	3,040.3
Consumer goods		439.3	640.8	822.7	897.3
	Nondurables	330.0	384.1	493.2	567.1
	Durables	109.3	256.7	329.5	330.2
Raw materials		880.6	1,065.1	1,151.9	1,295.6
	Agriculture	97.6	115.8	117.1	51.5
	Manufacturing and mining	686.8	817.0	935.3	1,108.7
	Construction	72.3	88.1	93.0	118.2
Petroleum and petroleum products		186.6	215.9	214.1	235.9
Capital goods		394.4	555.9	722.0	620.9
	Manufacturing and mining	285.1	393.9	512.5	435.4
	Agriculture	8.5	12.5	15.9	28.0
	Transport	100.8	149.5	193.6	157.6
Other		9.2	21.6	15.1	7.9
(In percent of total)
Imports, c.i.f.		100	100	100	100
Consumer goods		23	26	28	30
Raw materials		45	42	39	42
Petroleum and petroleum products		10	9	7	8
Capital goods		21	23	25	20
Other		0	1	1	0
(Annual percentage change)
Imports, c.i.f.		-5.5	30.2	18.9	4.1
Consumer goods		-4.7	45.9	28.4	9.1
Raw materials		-0.5	19.2	12.2	11.6
Petroleum and petroleum products		-2.3	15.7	-0.8	10.2
Capital goods		-15.6	40.9	29.9	-14.0
Other		-41.7	135.6	-29.8	-47.7

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

^{^1/}Data for 1995 is not yet available.

Table 29.

Costa Rica: Imports ^1/

		1991	1992	1993	1994
(In millions of U.S. dollars)
Imports, c.i.f.		1,886.2	2,455.0	2,919.4	3,040.3
Consumer goods		439.3	640.8	822.7	897.3
	Nondurables	330.0	384.1	493.2	567.1
	Durables	109.3	256.7	329.5	330.2
Raw materials		880.6	1,065.1	1,151.9	1,295.6
	Agriculture	97.6	115.8	117.1	51.5
	Manufacturing and mining	686.8	817.0	935.3	1,108.7
	Construction	72.3	88.1	93.0	118.2
Petroleum and petroleum products		186.6	215.9	214.1	235.9
Capital goods		394.4	555.9	722.0	620.9
	Manufacturing and mining	285.1	393.9	512.5	435.4
	Agriculture	8.5	12.5	15.9	28.0
	Transport	100.8	149.5	193.6	157.6
Other		9.2	21.6	15.1	7.9
(In percent of total)
Imports, c.i.f.		100	100	100	100
Consumer goods		23	26	28	30
Raw materials		45	42	39	42
Petroleum and petroleum products		10	9	7	8
Capital goods		21	23	25	20
Other		0	1	1	0
(Annual percentage change)
Imports, c.i.f.		-5.5	30.2	18.9	4.1
Consumer goods		-4.7	45.9	28.4	9.1
Raw materials		-0.5	19.2	12.2	11.6
Petroleum and petroleum products		-2.3	15.7	-0.8	10.2
Capital goods		-15.6	40.9	29.9	-14.0
Other		-41.7	135.6	-29.8	-47.7

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

^{^1/}Data for 1995 is not yet available.

Table 30.

Costa Rica: Petroleum Imports

Source: Central Bank of Costa Rica.

Table 30.

Costa Rica: Petroleum Imports

		1991	1992	1993	1994	1995 Prel.
(In millions of U.S. dollars)
Total imports, c.i.f.		186.6	215.9	214.1	235.9	264.3
	Partially refined oil	52.9	79.8	71.2	64.2	92.7
	Diesel	67.8	77.4	64.8	91.1	82.6
	Gasoline	44.3	40.9	50.8	54.4	59.3
	Aviation fuel	0.9	2.4	1.5	1.9	1.2
	Asphalt	2.4	2.0	1.8	1.7	0.3
	Bunker C	3.7	--	--	--	--
	Other products	14.8	13.3	24.1	22.7	28.2
(In thousands of barrels)
Total imports, c.i.f.		8,443	9,910	10,745	12,206	13,148
	Partially refined oil	2,640	4,195	4,121	4,015	5,297
	Diesel	2,781	3,232	2,738	4,456	3,962
	Gasoline	1,923	1,681	2,239	2,614	2,705
	Aviation fuel	19	65	37	42	28
	Asphalt	134	137	141	88	22
	Bunker C	332	--	--	--	--
	Other products	615	600	1,469	992	1,133
(In U.S. dollars per barrel)
Average price		22.1	21.8	19.9	19.3	20.1
	Partially refined oil	20.1	19.0	17.3	16.0	17.5
	Diesel	24.4	24.0	23.7	20.4	20.9
	Gasoline	23.0	24.4	22.7	20.8	21.9

Source: Central Bank of Costa Rica.

Table 30.

Costa Rica: Petroleum Imports

		1991	1992	1993	1994	1995 Prel.
(In millions of U.S. dollars)
Total imports, c.i.f.		186.6	215.9	214.1	235.9	264.3
	Partially refined oil	52.9	79.8	71.2	64.2	92.7
	Diesel	67.8	77.4	64.8	91.1	82.6
	Gasoline	44.3	40.9	50.8	54.4	59.3
	Aviation fuel	0.9	2.4	1.5	1.9	1.2
	Asphalt	2.4	2.0	1.8	1.7	0.3
	Bunker C	3.7	--	--	--	--
	Other products	14.8	13.3	24.1	22.7	28.2
(In thousands of barrels)
Total imports, c.i.f.		8,443	9,910	10,745	12,206	13,148
	Partially refined oil	2,640	4,195	4,121	4,015	5,297
	Diesel	2,781	3,232	2,738	4,456	3,962
	Gasoline	1,923	1,681	2,239	2,614	2,705
	Aviation fuel	19	65	37	42	28
	Asphalt	134	137	141	88	22
	Bunker C	332	--	--	--	--
	Other products	615	600	1,469	992	1,133
(In U.S. dollars per barrel)
Average price		22.1	21.8	19.9	19.3	20.1
	Partially refined oil	20.1	19.0	17.3	16.0	17.5
	Diesel	24.4	24.0	23.7	20.4	20.9
	Gasoline	23.0	24.4	22.7	20.8	21.9

Source: Central Bank of Costa Rica.

Table 31.

Costa Rica: Direction of Trade ^1/

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

^{^1/}Data for 1995 is not yet available.

^{^2/}Excludes maquila exports.

^{^3/}Includes adjustment for consistency with balance of payments data.

Table 31.

Costa Rica: Direction of Trade ^1/

		Exports				Imports
		1991	1992	1993	1994	1991	1992	1993	1994
(In millions of U.S. dollars)
Total		1,490.2	1,728.5	1,873.9	2093.7	1,886.2	2,455.0	2,919.4	3040.3
United States ^2/		555.5	705.1	817.7	736.7	838.9	1,076.7	1253.2	1336.5
United Kingdom		29.8	23.6	36.9	63.8	21.8	27.8	29.6	30.9
Belgium/Luxembourg		60.1	87.8	125.5	149.1	15.2	17.8	21.3	15.2
Canada		42.1	29.5	36.6	27.3	25.9	25.0	35.3	42.0
Japan		20.3	13.5	12.3	19.8	110.1	159.6	222.0	166.5
Germany		158.1	191.5	175.1	198.3	59.1	83.1	104.3	100.2
Italy		66.4	94.7	86.2	104.3	27.0	36.1	50.3	50.4
Netherlands		42.1	35.3	42.0	59.5	19.4	24.8	27.0	28.3
Central America		177.8	248.4	267.5	292.7	151.1	180.7	207.1	231.1
	Guatemala	58.6	75.2	85.2	103.3	82.7	96.0	104.7	109.2
	El Salvador	43.8	55.5	63.0	73.7	51.5	60.7	69.2	76.4
	Honduras	18.7	43.2	51.8	45.0	5.9	7.9	11.2	22.8
	Nicaragua	56.7	74.5	67.5	70.7	11.0	16.1	22.0	22.7
Panama		53.6	58.7	67.1	66.8	28.0	39.2	60.7	65.2
Mexico		15.2	17.6	28.2	24.0	85.2	122.4	115.6	136.8
Venezuela		4.2	7.6	12.4	8.8	115.8	113.6	144.1	164.9
Other ^3/		265.0	215.2	166.4	342.6	388.7	548.2	648.9	672.3
(In percent of total)
United States		37.3	40.8	43.6	35.2	44.5	43.9	42.9	44.0
Other industrial		28.1	27.5	27.5	29.7	14.8	15.2	16.8	14.3
Central America		11.9	14.4	14.3	14.0	8.0	7.4	7.1	7.6
Mexico		1.0	1.0	1.5	1.1	4.5	5.0	4.0	4.5
Other		21.7	16.3	13.1	20.0	28.2	28.6	29.2	29.7

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

^{^1/}Data for 1995 is not yet available.

^{^2/}Excludes maquila exports.

^{^3/}Includes adjustment for consistency with balance of payments data.

Table 31.

Costa Rica: Direction of Trade ^1/

		Exports				Imports
		1991	1992	1993	1994	1991	1992	1993	1994
(In millions of U.S. dollars)
Total		1,490.2	1,728.5	1,873.9	2093.7	1,886.2	2,455.0	2,919.4	3040.3
United States ^2/		555.5	705.1	817.7	736.7	838.9	1,076.7	1253.2	1336.5
United Kingdom		29.8	23.6	36.9	63.8	21.8	27.8	29.6	30.9
Belgium/Luxembourg		60.1	87.8	125.5	149.1	15.2	17.8	21.3	15.2
Canada		42.1	29.5	36.6	27.3	25.9	25.0	35.3	42.0
Japan		20.3	13.5	12.3	19.8	110.1	159.6	222.0	166.5
Germany		158.1	191.5	175.1	198.3	59.1	83.1	104.3	100.2
Italy		66.4	94.7	86.2	104.3	27.0	36.1	50.3	50.4
Netherlands		42.1	35.3	42.0	59.5	19.4	24.8	27.0	28.3
Central America		177.8	248.4	267.5	292.7	151.1	180.7	207.1	231.1
	Guatemala	58.6	75.2	85.2	103.3	82.7	96.0	104.7	109.2
	El Salvador	43.8	55.5	63.0	73.7	51.5	60.7	69.2	76.4
	Honduras	18.7	43.2	51.8	45.0	5.9	7.9	11.2	22.8
	Nicaragua	56.7	74.5	67.5	70.7	11.0	16.1	22.0	22.7
Panama		53.6	58.7	67.1	66.8	28.0	39.2	60.7	65.2
Mexico		15.2	17.6	28.2	24.0	85.2	122.4	115.6	136.8
Venezuela		4.2	7.6	12.4	8.8	115.8	113.6	144.1	164.9
Other ^3/		265.0	215.2	166.4	342.6	388.7	548.2	648.9	672.3
(In percent of total)
United States		37.3	40.8	43.6	35.2	44.5	43.9	42.9	44.0
Other industrial		28.1	27.5	27.5	29.7	14.8	15.2	16.8	14.3
Central America		11.9	14.4	14.3	14.0	8.0	7.4	7.1	7.6
Mexico		1.0	1.0	1.5	1.1	4.5	5.0	4.0	4.5
Other		21.7	16.3	13.1	20.0	28.2	28.6	29.2	29.7

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

^{^1/}Data for 1995 is not yet available.

^{^2/}Excludes maquila exports.

^{^3/}Includes adjustment for consistency with balance of payments data.

Table 32.

Costa Rica: Indices of Terms of Trade ^1/

(1985=100)

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

^{^1/}Paasche index.

Table 32.

Costa Rica: Indices of Terms of Trade ^1/

(1985=100)

	1991	1992	1993	1994	Prel. 1995
Total value
Exports	158.7	184.1	199.6	223.0	264.1
Imports	169.8	221.0	262.8	273.7	295.8
Volume
Exports	146.6	174.2	187.9	196.2	214.5
Imports	141.4	179.6	208.6	214.2	225.9
Unit value
Exports	108.3	105.7	106.2	113.6	123.1
Imports	120.1	123.1	126.0	127.8	130.9
Terms of trade	90.1	85.9	84.3	88.9	94.0
(Annual percentage change)
Total value
Exports	10.7	16.0	8.4	11.7	18.5
Imports	-5.5	30.2	18.9	4.1	8.1
Volume
Exports	6.5	18.9	7.9	4.4	9.3
Imports	-8.4	27.0	16.1	2.7	5.5
Unit value
Exports	4.0	-2.4	0.5	7.0	8.4
Imports	3.2	2.4	2.4	1.4	2.5
Terms of trade	0.8	-4.8	-1.9	5.5	5.7

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

^{^1/}Paasche index.

Table 32.

Costa Rica: Indices of Terms of Trade ^1/

(1985=100)

	1991	1992	1993	1994	Prel. 1995
Total value
Exports	158.7	184.1	199.6	223.0	264.1
Imports	169.8	221.0	262.8	273.7	295.8
Volume
Exports	146.6	174.2	187.9	196.2	214.5
Imports	141.4	179.6	208.6	214.2	225.9
Unit value
Exports	108.3	105.7	106.2	113.6	123.1
Imports	120.1	123.1	126.0	127.8	130.9
Terms of trade	90.1	85.9	84.3	88.9	94.0
(Annual percentage change)
Total value
Exports	10.7	16.0	8.4	11.7	18.5
Imports	-5.5	30.2	18.9	4.1	8.1
Volume
Exports	6.5	18.9	7.9	4.4	9.3
Imports	-8.4	27.0	16.1	2.7	5.5
Unit value
Exports	4.0	-2.4	0.5	7.0	8.4
Imports	3.2	2.4	2.4	1.4	2.5
Terms of trade	0.8	-4.8	-1.9	5.5	5.7

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

^{^1/}Paasche index.

Table 33.

Costa Rica: Tourism Indicators

Source: Costa Rican Tourism Institute.

Table 33.

Costa Rica: Tourism Indicators

				1991	1992	1993	1994	Prel. 1995
Total arrivals (’000)				504.6	610.6	684.0	761.4	792.3
	By:		Air	354.0	443.5	511.3	559.4	578.6
			Other	150.6	167.1	172.7	202.0	213.7
Source markets
	U.S.			173.6	217.7	242.5	263.6	371.9
	Europe			67.3	88.3	113.9	129.6	162.2
	Canada			37.2	42.0	44.2	49.1	53.8
	Central America			164.8	187.8	193.5	221.4	73.4
	South America			32.8	42.7	52.9	54.0	73.2
	Other			28.9	32.1	37.0	43.7	57.8
Length of stay (days)				8.9	9.1	10.4	9.7	10.6
Spending per night (US$)				75.5	77.7	85.7	84.0	87.0
Total tourism receipts
	(millions of US$)			328.6	428.6	573.7	624.1	664.4
	(as percent of exports)			22.1	24.8	30.6	29.8	26.8
	(annual percentage change)			19.4	30.4	33.9	8.8	6.5
Memorandum items:
	Costa Rica as percent of total tourism to Central America
		Arrivals		24.6	25.4	26.3	…	…
		Receipts		31.7	39.3	43.5	…	…
	Travel abroad by Costa Ricans
		Departures (’000)		188.6	239.3	259.6	269.0	274.1
		Expenditure (US$ millions)		148.8	222.9	266.0	299.3	332.2

Source: Costa Rican Tourism Institute.

Table 33.

Costa Rica: Tourism Indicators

				1991	1992	1993	1994	Prel. 1995
Total arrivals (’000)				504.6	610.6	684.0	761.4	792.3
	By:		Air	354.0	443.5	511.3	559.4	578.6
			Other	150.6	167.1	172.7	202.0	213.7
Source markets
	U.S.			173.6	217.7	242.5	263.6	371.9
	Europe			67.3	88.3	113.9	129.6	162.2
	Canada			37.2	42.0	44.2	49.1	53.8
	Central America			164.8	187.8	193.5	221.4	73.4
	South America			32.8	42.7	52.9	54.0	73.2
	Other			28.9	32.1	37.0	43.7	57.8
Length of stay (days)				8.9	9.1	10.4	9.7	10.6
Spending per night (US$)				75.5	77.7	85.7	84.0	87.0
Total tourism receipts
	(millions of US$)			328.6	428.6	573.7	624.1	664.4
	(as percent of exports)			22.1	24.8	30.6	29.8	26.8
	(annual percentage change)			19.4	30.4	33.9	8.8	6.5
Memorandum items:
	Costa Rica as percent of total tourism to Central America
		Arrivals		24.6	25.4	26.3	…	…
		Receipts		31.7	39.3	43.5	…	…
	Travel abroad by Costa Ricans
		Departures (’000)		188.6	239.3	259.6	269.0	274.1
		Expenditure (US$ millions)		148.8	222.9	266.0	299.3	332.2

Source: Costa Rican Tourism Institute.

Table 34.

Costa Rica: External Public Debt by Creditor

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

^{^1/}Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^{^2/}Includes the bonds resulting from the commercial bank debt restructuring in 1989.

^{^3/}Short-term liabilities of the Central Bank.

Table 34.

Costa Rica: External Public Debt by Creditor

		1991	1992	1993	1994	Prel. 1995
(End of period, in millions of U.S. dollars)
Total ^1/		3,376.7	3,389.0	3,375.1	3,311.5	3,231.3
Medium- and long-term debt		3,222.7	3,271.5	3,291.9	3,253.5	3,217.4
	Multilaterals	1,315.8	1,340.9	1,344.6	1,375.4	1,539.2
	Bilaterals	1,302.7	1,353.0	1,386.5	1,275.7	1,106.6
	Commercial Banks	31.5	22.7	18.0	12.9	8.9
	Bonds ^2/	560.1	542.0	533.7	582.5	557.5
	Suppliers	12.7	12.9	9.1	7.0	5.2
Short-term debt ^3/		154.0	117.5	83.2	58.0	13.9
(As Percent of medium- and long-term debt)
Multilaterals		40.8	41.0	40.8	42.3	47.8
Bilaterals		40.4	41.4	42.1	39.2	34.4
Commercial Banks		1.0	0.7	0.5	0.4	0.3
Bonds ^2/		17.4	16.6	16.2	17.9	17.3
Suppliers		0.4	0.4	0.3	0.2	0.2
Memorandum item:
	Total as percent of GDP	59.7	50.2	45.6	39.8	35.0

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

^{^1/}Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^{^2/}Includes the bonds resulting from the commercial bank debt restructuring in 1989.

^{^3/}Short-term liabilities of the Central Bank.

Table 34.

Costa Rica: External Public Debt by Creditor

		1991	1992	1993	1994	Prel. 1995
(End of period, in millions of U.S. dollars)
Total ^1/		3,376.7	3,389.0	3,375.1	3,311.5	3,231.3
Medium- and long-term debt		3,222.7	3,271.5	3,291.9	3,253.5	3,217.4
	Multilaterals	1,315.8	1,340.9	1,344.6	1,375.4	1,539.2
	Bilaterals	1,302.7	1,353.0	1,386.5	1,275.7	1,106.6
	Commercial Banks	31.5	22.7	18.0	12.9	8.9
	Bonds ^2/	560.1	542.0	533.7	582.5	557.5
	Suppliers	12.7	12.9	9.1	7.0	5.2
Short-term debt ^3/		154.0	117.5	83.2	58.0	13.9
(As Percent of medium- and long-term debt)
Multilaterals		40.8	41.0	40.8	42.3	47.8
Bilaterals		40.4	41.4	42.1	39.2	34.4
Commercial Banks		1.0	0.7	0.5	0.4	0.3
Bonds ^2/		17.4	16.6	16.2	17.9	17.3
Suppliers		0.4	0.4	0.3	0.2	0.2
Memorandum item:
	Total as percent of GDP	59.7	50.2	45.6	39.8	35.0

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

^{^1/}Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^{^2/}Includes the bonds resulting from the commercial bank debt restructuring in 1989.

^{^3/}Short-term liabilities of the Central Bank.

Table 35.

Costa Rica: External Public Debt by Debtor

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

^1/Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^2/Short-term liabilities of the Central Bank.

Table 35.

Costa Rica: External Public Debt by Debtor

			1991	1992	1993	1994	1995 Prel.
(End of period, in millions of U.S. dollars)
Total			3,376.7	3,389.0	3,375.1	3,311.5	3,231.3
Medium- and long-term debt			3,222.7	3,271.5	3,291.9	3,253.5	3,217.4
	Central Government		1,205.4	1,191.2	1,194.1	1,185.0	1,238.6
	Central Bank		1,523.9	1,525.1	1,535.5	1,380.1	1,244.4
	Public enterprises		471.3	537.1	545.0	675.4	722.6
	Other public sector		22.1	18.1	17.3	13.0	11.8
Short-term debt			154.0	117.5	83.2	58.0	13.9
(As percent of medium- and long-term debt)
Central Government			37.4	36.4	36.3	36.4	38.5
Central Bank			47.3	46.6	46.6	42.4	38.7
Public enterprises			14.6	16.4	16.6	20.8	22.5
Memorandum items:
	Total as percent of GDP		59.7	50.2	45.6	39.8	35.0
	Private sector debt		725.6	767.0	852.0	878.9	928.4
		As percent of GDP	12.8	11.4	11.5	10.6	10.1

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

^1/Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^2/Short-term liabilities of the Central Bank.

Table 35.

Costa Rica: External Public Debt by Debtor

			1991	1992	1993	1994	1995 Prel.
(End of period, in millions of U.S. dollars)
Total			3,376.7	3,389.0	3,375.1	3,311.5	3,231.3
Medium- and long-term debt			3,222.7	3,271.5	3,291.9	3,253.5	3,217.4
	Central Government		1,205.4	1,191.2	1,194.1	1,185.0	1,238.6
	Central Bank		1,523.9	1,525.1	1,535.5	1,380.1	1,244.4
	Public enterprises		471.3	537.1	545.0	675.4	722.6
	Other public sector		22.1	18.1	17.3	13.0	11.8
Short-term debt			154.0	117.5	83.2	58.0	13.9
(As percent of medium- and long-term debt)
Central Government			37.4	36.4	36.3	36.4	38.5
Central Bank			47.3	46.6	46.6	42.4	38.7
Public enterprises			14.6	16.4	16.6	20.8	22.5
Memorandum items:
	Total as percent of GDP		59.7	50.2	45.6	39.8	35.0
	Private sector debt		725.6	767.0	852.0	878.9	928.4
		As percent of GDP	12.8	11.4	11.5	10.6	10.1

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

^1/Includes principal in arrears, as well as rescheduled principal and capitalized interest; excludes interest arrears.

^2/Short-term liabilities of the Central Bank.

Table 36.

Costa Rica: External Debt Payments Arrears

(In millions of U.S. dollars)

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

^{^1/}Arrears to multilaterals within grace period or rescheduled on regular basis.

Table 36.

Costa Rica: External Debt Payments Arrears

(In millions of U.S. dollars)

	December 31, 1991			December 31, 1992			December 31, 1993			December 31, 1994			Prel. December 31, 1995
	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total
Total/Nonreschedulable	41.1	21.4	62.5	58.0	19.9	77.9	24.7	15.5	40.2	65.0	25.5	90.5	38.8	3.7	42.5
Medium- and long-term	39.3	20.9	60.2	56.5	19.0	75.5	22.9	14.8	37.7	64.8	25.3	90.1	38.5	3.6	42.1
Banks	0.9	0.5	1.4	0.2	0.4	0.6	0.7	0.4	1.1	0.9	0.4	1.3	0.2	0.0	0.2
Multilaterals	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bilaterals	38.4	20.4	58.8	56.3	18.6	74.9	22.2	14.4	36.6	63.9	24.9	88.8	38.3	3.6	41.9
Bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Suppliers	1.8	0.5	2.3	1.5	0.9	2.4	1.8	0.7	2.5	0.2	0.2	0.4	0.3	0.1	0.4
Imports	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total/reschedulable ^1/	73.4	52.1	125.5	62.6	33.7	96.3	25.8	37.4	63.2	7.8	3.6	11.4	8.4	6.5	14.9
Total	114.5	73.5	188.0	120.6	53.6	174.2	50.5	52.9	103.4	72.8	29.1	101.9	47.2	10.2	57.4

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

^{^1/}Arrears to multilaterals within grace period or rescheduled on regular basis.

Table 36.

Costa Rica: External Debt Payments Arrears

(In millions of U.S. dollars)

	December 31, 1991			December 31, 1992			December 31, 1993			December 31, 1994			Prel. December 31, 1995
	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total
Total/Nonreschedulable	41.1	21.4	62.5	58.0	19.9	77.9	24.7	15.5	40.2	65.0	25.5	90.5	38.8	3.7	42.5
Medium- and long-term	39.3	20.9	60.2	56.5	19.0	75.5	22.9	14.8	37.7	64.8	25.3	90.1	38.5	3.6	42.1
Banks	0.9	0.5	1.4	0.2	0.4	0.6	0.7	0.4	1.1	0.9	0.4	1.3	0.2	0.0	0.2
Multilaterals	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bilaterals	38.4	20.4	58.8	56.3	18.6	74.9	22.2	14.4	36.6	63.9	24.9	88.8	38.3	3.6	41.9
Bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Suppliers	1.8	0.5	2.3	1.5	0.9	2.4	1.8	0.7	2.5	0.2	0.2	0.4	0.3	0.1	0.4
Imports	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total/reschedulable ^1/	73.4	52.1	125.5	62.6	33.7	96.3	25.8	37.4	63.2	7.8	3.6	11.4	8.4	6.5	14.9
Total	114.5	73.5	188.0	120.6	53.6	174.2	50.5	52.9	103.4	72.8	29.1	101.9	47.2	10.2	57.4

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

^{^1/}Arrears to multilaterals within grace period or rescheduled on regular basis.

Costa Rica: Summary of the Tax System as of March 30, 1996

^1/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.

TAX		NATURE OF TAX	TAX BASE	TAX RATES	EXEMPTIONS
1.	Income tax	Income, 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 tax	Holdings 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 tax	Tax 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 vehicles	Transfer 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 goods	Importation 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 duty	Importation 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 duty	Exports 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 duty	Banana exports.	Case or package weighing 18.14 kg.	US$0.30 per case of exported bananas.	None.
11.	Tax on vehicle ownership	Ownership 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 tax	Transfers, 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.

TAX		NATURE OF TAX	TAX BASE	TAX RATES	EXEMPTIONS
1.	Income tax	Income, 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 tax	Holdings 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 tax	Tax 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 vehicles	Transfer 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 goods	Importation 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 duty	Importation 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 duty	Exports 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 duty	Banana exports.	Case or package weighing 18.14 kg.	US$0.30 per case of exported bananas.	None.
11.	Tax on vehicle ownership	Ownership 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 tax	Transfers, 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.

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Costa Rica: Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 1996: Issue 067

Publisher:: International Monetary Fund

ISBN:: 9781451809572

ISSN:: 1934-7685

Pages:: 49

DOI:: https://doi.org/10.5089/9781451809572.002

Keywords
- Costa Rica: Summary of the Tax System as of March 30, 1996

TAX		NATURE OF TAX	TAX BASE	TAX RATES	EXEMPTIONS
1.	Income tax	Income, 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 tax	Holdings 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 tax	Tax 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 vehicles	Transfer 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 goods	Importation 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 duty	Importation 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 duty	Exports 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 duty	Banana exports.	Case or package weighing 18.14 kg.	US$0.30 per case of exported bananas.	None.
11.	Tax on vehicle ownership	Ownership 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 tax	Transfers, 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.

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Costa Rica: Summary of the Tax System as of March 30, 1996

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