Costa Rica: Statistical Annex

International Monetary Fund

doi:10.5089/9781451809596.002.A001

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Costa Rica

Statistical Annex

Author:

International Monetary Fund

International Monetary Fund
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Publication Date:: 10 Dec 1999

eISBN:: 9781451809596

Language:: English

Keywords:: ISCR; CR; central bank of Costa Rica; central bank; legal reserve; nominal interest rate; nonfinancial public enterprises

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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: National Income Accounts

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

Table 1.

Costa Rica: National Income Accounts

	1994	1995	1996	1997	1998
(In billions of colones)
Consumption	1,003	1,243	1,441	1,680	1,974
Private sector	779	958	1,115	1,302	1,527
Public sector	224	285	326	378	447
Gross domestic investment	355	386	486	596	773
Private sector	292	303	394	480	625
Public sector	63	83	92	116	148
Gross domestic expenditure	1,358	1,629	1,927	2,275	2,746
Resource gap	-52	-8	-23	-15	-50
Exports of goods and nonfactor services	520	693	861	1,049	1,320
Imports of goods and nonfactor services	-572	-701	-884	-1,064	-1,370
GDP at market prices	1,306	1,620	1,905	2,260	2,696
(In millions of 1966 colones)
Consumption	10,321	10,457	10,346	10,628	11,086
Private sector	8,831	8,943	8,778	9,035	9,455
Public sector	1,489	1,514	1,568	1,593	1,631
Gross domestic investment	3,560	3,482	3,258	3,817	4,693
Private sector	3,071	2,716	2,142	2,341	2,957
Public sector	854	891	869	1,017	1,168
Gross domestic expenditure	13,881	13,939	13,604	14,445	15,779
Resource gap	741	1,277	1,901	1,840	1,593
Exports of goods and nonfactor services	9,225	9,867	10,870	11,310	12,795
Imports of goods and nonfactor services	-8,484	-8,590	-8,969	-9,470	-11,202
GDP at market prices	14,986	15,343	15,258	15,825	16,804

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

Table 1.

Costa Rica: National Income Accounts

	1994	1995	1996	1997	1998
(In billions of colones)
Consumption	1,003	1,243	1,441	1,680	1,974
Private sector	779	958	1,115	1,302	1,527
Public sector	224	285	326	378	447
Gross domestic investment	355	386	486	596	773
Private sector	292	303	394	480	625
Public sector	63	83	92	116	148
Gross domestic expenditure	1,358	1,629	1,927	2,275	2,746
Resource gap	-52	-8	-23	-15	-50
Exports of goods and nonfactor services	520	693	861	1,049	1,320
Imports of goods and nonfactor services	-572	-701	-884	-1,064	-1,370
GDP at market prices	1,306	1,620	1,905	2,260	2,696
(In millions of 1966 colones)
Consumption	10,321	10,457	10,346	10,628	11,086
Private sector	8,831	8,943	8,778	9,035	9,455
Public sector	1,489	1,514	1,568	1,593	1,631
Gross domestic investment	3,560	3,482	3,258	3,817	4,693
Private sector	3,071	2,716	2,142	2,341	2,957
Public sector	854	891	869	1,017	1,168
Gross domestic expenditure	13,881	13,939	13,604	14,445	15,779
Resource gap	741	1,277	1,901	1,840	1,593
Exports of goods and nonfactor services	9,225	9,867	10,870	11,310	12,795
Imports of goods and nonfactor services	-8,484	-8,590	-8,969	-9,470	-11,202
GDP at market prices	14,986	15,343	15,258	15,825	16,804

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

Table 2.

Costa Rica: Gross Domestic Product by Sector

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

Table 2.

Costa Rica: Gross Domestic Product by Sector

	1994	1995	1996	1997	1998
(In billions of current colones)
Gross domestic product	1,306	1,620	1,905	2,260	2,696
Agriculture	216	252	291	342	410
Industry and mining	243	310	360	426	505
Utilities	47	55	63	71	82
Construction	35	38	43	53	67
Commercial services	264	325	395	465	554
Transport and communication	69	85	109	138	170
Financial services	115	145	168	206	245
Housing	38	44	51	59	67
Public administration	187	241	269	311	367
Other services	92	124	152	189	229
(In millions of 1966 colones)
Gross domestic product	14,986	15,344	15,257	15,825	16,803
Agriculture	2,756	2,867	2,854	2,851	3,002
Industry and mining	3,261	3,378	3,240	3,405	3,650
Utilities	478	492	503	532	583
Construction	591	542	517	556	615
Commercial services	2,617	2,661	2,594	2,699	2,842
Transport and communication	1,484	1,573	1,642	1,754	1,936
Financial services	1,158	1,141	1,176	1,242	1,321
Housing	875	890	905	917	933
Public administration	1,130	1,154	1,165	1,178	1,191
Other services	637	648	661	693	731

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

Table 2.

Costa Rica: Gross Domestic Product by Sector

	1994	1995	1996	1997	1998
(In billions of current colones)
Gross domestic product	1,306	1,620	1,905	2,260	2,696
Agriculture	216	252	291	342	410
Industry and mining	243	310	360	426	505
Utilities	47	55	63	71	82
Construction	35	38	43	53	67
Commercial services	264	325	395	465	554
Transport and communication	69	85	109	138	170
Financial services	115	145	168	206	245
Housing	38	44	51	59	67
Public administration	187	241	269	311	367
Other services	92	124	152	189	229
(In millions of 1966 colones)
Gross domestic product	14,986	15,344	15,257	15,825	16,803
Agriculture	2,756	2,867	2,854	2,851	3,002
Industry and mining	3,261	3,378	3,240	3,405	3,650
Utilities	478	492	503	532	583
Construction	591	542	517	556	615
Commercial services	2,617	2,661	2,594	2,699	2,842
Transport and communication	1,484	1,573	1,642	1,754	1,936
Financial services	1,158	1,141	1,176	1,242	1,321
Housing	875	890	905	917	933
Public administration	1,130	1,154	1,165	1,178	1,191
Other services	637	648	661	693	731

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

Table 3.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

Source: Central Bank of Costa Rica.

Table 3.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

	1994	1995	1996	1997	1998
Coffee	148.8	152.3	144.1	142.2	142.2
Bananas	2,170.7	2,340.1	2,225.4	2,129.1	2,438.6
Sugarcane	3,302.8	3,557.0	3,769.0	3,490.2	4,025.6
Cocoa	1.4	1.4	0.7	1.1	1.1
Rice	175.6	157.5	201.7	214.7	192.7
Corn	30.5	25.9	29.1	31.5	28.9
Beans	35.9	34.9	20.1	14.8	12.9
Plantains	138.3	159.5	170.0	177.6	187.7

Source: Central Bank of Costa Rica.

Table 3.

Costa Rica: Volume of Agricultural Production

(In thousands of metric tons)

	1994	1995	1996	1997	1998
Coffee	148.8	152.3	144.1	142.2	142.2
Bananas	2,170.7	2,340.1	2,225.4	2,129.1	2,438.6
Sugarcane	3,302.8	3,557.0	3,769.0	3,490.2	4,025.6
Cocoa	1.4	1.4	0.7	1.1	1.1
Rice	175.6	157.5	201.7	214.7	192.7
Corn	30.5	25.9	29.1	31.5	28.9
Beans	35.9	34.9	20.1	14.8	12.9
Plantains	138.3	159.5	170.0	177.6	187.7

Source: Central Bank of Costa Rica.

Table 4.

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.

^{^2/}The CNP ceased to support prices of basic grains in the second half of 1995.

Table 4.

Costa Rica: Output and Prices of Major Agricultural Products

(Annual percentage changes)

	1994	1995	1996	1997	1998
Major exports
Coffee
Output	-2.3	2.4	-5.4	-0.6	0
Export price ^1/	82.9	59.9	-9.6	48.9	7.1
Bananas
Output	2.8	7.8	-4.9	-4.2	14.5
Export price ^1/	10.7	19.8	19.3	4	5.7
Sugar
Output (sugarcane)	-0.1	7.7	6.0	-7.4	15.3
Export price ^1/	-6.3	47.3	43.6	17.2	-0.8
Basic grains
Rice
Output	19.2	-10.3	28.1	7.3	-10.2
Consumer price	-0.3	18.7	32.7	14.2	-12.2
Corn
Output	-18.7	-15.1	12.4	8.5	-8.4
Support price ^2/	…	…	…	…	…
Consumer price	5.2	9.2	…	…	…
Beans
Output	16.6	-3.9	-41.7	-26.8	-12.8
Support price ^2/	…	…	…	…	…
Consumer price	14.7	4.8	51.3	40.4	16.3

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.

^{^2/}The CNP ceased to support prices of basic grains in the second half of 1995.

Table 4.

Costa Rica: Output and Prices of Major Agricultural Products

(Annual percentage changes)

	1994	1995	1996	1997	1998
Major exports
Coffee
Output	-2.3	2.4	-5.4	-0.6	0
Export price ^1/	82.9	59.9	-9.6	48.9	7.1
Bananas
Output	2.8	7.8	-4.9	-4.2	14.5
Export price ^1/	10.7	19.8	19.3	4	5.7
Sugar
Output (sugarcane)	-0.1	7.7	6.0	-7.4	15.3
Export price ^1/	-6.3	47.3	43.6	17.2	-0.8
Basic grains
Rice
Output	19.2	-10.3	28.1	7.3	-10.2
Consumer price	-0.3	18.7	32.7	14.2	-12.2
Corn
Output	-18.7	-15.1	12.4	8.5	-8.4
Support price ^2/	…	…	…	…	…
Consumer price	5.2	9.2	…	…	…
Beans
Output	16.6	-3.9	-41.7	-26.8	-12.8
Support price ^2/	…	…	…	…	…
Consumer price	14.7	4.8	51.3	40.4	16.3

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.

^{^2/}The CNP ceased to support prices of basic grains in the second half of 1995.

Table 5.

Costa Rica: Industrial Production

(Index 1991 = 100)

Source: Central Bank of Costa Rica.

Table 5.

Costa Rica: Industrial Production

(Index 1991 = 100)

	1994	1995	1996	1997	1998
Total	119.7	124.3	119.3	125.6	134.6
Foodstuffs, beverages, and tobacco	110.1	118.3	115.8	118.7	123.1
Textiles, clothing, and leather	107.2	105.5	92.6	97.4	107.0
Wood and wood products	92.1	84.7	73.0	69.5	70.4
Paper and paper products	102.5	101.8	102.0	110.5	…
Chemical and petroleum products	152.5	161.3	153.1	160.0	…
Nonmetallic minerals	108.6	108.1	100.0	112.2	124.7
Metals	130.4	138.2	169.5	158.7	…
Other	138.3	111.8	105.2	63.3	…

Source: Central Bank of Costa Rica.

Table 5.

Costa Rica: Industrial Production

(Index 1991 = 100)

	1994	1995	1996	1997	1998
Total	119.7	124.3	119.3	125.6	134.6
Foodstuffs, beverages, and tobacco	110.1	118.3	115.8	118.7	123.1
Textiles, clothing, and leather	107.2	105.5	92.6	97.4	107.0
Wood and wood products	92.1	84.7	73.0	69.5	70.4
Paper and paper products	102.5	101.8	102.0	110.5	…
Chemical and petroleum products	152.5	161.3	153.1	160.0	…
Nonmetallic minerals	108.6	108.1	100.0	112.2	124.7
Metals	130.4	138.2	169.5	158.7	…
Other	138.3	111.8	105.2	63.3	…

Source: Central Bank of Costa Rica.

Table 6.

Costa Rica: Comparative Social Indicators

Sources: World Development Indicators 1999, World Bank; and Central Bank of Costa Rica.

^{^1/}Gross enrollment ratios in percent of school age population. Information available for 1996 rather than 1997.

^{^2/}In percent of population between 15-24 years old.

^{^3/}Per one thousand live births.

^{^4/}Comparisons for this indicator are available only for the years 1982 and 1995.

Table 6.

Costa Rica: Comparative Social Indicators

		Costa Rica		Latin America and the Caribbean
		1980	1997	1980	1997
GDP per capita (in U.S. dollars)		2,093	2,720	2,171	4,229
Primary enrollment ^1/		105	103	105	113
Secondary enrollment ^1/		48	47	42	52
Tertiary enrollment ^1/		21	33	14	19
Youth illiteracy ^2/
	Male	4	2	11	7
	Female	3	2	11	6
Infant mortality rate ^3/		20	12	60	32
Life expectancy at birth (years)		73	77	65	70
Safe water ^4/		93	100	73	75

Sources: World Development Indicators 1999, World Bank; and Central Bank of Costa Rica.

^{^1/}Gross enrollment ratios in percent of school age population. Information available for 1996 rather than 1997.

^{^2/}In percent of population between 15-24 years old.

^{^3/}Per one thousand live births.

^{^4/}Comparisons for this indicator are available only for the years 1982 and 1995.

Table 6.

Costa Rica: Comparative Social Indicators

		Costa Rica		Latin America and the Caribbean
		1980	1997	1980	1997
GDP per capita (in U.S. dollars)		2,093	2,720	2,171	4,229
Primary enrollment ^1/		105	103	105	113
Secondary enrollment ^1/		48	47	42	52
Tertiary enrollment ^1/		21	33	14	19
Youth illiteracy ^2/
	Male	4	2	11	7
	Female	3	2	11	6
Infant mortality rate ^3/		20	12	60	32
Life expectancy at birth (years)		73	77	65	70
Safe water ^4/		93	100	73	75

Sources: World Development Indicators 1999, World Bank; and Central Bank of Costa Rica.

^{^1/}Gross enrollment ratios in percent of school age population. Information available for 1996 rather than 1997.

^{^2/}In percent of population between 15-24 years old.

^{^3/}Per one thousand live births.

^{^4/}Comparisons for this indicator are available only for the years 1982 and 1995.

Table 7.

Costa Rica: Price Indices

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 7.

Costa Rica: Price Indices

	Weights	1994	1995	1996	1997	1998
(1991 = 100)
Producer prices (average)	100.0	140.8	174.5	202.4	225.8	245.8
Food, beverages, and tobacco	49.5	150.0	183.6	216.5	245.4	270.4
Textiles and leather	6.9	134.9	157.6	179.9	200.9	220.3
Wood products	3.0	189.3	225.6	273.0	312.1	343.8
Paper and printing	8.2	141.4	194.9	206.4	222.1	244.1
Chemicals and petroleum products	19.8	128.3	161.2	189.6	209.6	220.1
Nonmetallic mineral products	4.2	143.7	173.7	201.0	215.8	239
Basic metalic products	3.4	112.6	150.0	170.7	174.7	187.4
Machinery	4.7	122.0	143.4	160.7	184.3	200.1
Producer prices (end of period)		154.4	188.2	213.1	234.8	255.3
Food, beverages, and tobacco		166.9	195.6	230.7	255.9	283.1
Textiles and leather		140.6	172.3	189.8	207.1	229.7
Wood products		197.2	246.9	280.9	332.7	356.1
Paper and printing		161.0	213.8	202.3	231.4	263
Chemicals and petroleum products		140.4	173.5	205.5	214.5	222.7
Non metallic mineral products		152.4	185.8	207.5	221.4	247.8
Basic metalic products		119.5	170.1	167.1	187.1	180.7
Machinery		127.6	152.7	165.5	193.1	208.2
(1966= 100)
Implicit GDP deflator		8,713	10,568	12,282	14,076	15,814.6
(1975 = 100) ^1/
Consumer prices (average)	100.0	2,807.3	3,458.2	4,066.9	4,607.9	5,020.4
Food	45.9	3,158.3	3,804.8	4,523.2	5,197.0	5,787.6
Clothing	4.0	1,075.3	1,214.6	1,354.6	1,463.0	1,542.6
Housing	19.1	1,911.9	2,311.7	2,590.7	2,728.0	2,780.2
Other	31.0	4,044.8	4,991.9	5,061.9	5,582.5	6,197.5
Consumer prices (end of period)		3,089.7	3,787.0	4,313.0	4,796.0	5,388.2
Food		3,481.9	4,238.5	4,870.4	5,480.8	6,329.5
Clothing		1,121.6	1,304.7	1,414.3	1,507.3	1,577.7
Housing		2,055.6	2,425.4	2,689.6	2,688.3	2,986.3
Other		4,527.6	5,153.2	5,409.7	5,668.5	6,439.5

Source: Central Bank of Costa Rica.

Table 7.

Costa Rica: Price Indices

	Weights	1994	1995	1996	1997	1998
(1991 = 100)
Producer prices (average)	100.0	140.8	174.5	202.4	225.8	245.8
Food, beverages, and tobacco	49.5	150.0	183.6	216.5	245.4	270.4
Textiles and leather	6.9	134.9	157.6	179.9	200.9	220.3
Wood products	3.0	189.3	225.6	273.0	312.1	343.8
Paper and printing	8.2	141.4	194.9	206.4	222.1	244.1
Chemicals and petroleum products	19.8	128.3	161.2	189.6	209.6	220.1
Nonmetallic mineral products	4.2	143.7	173.7	201.0	215.8	239
Basic metalic products	3.4	112.6	150.0	170.7	174.7	187.4
Machinery	4.7	122.0	143.4	160.7	184.3	200.1
Producer prices (end of period)		154.4	188.2	213.1	234.8	255.3
Food, beverages, and tobacco		166.9	195.6	230.7	255.9	283.1
Textiles and leather		140.6	172.3	189.8	207.1	229.7
Wood products		197.2	246.9	280.9	332.7	356.1
Paper and printing		161.0	213.8	202.3	231.4	263
Chemicals and petroleum products		140.4	173.5	205.5	214.5	222.7
Non metallic mineral products		152.4	185.8	207.5	221.4	247.8
Basic metalic products		119.5	170.1	167.1	187.1	180.7
Machinery		127.6	152.7	165.5	193.1	208.2
(1966= 100)
Implicit GDP deflator		8,713	10,568	12,282	14,076	15,814.6
(1975 = 100) ^1/
Consumer prices (average)	100.0	2,807.3	3,458.2	4,066.9	4,607.9	5,020.4
Food	45.9	3,158.3	3,804.8	4,523.2	5,197.0	5,787.6
Clothing	4.0	1,075.3	1,214.6	1,354.6	1,463.0	1,542.6
Housing	19.1	1,911.9	2,311.7	2,590.7	2,728.0	2,780.2
Other	31.0	4,044.8	4,991.9	5,061.9	5,582.5	6,197.5
Consumer prices (end of period)		3,089.7	3,787.0	4,313.0	4,796.0	5,388.2
Food		3,481.9	4,238.5	4,870.4	5,480.8	6,329.5
Clothing		1,121.6	1,304.7	1,414.3	1,507.3	1,577.7
Housing		2,055.6	2,425.4	2,689.6	2,688.3	2,986.3
Other		4,527.6	5,153.2	5,409.7	5,668.5	6,439.5

Source: Central Bank of Costa Rica.

Table 8.

Costa Rica: Producer Price Index Components

(1991=100)

Source: Central Bank of Costa Rica.

Table 8.

Costa Rica: Producer Price Index Components

(1991=100)

	General	By Degree of Price Control
	Index	Controlled	Noncontrolled
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
1996
March	196.2	179.4	199.4
June	200.5	185.1	203.6
September	207.2	196.6	209.6
December	213.1	207.0	215.0
1997
March	219.8	213.9	221.7
June	225.2	212.9	228.0
September	230.2	217.6	233.0
December	234.8	221.0	237.8
1998
March	241.0	215.1	245.8
June	244.3	214.4	249.6
September	248.2	210.2	254.2
December	255.3	205.9	262.5
Memorandum item:
Shares in index	100.0	12.0	88.0

Source: Central Bank of Costa Rica.

Table 8.

Costa Rica: Producer Price Index Components

(1991=100)

	General	By Degree of Price Control
	Index	Controlled	Noncontrolled
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
1996
March	196.2	179.4	199.4
June	200.5	185.1	203.6
September	207.2	196.6	209.6
December	213.1	207.0	215.0
1997
March	219.8	213.9	221.7
June	225.2	212.9	228.0
September	230.2	217.6	233.0
December	234.8	221.0	237.8
1998
March	241.0	215.1	245.8
June	244.3	214.4	249.6
September	248.2	210.2	254.2
December	255.3	205.9	262.5
Memorandum item:
Shares in index	100.0	12.0	88.0

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Energy Prices

(End of period)

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Energy Prices

(End of period)

	1994	1995	1996	1997	1998
(In colones per liter)
Petroleum prices
Gasoline	56.9	72.8	102.7	105.0	88.3
Diesel	47.3	51.5	71.6	74.6	64.6
Kerosene	48.5	51.4	72.0	68.5	59.1
(In colones per kwh)
Electricity rates
Residential	11.3	14.7	15.5	13.8	17.9
Industrial	15.8	21.1	21.2	20.2	21.1
Commercial	23.1	30.7	31.4	31.5	34.8
(Annual percentage change)
Petroleum prices
Gasoline	18.1	27.9	41.1	2.2	-15.9
Diesel	18.0	8.9	39.0	4.2	-13.4
Kerosene	19.2	6.0	40.1	4.9	-13.7
Electricity rates
Residential	21.6	30.7	5.2	-11.0	29.7
Industrial	23.7	33.4	0.6	-4.7	4.5
Commercial	21.4	32.5	2.5	0.3	10.5

Source: Central Bank of Costa Rica.

Table 9.

Costa Rica: Energy Prices

(End of period)

	1994	1995	1996	1997	1998
(In colones per liter)
Petroleum prices
Gasoline	56.9	72.8	102.7	105.0	88.3
Diesel	47.3	51.5	71.6	74.6	64.6
Kerosene	48.5	51.4	72.0	68.5	59.1
(In colones per kwh)
Electricity rates
Residential	11.3	14.7	15.5	13.8	17.9
Industrial	15.8	21.1	21.2	20.2	21.1
Commercial	23.1	30.7	31.4	31.5	34.8
(Annual percentage change)
Petroleum prices
Gasoline	18.1	27.9	41.1	2.2	-15.9
Diesel	18.0	8.9	39.0	4.2	-13.4
Kerosene	19.2	6.0	40.1	4.9	-13.7
Electricity rates
Residential	21.6	30.7	5.2	-11.0	29.7
Industrial	23.7	33.4	0.6	-4.7	4.5
Commercial	21.4	32.5	2.5	0.3	10.5

Source: Central Bank of Costa Rica.

Table 10.

Costa Rica: Average Monthly Wages ^1/

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

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

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

Table 10.

Costa Rica: Average Monthly Wages ^1/

	1994	1995	1996	1997	1998
(In current colones)
Total	52,334	64,141	73,830	85,147	99,389
By sector
Agriculture	37,470	45,868	45,227	54,233	62,843
Mining	38,744	47,410	65,190	78,517	91,826
Manufacturing	45,857	55,395	67,688	80,516	98,908
Public utilities	102,382	120,108	126,217	140,759	160,549
Construction	38,032	46,488	54,283	62,952	73,909
Commerce	43,898	51,752	61,000	70,616	82,900
Transport, storage, and communication	49,791	58,678	65,890	77,686	93,236
Finance	86,153	105,717	111,013	126,293	145,704
Other services	73,953	91,500	93,107	104,458	119,034
By employer
Private enterprises	43,762	52,986	63,380	74,673	88,179
Central government	81,119	99,121	111,385	124,053	141,569
Autonomous entities	95,496	121,603	132,187	148,600	170,197
(In 1975 colones) ^2/
Total	1,888	1,891	1,804	1,831	1,930
By sector
Agriculture	1,351	1,353	1,105	1,166.4	1,220.0
Mining	1,397	1,398	1,593	1,688.7	1,782.7
Manufacturing	1,654	1,634	1,654	1,731.7	1,920.2
Public utilities	3,693	3,542	3,084	3,027.4	3,116.8
Construction	1,372	1,371	1,326	1,353.9	1,434.8
Commerce	1,583	1,526	1,490	1,518.8	1,609.4
Transportation, storage, and communication	1,796	1,730	1,610	1,670.8	1,810.1
Finance	3,107	3,118	2,172	2,716.2	2,828.7
Other services	2,667	2,698	2,275	2,246.6	2,310.9
By employer
Private sector	1,578	1,563	1,549	1,606.0	1,711.9
Central government	2,926	2,923	2,721	2,668.0	2,748.4
Autonomous entities	3,444	3,586	3,230	3,196.0	3,304.2
Memorandum item:
CPI for June of each year	2,773	3,391	4,093	4,649.6	5,151.0

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

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

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

Table 10.

Costa Rica: Average Monthly Wages ^1/

	1994	1995	1996	1997	1998
(In current colones)
Total	52,334	64,141	73,830	85,147	99,389
By sector
Agriculture	37,470	45,868	45,227	54,233	62,843
Mining	38,744	47,410	65,190	78,517	91,826
Manufacturing	45,857	55,395	67,688	80,516	98,908
Public utilities	102,382	120,108	126,217	140,759	160,549
Construction	38,032	46,488	54,283	62,952	73,909
Commerce	43,898	51,752	61,000	70,616	82,900
Transport, storage, and communication	49,791	58,678	65,890	77,686	93,236
Finance	86,153	105,717	111,013	126,293	145,704
Other services	73,953	91,500	93,107	104,458	119,034
By employer
Private enterprises	43,762	52,986	63,380	74,673	88,179
Central government	81,119	99,121	111,385	124,053	141,569
Autonomous entities	95,496	121,603	132,187	148,600	170,197
(In 1975 colones) ^2/
Total	1,888	1,891	1,804	1,831	1,930
By sector
Agriculture	1,351	1,353	1,105	1,166.4	1,220.0
Mining	1,397	1,398	1,593	1,688.7	1,782.7
Manufacturing	1,654	1,634	1,654	1,731.7	1,920.2
Public utilities	3,693	3,542	3,084	3,027.4	3,116.8
Construction	1,372	1,371	1,326	1,353.9	1,434.8
Commerce	1,583	1,526	1,490	1,518.8	1,609.4
Transportation, storage, and communication	1,796	1,730	1,610	1,670.8	1,810.1
Finance	3,107	3,118	2,172	2,716.2	2,828.7
Other services	2,667	2,698	2,275	2,246.6	2,310.9
By employer
Private sector	1,578	1,563	1,549	1,606.0	1,711.9
Central government	2,926	2,923	2,721	2,668.0	2,748.4
Autonomous entities	3,444	3,586	3,230	3,196.0	3,304.2
Memorandum item:
CPI for June of each year	2,773	3,391	4,093	4,649.6	5,151.0

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

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

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

Table 11.

Costa Rica: Minimum Wage Index

(1984 = 100)

Sources: Ministry of Labor; and Central Bank of Costa Rica.

^{^1/}Nominal minimum wages deflated by the consumer price index. Minimum wages are increased twice year in January and July.

Table 11.

Costa Rica: Minimum Wage Index

(1984 = 100)

	1994	1995	1996	1997	1998
Average nominal minimum wage index	523.0	630.5	755.4	887.7	1,025.3
By sector
Agriculture	563.8	691.5	824.4	971.6	1,124.5
Mining	512.8	611.9	723.8	850.3	981.7
Manufacturing	561.1	670.2	794.3	932.6	1,076.4
Construction	466.5	556.6	658.4	773.4	893.0
Utilities	515.1	614.7	727.1	854.1	886.2
Commerce	538.3	643.9	765.4	898.7	1,037.1
Transport, storage, and communication	503.3	602.5	718.7	845.8	978.2
Services	492.7	589.7	715.9	840.0	969.0
Professional technicians	391.8	…	…	…	…
Office workers and suppliers	498.9	…	…	…	…
Other	547.5	579.4	702.8	824.1	950.0
Average real minimum wage index ^1/	106.3	104.0	106.0	110.0	116.6
By sector
Agriculture	114.5	114.1	115.6	120.1	127.6
Mining	104.2	100.9	101.5	105.1	111.4
Manufacturing	114.0	110.6	111.4	115.3	122.1
Construction	94.8	91.8	92.4	95.6	101.3
Utilities	104.6	101.4	102.0	105.6	100.6
Commerce	109.4	106.2	107.4	111.1	117.7
Transport, storage, and communication	102.2	99.4	100.8	104.6	111.0
Services	100.1	97.3	100.4	103.8	109.9
Professional technicians	79.6	…	…	…	…
Office workers and suppliers	101.3	…	…	…	…
Other	111.2	95.6	98.6	101.9	107.8

Sources: Ministry of Labor; and Central Bank of Costa Rica.

^{^1/}Nominal minimum wages deflated by the consumer price index. Minimum wages are increased twice year in January and July.

Table 11.

Costa Rica: Minimum Wage Index

(1984 = 100)

	1994	1995	1996	1997	1998
Average nominal minimum wage index	523.0	630.5	755.4	887.7	1,025.3
By sector
Agriculture	563.8	691.5	824.4	971.6	1,124.5
Mining	512.8	611.9	723.8	850.3	981.7
Manufacturing	561.1	670.2	794.3	932.6	1,076.4
Construction	466.5	556.6	658.4	773.4	893.0
Utilities	515.1	614.7	727.1	854.1	886.2
Commerce	538.3	643.9	765.4	898.7	1,037.1
Transport, storage, and communication	503.3	602.5	718.7	845.8	978.2
Services	492.7	589.7	715.9	840.0	969.0
Professional technicians	391.8	…	…	…	…
Office workers and suppliers	498.9	…	…	…	…
Other	547.5	579.4	702.8	824.1	950.0
Average real minimum wage index ^1/	106.3	104.0	106.0	110.0	116.6
By sector
Agriculture	114.5	114.1	115.6	120.1	127.6
Mining	104.2	100.9	101.5	105.1	111.4
Manufacturing	114.0	110.6	111.4	115.3	122.1
Construction	94.8	91.8	92.4	95.6	101.3
Utilities	104.6	101.4	102.0	105.6	100.6
Commerce	109.4	106.2	107.4	111.1	117.7
Transport, storage, and communication	102.2	99.4	100.8	104.6	111.0
Services	100.1	97.3	100.4	103.8	109.9
Professional technicians	79.6	…	…	…	…
Office workers and suppliers	101.3	…	…	…	…
Other	111.2	95.6	98.6	101.9	107.8

Sources: Ministry of Labor; and Central Bank of Costa Rica.

^{^1/}Nominal minimum wages deflated by the consumer price index. Minimum wages are increased twice year in January and July.

Table 12.

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 a survey conducted every year in July.

^{^2/}Basic services include water and gas.

^{^3/}Includes international organizations.

Table 12.

Costa Rica: Employment ^1/

	1994	1995	1996	1997	1998
(In thousands)
Total employment	1,138	1,168	1,145	1,227	1,300
By sector
Agriculture	243.6	252.4	247.9	252.7	261.6
Manufacturing and mining	205.6	195.5	191.0	192.4	205.1
Construction	74.6	73.3	64.1	84.0	81.2
Commerce and finance	260.3	275.6	275.4	296.7	321.8
Basic services and transportation ^2/	75.2	74.6	70.3	79.5	86.4
Personal and other services	278.3	296.7	296.3	321.7	343.9
By employer
Private sector	961.3	993.5	975.4	1,050.5	1,109.8
Public sector	173.5	171.8	167.4	174.9	185.5
Other ^3/	2.8	2.7	2.2	1.6	4.7
(In percent)
Total employment	100.0	100.0	100.0	100.0	100.0
By sector
Agriculture	21.4	21.6	21.7	20.6	20.1
Manufacturing and mining	18.1	16.7	16.7	15.7	15.8
Construction	6.5	6.3	5.6	6.8	6.2
Commerce and finance	22.9	23.6	24.0	24.2	24.8
Basic services and transportation ^2/	6.6	6.4	6.1	6.5	6.6
Personal and other services	24.5	25.4	25.9	26.2	26.5
By employer
Private sector	84.5	85.1	85.2	85.6	85.4
Public sector	15.3	14.7	14.6	14.3	14.3
Other ^3/	0.2	0.2	0.2	0.1	0.4
Memorandum items:
Participation rate	38.7	39.3	38.1	39.8	41.2
Open unemployment rate	4.2	5.2	6.2	5.7	5.6

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

^{^1/}Data from a survey conducted every year in July.

^{^2/}Basic services include water and gas.

^{^3/}Includes international organizations.

Table 12.

Costa Rica: Employment ^1/

	1994	1995	1996	1997	1998
(In thousands)
Total employment	1,138	1,168	1,145	1,227	1,300
By sector
Agriculture	243.6	252.4	247.9	252.7	261.6
Manufacturing and mining	205.6	195.5	191.0	192.4	205.1
Construction	74.6	73.3	64.1	84.0	81.2
Commerce and finance	260.3	275.6	275.4	296.7	321.8
Basic services and transportation ^2/	75.2	74.6	70.3	79.5	86.4
Personal and other services	278.3	296.7	296.3	321.7	343.9
By employer
Private sector	961.3	993.5	975.4	1,050.5	1,109.8
Public sector	173.5	171.8	167.4	174.9	185.5
Other ^3/	2.8	2.7	2.2	1.6	4.7
(In percent)
Total employment	100.0	100.0	100.0	100.0	100.0
By sector
Agriculture	21.4	21.6	21.7	20.6	20.1
Manufacturing and mining	18.1	16.7	16.7	15.7	15.8
Construction	6.5	6.3	5.6	6.8	6.2
Commerce and finance	22.9	23.6	24.0	24.2	24.8
Basic services and transportation ^2/	6.6	6.4	6.1	6.5	6.6
Personal and other services	24.5	25.4	25.9	26.2	26.5
By employer
Private sector	84.5	85.1	85.2	85.6	85.4
Public sector	15.3	14.7	14.6	14.3	14.3
Other ^3/	0.2	0.2	0.2	0.1	0.4
Memorandum items:
Participation rate	38.7	39.3	38.1	39.8	41.2
Open unemployment rate	4.2	5.2	6.2	5.7	5.6

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

^{^1/}Data from a survey conducted every year in July.

^{^2/}Basic services include water and gas.

^{^3/}Includes international organizations.

Table 13.

Costa Rica: Summary Public Sector Operations

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excludes transfers to cover the losses of Banco Anglo Costarricense, a state commercial bank closed in December 1994.

^{^2/}Includes rescheduling.

^{^3/}Includes central bank losses.

Table 13.

Costa Rica: Summary Public Sector Operations

		1994 ^1/	1995	1996	1997	1998
(In billions of colones)
Central government balance		-66.0	-73.1	-99.4	-88.0	-102.6
Revenue		197.0	264.5	314.5	377.5	459.7
Expenditure		263.0	337.7	413.9	465.5	562.3
Public enterprises balance		-6.6	21.5	21.2	28.6	20.8
Major public enterprises		-17.8	14.2	18.4	24.0	18.4
	Oil refinery (RECOPE)	-4.2	2.2	2.9	1.5	-4.0
	Telephone and electricity company (ICE)	-12.2	9.6	13.9	21.6	21.7
	Agricultural marketing agency (CNP)	-2.2	0.2	0.2	0.2	1.2
	Water company (ICAA)	0.8	2.2	1.4	0.6	-0.4
Other public enterprises		11.2	7.3	2.8	4.7	2.5
Social security balance		11.0	17.0	18.1	24.4	38.4
Nonfinancial public sector balance		-61.5	-34.6	-60.0	-35.0	-43.4
Financing (net)		58.0	31.2	55.7	34.1	37.0
External		5.8	-0.2	-9.2	31.9	7.7
	Disbursements ^2/	33.4	31.8	23.9	60.5	88.4
	Amortizations	-34.2	-36.6	-38.7	-58.8	-41.9
	Change in arrears	6.6	-7.8	-11.0	0.0	0.0
	Other	0.0	12.3	16.5	30.2	-38.8
Domestic		52.2	43.5	75.6	2.2	29.3
	Central bank	14.7	-41.7	7.9	-30.1	-28.3
	Rest of the banking system	-12.4	3.5	28.3	-24.7	18.0
	Bonds	40.0	87.4	61.2	60.3	43.0
	Float and other	9.9	-5.7	-21.9	-3.2	-3.5
Statistical discrepancy		3.5	3.4	4.4	0.8	6.4
Memorandum items:
Central bank balance (losses -)		-18.8	-30.5	-39.5	-41.4	-43.7
Combined public sector balance (deficit -)		-80.3	-65.1	-99.5	-76.4	-87.1
Combined public sector savings ^3/		0.5	17.7	-4.6	50.5	69.5
(In percent of GDP)
Central government balance		-5.1	-4.5	-5.2	-3.9	-3.8
	Revenue	15.1	16.3	16.5	16.7	17.1
	Expenditure	20.1	20.8	21.7	20.6	20.9
Public enterprises balance		-0.5	1.3	1.1	1.3	0.8
	Major public enterprises	-1.4	0.9	1.0	1.1	0.7
	Other public enterprises	0.9	0.5	0.1	0.2	0.1
Social security balance		0.8	1.1	1.0	1.1	1.4
Nonfinancial public sector balance		-4.7	-2.1	-3.2	-1.5	-1.6
Financing (net)		4.4	1.9	2.9	1.5	1.4
External		0.4	0.0	-0.5	1.4	0.3
Domestic		4.0	2.7	4.0	0.1	1.1
Statistical discrepancy		0.3	0.2	0.2	0.0	0.2
Memorandum items:
Central bank balance (losses -)		-1.4	-1.9	-2.1	-1.8	-1.6
Combined public sector balance (deficit -)		-6.2	-4.0	-5.2	-3.4	-3.2
Combined public sector savings ^3/		0.0	1.1	-0.2	2.2	2.6

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excludes transfers to cover the losses of Banco Anglo Costarricense, a state commercial bank closed in December 1994.

^{^2/}Includes rescheduling.

^{^3/}Includes central bank losses.

Table 13.

Costa Rica: Summary Public Sector Operations

		1994 ^1/	1995	1996	1997	1998
(In billions of colones)
Central government balance		-66.0	-73.1	-99.4	-88.0	-102.6
Revenue		197.0	264.5	314.5	377.5	459.7
Expenditure		263.0	337.7	413.9	465.5	562.3
Public enterprises balance		-6.6	21.5	21.2	28.6	20.8
Major public enterprises		-17.8	14.2	18.4	24.0	18.4
	Oil refinery (RECOPE)	-4.2	2.2	2.9	1.5	-4.0
	Telephone and electricity company (ICE)	-12.2	9.6	13.9	21.6	21.7
	Agricultural marketing agency (CNP)	-2.2	0.2	0.2	0.2	1.2
	Water company (ICAA)	0.8	2.2	1.4	0.6	-0.4
Other public enterprises		11.2	7.3	2.8	4.7	2.5
Social security balance		11.0	17.0	18.1	24.4	38.4
Nonfinancial public sector balance		-61.5	-34.6	-60.0	-35.0	-43.4
Financing (net)		58.0	31.2	55.7	34.1	37.0
External		5.8	-0.2	-9.2	31.9	7.7
	Disbursements ^2/	33.4	31.8	23.9	60.5	88.4
	Amortizations	-34.2	-36.6	-38.7	-58.8	-41.9
	Change in arrears	6.6	-7.8	-11.0	0.0	0.0
	Other	0.0	12.3	16.5	30.2	-38.8
Domestic		52.2	43.5	75.6	2.2	29.3
	Central bank	14.7	-41.7	7.9	-30.1	-28.3
	Rest of the banking system	-12.4	3.5	28.3	-24.7	18.0
	Bonds	40.0	87.4	61.2	60.3	43.0
	Float and other	9.9	-5.7	-21.9	-3.2	-3.5
Statistical discrepancy		3.5	3.4	4.4	0.8	6.4
Memorandum items:
Central bank balance (losses -)		-18.8	-30.5	-39.5	-41.4	-43.7
Combined public sector balance (deficit -)		-80.3	-65.1	-99.5	-76.4	-87.1
Combined public sector savings ^3/		0.5	17.7	-4.6	50.5	69.5
(In percent of GDP)
Central government balance		-5.1	-4.5	-5.2	-3.9	-3.8
	Revenue	15.1	16.3	16.5	16.7	17.1
	Expenditure	20.1	20.8	21.7	20.6	20.9
Public enterprises balance		-0.5	1.3	1.1	1.3	0.8
	Major public enterprises	-1.4	0.9	1.0	1.1	0.7
	Other public enterprises	0.9	0.5	0.1	0.2	0.1
Social security balance		0.8	1.1	1.0	1.1	1.4
Nonfinancial public sector balance		-4.7	-2.1	-3.2	-1.5	-1.6
Financing (net)		4.4	1.9	2.9	1.5	1.4
External		0.4	0.0	-0.5	1.4	0.3
Domestic		4.0	2.7	4.0	0.1	1.1
Statistical discrepancy		0.3	0.2	0.2	0.0	0.2
Memorandum items:
Central bank balance (losses -)		-1.4	-1.9	-2.1	-1.8	-1.6
Combined public sector balance (deficit -)		-6.2	-4.0	-5.2	-3.4	-3.2
Combined public sector savings ^3/		0.0	1.1	-0.2	2.2	2.6

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Excludes transfers to cover the losses of Banco Anglo Costarricense, a state commercial bank closed in December 1994.

^{^2/}Includes rescheduling.

^{^3/}Includes central bank losses.

Table 14.

Costa Rica: Summary Central Government Operations

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes capital revenue.

Table 14.

Costa Rica: Summary Central Government Operations

			1994	1995	1996	1997	1998
(In billions of colones)
Total revenue			196.8	264.5	314.4	377.5	459.7
Tax revenue			192.3	259.8	308.8	373.8	457.2
	Direct taxes		43.8	59.1	68.4	83.4	106.7
	Indirect taxes		148.4	200.7	240.4	290.4	350.5
Nontax revenue ^1/			4.6	4.7	5.6	3.7	2.5
Total expenditure			263.0	337.7	413.9	465.5	562.3
Current expenditure			232.9	306.6	377.5	416.3	513.2
	Wages and salaries		74.7	91.8	108.5	128.3	155.5
	Social security		6.1	11.1	14.0	14.4	20.4
	Goods and services		10.9	12.6	15.1	16.9	21.1
	Interest		53.5	90.9	113.8	113.6	129.4
		Domestic	43.8	78.4	100.7	103.0	117.0
		External	9.7	12.5	13.1	10.6	12.4
	Transfers		87.7	100.0	126.1	143.1	186.6
		Public sector	37.7	37.0	50.1	53.2	70.3
		Private sector	49.5	62.6	75.3	89.3	114.8
		External sector	0.5	0.4	0.6	0.6	1.5
Capital expenditure			30.1	31.1	36.4	49.2	49.2
	Fixed investment		9.7	13.5	12.6	19.5	19.2
	Transfers		19.4	16.5	22.6	28.8	28.7
	Other		1.1	1.1	1.1	0.8	1.3
Overall balance (deficit -)			-66.0	-73.2	-99.4	-88.0	-102.6
Financing			74.9	72.2	99.0	90.8	103.1
External			-8.5	-6.1	-11.7	28.8	0.5
	Net borrowing		-16.4	-5.5	9.4	29.3	62.4
	Change in arrears		7.9	-7.8	6.0	30.2	-36.0
	Other			7.2	-27.1	-30.8	-25.9
Domestic			83.4	78.3	110.7	62.0	102.6
	Central bank		-1.8	-35.9	-1.0	-26.5	-22.9
	Commercial banks		22.6	14.3	55.6	-10.8	14.6
	Bonds		62.6	99.9	56.1	99.3	111.0
	Other		0.0	0.0	0.0	0.0	0.0
Statistical discrepancy			-8.9	1.0	0.4	-2.8	-0.5
(In percent of GDP)
Total revenue			15.1	16.3	16.5	16.7	17.1
	Of which
		Tax revenue	14.7	16.0	16.2	16.5	17.0
Total expenditure			20.1	20.8	21.7	20.6	20.9
Current expenditure			17.8	18.9	19.8	18.4	19.0
	Of which
		Noninterest expenditure	13.7	13.3	13.8	13.4	14.2
	Capital expenditure		2.3	1.9	1.9	2.2	1.8
Overall balance (deficit -)			-5.1	-4.5	-5.2	-3.9	-3.8
Financing			5.7	4.5	5.2	4.0	3.8
External			-0.7	-0.4	-0.6	1.3	0.0
Domestic			6.4	4.8	5.8	2.7	3.8
Statistical discrepancy			-0.6	0.1	0.0	-0.1	0.0

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes capital revenue.

Table 14.

Costa Rica: Summary Central Government Operations

			1994	1995	1996	1997	1998
(In billions of colones)
Total revenue			196.8	264.5	314.4	377.5	459.7
Tax revenue			192.3	259.8	308.8	373.8	457.2
	Direct taxes		43.8	59.1	68.4	83.4	106.7
	Indirect taxes		148.4	200.7	240.4	290.4	350.5
Nontax revenue ^1/			4.6	4.7	5.6	3.7	2.5
Total expenditure			263.0	337.7	413.9	465.5	562.3
Current expenditure			232.9	306.6	377.5	416.3	513.2
	Wages and salaries		74.7	91.8	108.5	128.3	155.5
	Social security		6.1	11.1	14.0	14.4	20.4
	Goods and services		10.9	12.6	15.1	16.9	21.1
	Interest		53.5	90.9	113.8	113.6	129.4
		Domestic	43.8	78.4	100.7	103.0	117.0
		External	9.7	12.5	13.1	10.6	12.4
	Transfers		87.7	100.0	126.1	143.1	186.6
		Public sector	37.7	37.0	50.1	53.2	70.3
		Private sector	49.5	62.6	75.3	89.3	114.8
		External sector	0.5	0.4	0.6	0.6	1.5
Capital expenditure			30.1	31.1	36.4	49.2	49.2
	Fixed investment		9.7	13.5	12.6	19.5	19.2
	Transfers		19.4	16.5	22.6	28.8	28.7
	Other		1.1	1.1	1.1	0.8	1.3
Overall balance (deficit -)			-66.0	-73.2	-99.4	-88.0	-102.6
Financing			74.9	72.2	99.0	90.8	103.1
External			-8.5	-6.1	-11.7	28.8	0.5
	Net borrowing		-16.4	-5.5	9.4	29.3	62.4
	Change in arrears		7.9	-7.8	6.0	30.2	-36.0
	Other			7.2	-27.1	-30.8	-25.9
Domestic			83.4	78.3	110.7	62.0	102.6
	Central bank		-1.8	-35.9	-1.0	-26.5	-22.9
	Commercial banks		22.6	14.3	55.6	-10.8	14.6
	Bonds		62.6	99.9	56.1	99.3	111.0
	Other		0.0	0.0	0.0	0.0	0.0
Statistical discrepancy			-8.9	1.0	0.4	-2.8	-0.5
(In percent of GDP)
Total revenue			15.1	16.3	16.5	16.7	17.1
	Of which
		Tax revenue	14.7	16.0	16.2	16.5	17.0
Total expenditure			20.1	20.8	21.7	20.6	20.9
Current expenditure			17.8	18.9	19.8	18.4	19.0
	Of which
		Noninterest expenditure	13.7	13.3	13.8	13.4	14.2
	Capital expenditure		2.3	1.9	1.9	2.2	1.8
Overall balance (deficit -)			-5.1	-4.5	-5.2	-3.9	-3.8
Financing			5.7	4.5	5.2	4.0	3.8
External			-0.7	-0.4	-0.6	1.3	0.0
Domestic			6.4	4.8	5.8	2.7	3.8
Statistical discrepancy			-0.6	0.1	0.0	-0.1	0.0

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes capital revenue.

Table 15.

Costa Rica: Operations of the Central Government

Sources: Ministry of Finance; and Fund staff estimates.

Table 15.

Costa Rica: Operations of the Central Government

		1994	1995	1996	1997	1998
(In billions of colones)
Current revenue		196.8	264.5	314.4	377.5	459.7
Tax revenue		192.3	259.8	308.8	373.8	457.2
	Direct taxes	43.8	59.1	68.4	83.4	106.7
	Indirect taxes	148.4	200.7	240.4	290.4	350.5
Transfers		3.3	2.9	3.5	1.4	1.0
Other		1.3	1.8	2.2	2.4	1.5
Current expenditure		232.9	306.6	377.5	416.3	513.2
Wages and salaries		74.7	91.8	108.5	128.3	155.5
Social security		6.1	11.1	14.0	14.4	20.4
Goods and services		10.9	12.6	15.1	16.9	21.1
Interest payments		53.5	90.9	113.8	113.6	129.4
Transfers		87.7	100.0	126.1	143.1	186.6
	Public sector	37.7	37.0	50.1	53.2	70.3
	Private sector	49.5	62.6	75.3	89.3	114.8
	External	0.5	0.4	0.6	0.6	1.5
Current account balance (deficit -)		-36.0	-42.1	-63.0	-38.8	-53.5
Capital revenue		0.2	0.1	0.1	0.0	0.0
Capital expenditure		30.1	31.1	36.4	49.2	49.2
Fixed investment		9.7	13.5	12.6	19.5	19.2
Transfers		19.4	16.5	22.6	28.8	28.7
Other		1.1	1.1	1.1	0.8	1.3
Overall balance (deficit -)		-66.0	-73.1	-99.4	-88.0	-102.6
(In percent of GDP)
Current revenue		15.1	16.3	16.5	16.7	17.1
Tax revenue		14.7	16.0	16.2	16.5	17.0
	Direct taxes	3.4	3.6	3.6	3.7	4.0
	Indirect taxes	11.4	12.4	12.6	12.8	13.0
Transfers		0.3	0.2	0.2	0.1	0.0
Other		0.1	0.1	0.1	0.1	0.1
Current expenditure		17.8	18.9	19.8	18.4	19.0
Wages and salaries		5.7	5.7	5.7	5.7	5.8
Social security		0.5	0.7	0.7	0.6	0.8
Goods and services		0.8	0.8	0.8	0.7	0.8
Interest payments		4.1	5.6	6.0	5.0	4.8
Transfers		6.7	6.2	6.6	6.3	6.9
	Public sector	2.9	2.3	2.6	2.4	2.6
	Private sector	3.8	3.9	4.0	4.0	4.3
	External	0.0	0.0	0.0	0.0	0.1
Current account balance (deficit -)		-2.8	-2.6	-3.3	-1.7	-2.0
Capital revenue		0.0	0.0	0.0	0.0	0.0
Capital expenditure		2.3	1.9	1.9	2.2	1.8
Fixed investment		0.7	0.8	0.7	0.9	0.7
Transfers		1.5	1.0	1.2	1.3	1.1
Other		0.1	0.1	0.1	0.0	0.0
Overall balance (deficit -)		-5.1	-4.5	-5.2	-3.9	-3.8

Sources: Ministry of Finance; and Fund staff estimates.

Table 15.

Costa Rica: Operations of the Central Government

		1994	1995	1996	1997	1998
(In billions of colones)
Current revenue		196.8	264.5	314.4	377.5	459.7
Tax revenue		192.3	259.8	308.8	373.8	457.2
	Direct taxes	43.8	59.1	68.4	83.4	106.7
	Indirect taxes	148.4	200.7	240.4	290.4	350.5
Transfers		3.3	2.9	3.5	1.4	1.0
Other		1.3	1.8	2.2	2.4	1.5
Current expenditure		232.9	306.6	377.5	416.3	513.2
Wages and salaries		74.7	91.8	108.5	128.3	155.5
Social security		6.1	11.1	14.0	14.4	20.4
Goods and services		10.9	12.6	15.1	16.9	21.1
Interest payments		53.5	90.9	113.8	113.6	129.4
Transfers		87.7	100.0	126.1	143.1	186.6
	Public sector	37.7	37.0	50.1	53.2	70.3
	Private sector	49.5	62.6	75.3	89.3	114.8
	External	0.5	0.4	0.6	0.6	1.5
Current account balance (deficit -)		-36.0	-42.1	-63.0	-38.8	-53.5
Capital revenue		0.2	0.1	0.1	0.0	0.0
Capital expenditure		30.1	31.1	36.4	49.2	49.2
Fixed investment		9.7	13.5	12.6	19.5	19.2
Transfers		19.4	16.5	22.6	28.8	28.7
Other		1.1	1.1	1.1	0.8	1.3
Overall balance (deficit -)		-66.0	-73.1	-99.4	-88.0	-102.6
(In percent of GDP)
Current revenue		15.1	16.3	16.5	16.7	17.1
Tax revenue		14.7	16.0	16.2	16.5	17.0
	Direct taxes	3.4	3.6	3.6	3.7	4.0
	Indirect taxes	11.4	12.4	12.6	12.8	13.0
Transfers		0.3	0.2	0.2	0.1	0.0
Other		0.1	0.1	0.1	0.1	0.1
Current expenditure		17.8	18.9	19.8	18.4	19.0
Wages and salaries		5.7	5.7	5.7	5.7	5.8
Social security		0.5	0.7	0.7	0.6	0.8
Goods and services		0.8	0.8	0.8	0.7	0.8
Interest payments		4.1	5.6	6.0	5.0	4.8
Transfers		6.7	6.2	6.6	6.3	6.9
	Public sector	2.9	2.3	2.6	2.4	2.6
	Private sector	3.8	3.9	4.0	4.0	4.3
	External	0.0	0.0	0.0	0.0	0.1
Current account balance (deficit -)		-2.8	-2.6	-3.3	-1.7	-2.0
Capital revenue		0.0	0.0	0.0	0.0	0.0
Capital expenditure		2.3	1.9	1.9	2.2	1.8
Fixed investment		0.7	0.8	0.7	0.9	0.7
Transfers		1.5	1.0	1.2	1.3	1.1
Other		0.1	0.1	0.1	0.0	0.0
Overall balance (deficit -)		-5.1	-4.5	-5.2	-3.9	-3.8

Sources: Ministry of Finance; and Fund staff estimates.

Table 16.

Costa Rica: Central Government Revenue

Sources: Ministry of Finance; and Fund staff estimates.

Table 16.

Costa Rica: Central Government Revenue

				1994	1995	1996	1997	1998
(In billions of colones)
Total revenue				196.8	264.5	314.4	377.5	459.7
Tax revenue				192.3	259.8	308.8	373.8	457.2
Direct taxes				43.8	59.1	68.4	83.4	106.7
	Income and profit tax			34.8	47.2	53.4	66.3	88.6
	Payroll tax			7.2	9.7	12.4	14.5	15.5
	Property tax			1.8	2.2	2.6	2.7	2.6
Indirect taxes				148.4	200.7	240.4	290.4	350.5
	General sales tax			66.0	87.6	133.8	153.3	176.0
	Selective taxes on goods and services			32.5	40.3	56.0	70.9	99.2
	Taxes on international trade			41.9	60.5	40.3	52.8	57.2
		On imports		37.4	49.4	33.9	46.5	49.5
			Import duties	33.5	45.2	31.4	44.3	50.5
			Import surcharges	0.0	0.0	0.0	0.0	0.0
			Other	3.9	4.1	2.5	2.2	-1.0
		On exports		4.4	11.2	6.5	6.3	7.7
			Ad valorem export tax	0.9	1.2	2.5	2.7	3.7
			Banana export tax	2.9	4.5	3.1	2.7	2.9
			Coffee processing	0.6	5.4	0.8	0.9	1.0
			Other on exports	0.1	0.0	0.0	0.0	0.0
	Other indirect Taxes			8.1	12.3	10.3	13.3	18.1
Nontax revenue				4.6	4.7	5.6	3.7	2.5
Sales of goods and services				0.5	0.4	0.5	0.3	0.7
Property income				0.2	0.1	0.1	0.1	0.1
	Public enterprises			0.0	0.0	0.0	0.0	0.0
	Public financial institutions			0.2	0.0	0.0	0.1	0.1
	Other			0.0	0.0	0.0	0.0	0.0
Transfers				3.3	2.9	3.5	1.4	1.0
	Rest of general government			0.4	0.9	1.0	1.1	0.5
	Public enterprises			2.1	0.6	0.7	0.1	0.1
	Public financial institutions			0.8	1.5	1.7	0.2	0.4
Other				0.7	1.3	1.6	2.0	0.7
(In percent of GDP)
Total revenue				15.1	16.3	16.5	16.7	17.1
Tax revenue				14.7	16.0	16.2	16.5	17.0
Direct taxes				3.4	3.6	3.6	3.7	4.0
	Income and profit tax			2.7	2.9	2.8	2.9	3.3
	Payroll tax			0.5	0.6	0.7	0.6	0.6
	Property tax			0.1	0.1	0.1	0.1	0.1
Indirect taxes				11.4	12.4	12.6	12.8	13.0
	General sales tax			5.1	5.4	7.0	6.8	6.5
	Selective taxes on goods and services			2.5	2.5	2.9	3.1	3.7
	Taxes on international trade			3.2	3.7	2.1	2.3	2.1
		On imports		2.9	3.0	1.8	2.1	1.8
			Import duties	2.6	2.8	1.6	2.0	1.9
			Import surcharges	0.0	0.0	0.0	0.0	0.0
			Other	0.3	0.3	0.1	0.1	0.0
		On exports		0.3	0.7	0.3	0.3	0.3
			Ad valorem export tax	0.1	0.1	0.1	0.1	0.1
			Banana export tax	0.2	0.3	0.2	0.1	0.1
			Coffee processing	0.0	0.3	0.0	0.0	0.0
			Other on exports	0.0	0.0	0.0	0.0	0.0
		Others		0.6	0.8	0.5	0.6	0.7
Nontax revenue				0.4	0.3	0.3	0.2	0.1
Transfers				0.3	0.2	0.2	0.1	0.0
	Rest of general government			0.0	0.1	0.1	0.0	0.0
	Public enterprises			0.2	0.0	0.0	0.0	0.0
	Public financial institutions			0.1	0.1	0.1	0.0	0.0
Other				0.1	0.1	0.1	0.1	0.0

Sources: Ministry of Finance; and Fund staff estimates.

Table 16.

Costa Rica: Central Government Revenue

				1994	1995	1996	1997	1998
(In billions of colones)
Total revenue				196.8	264.5	314.4	377.5	459.7
Tax revenue				192.3	259.8	308.8	373.8	457.2
Direct taxes				43.8	59.1	68.4	83.4	106.7
	Income and profit tax			34.8	47.2	53.4	66.3	88.6
	Payroll tax			7.2	9.7	12.4	14.5	15.5
	Property tax			1.8	2.2	2.6	2.7	2.6
Indirect taxes				148.4	200.7	240.4	290.4	350.5
	General sales tax			66.0	87.6	133.8	153.3	176.0
	Selective taxes on goods and services			32.5	40.3	56.0	70.9	99.2
	Taxes on international trade			41.9	60.5	40.3	52.8	57.2
		On imports		37.4	49.4	33.9	46.5	49.5
			Import duties	33.5	45.2	31.4	44.3	50.5
			Import surcharges	0.0	0.0	0.0	0.0	0.0
			Other	3.9	4.1	2.5	2.2	-1.0
		On exports		4.4	11.2	6.5	6.3	7.7
			Ad valorem export tax	0.9	1.2	2.5	2.7	3.7
			Banana export tax	2.9	4.5	3.1	2.7	2.9
			Coffee processing	0.6	5.4	0.8	0.9	1.0
			Other on exports	0.1	0.0	0.0	0.0	0.0
	Other indirect Taxes			8.1	12.3	10.3	13.3	18.1
Nontax revenue				4.6	4.7	5.6	3.7	2.5
Sales of goods and services				0.5	0.4	0.5	0.3	0.7
Property income				0.2	0.1	0.1	0.1	0.1
	Public enterprises			0.0	0.0	0.0	0.0	0.0
	Public financial institutions			0.2	0.0	0.0	0.1	0.1
	Other			0.0	0.0	0.0	0.0	0.0
Transfers				3.3	2.9	3.5	1.4	1.0
	Rest of general government			0.4	0.9	1.0	1.1	0.5
	Public enterprises			2.1	0.6	0.7	0.1	0.1
	Public financial institutions			0.8	1.5	1.7	0.2	0.4
Other				0.7	1.3	1.6	2.0	0.7
(In percent of GDP)
Total revenue				15.1	16.3	16.5	16.7	17.1
Tax revenue				14.7	16.0	16.2	16.5	17.0
Direct taxes				3.4	3.6	3.6	3.7	4.0
	Income and profit tax			2.7	2.9	2.8	2.9	3.3
	Payroll tax			0.5	0.6	0.7	0.6	0.6
	Property tax			0.1	0.1	0.1	0.1	0.1
Indirect taxes				11.4	12.4	12.6	12.8	13.0
	General sales tax			5.1	5.4	7.0	6.8	6.5
	Selective taxes on goods and services			2.5	2.5	2.9	3.1	3.7
	Taxes on international trade			3.2	3.7	2.1	2.3	2.1
		On imports		2.9	3.0	1.8	2.1	1.8
			Import duties	2.6	2.8	1.6	2.0	1.9
			Import surcharges	0.0	0.0	0.0	0.0	0.0
			Other	0.3	0.3	0.1	0.1	0.0
		On exports		0.3	0.7	0.3	0.3	0.3
			Ad valorem export tax	0.1	0.1	0.1	0.1	0.1
			Banana export tax	0.2	0.3	0.2	0.1	0.1
			Coffee processing	0.0	0.3	0.0	0.0	0.0
			Other on exports	0.0	0.0	0.0	0.0	0.0
		Others		0.6	0.8	0.5	0.6	0.7
Nontax revenue				0.4	0.3	0.3	0.2	0.1
Transfers				0.3	0.2	0.2	0.1	0.0
	Rest of general government			0.0	0.1	0.1	0.0	0.0
	Public enterprises			0.2	0.0	0.0	0.0	0.0
	Public financial institutions			0.1	0.1	0.1	0.0	0.0
Other				0.1	0.1	0.1	0.1	0.0

Sources: Ministry of Finance; and Fund staff estimates.

Table 17.

Costa Rica: Central Government Expenditure

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes unpaid interest.

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

Table 17.

Costa Rica: Central Government Expenditure

		1994	1995	1996	1997	1998
(In billions of colones)
Total expenditure		263.0	337.7	413.9	465.5	562.3
Current expenditure		232.9	306.6	377.5	416.3	513.2
Wages and salaries		74.7	91.8	108.5	128.3	155.5
Social security		6.1	11.1	14.0	14.4	20.4
Goods and services		10.9	12.6	15.1	16.9	21.1
Interest		53.5	90.9	113.8	113.6	129.4
	Domestic	43.8	78.4	100.7	103.0	117.0
	External ^1/	9.7	12.5	13.1	10.6	12.4
Transfers to		87.7	100.0	126.1	143.1	186.6
	Rest of general government	11.5	6.7	15.2	14.1	25.4
	Public enterprises	1.3	1.3	0.2	0.2	0.1
	Other ^2/	74.9	92.0	110.7	128.8	161.2
Capital expenditure		30.1	31.1	36.4	49.2	49.2
Fixed capital formation		9.7	13.5	12.6	19.5	19.2
Transfers to		19.4	16.5	22.6	28.8	28.7
	Rest of general government	1.6	4.3	6.0	7.4	7.4
	Public enterprises	0.9	1.5	2.2	2.8	2.7
	Other ^2/	16.8	10.7	14.5	18.6	18.6
Other		1.1	1.1	1.1	0.8	1.3
(In percent of GDP)
Total expenditure		20.1	20.8	21.7	20.6	20.9
Current expenditure		17.8	18.9	19.8	18.4	19.0
Wages and salaries		5.7	5.7	5.7	5.7	5.8
Social security		0.5	0.7	0.7	0.6	0.8
Goods and services		0.8	0.8	0.8	0.7	0.8
Interest		4.1	5.6	6.0	5.0	4.8
	Domestic	3.4	4.8	5.3	4.6	4.3
	External ^1/	0.7	0.8	0.7	0.5	0.5
Transfers to		6.7	6.2	6.6	6.3	6.9
	Rest of general government	0.9	0.4	0.8	0.6	0.9
	Public enterprises	0.1	0.1	0.0	0.0	0.0
	Other ^2/	5.7	5.7	5.8	5.7	6.0
Capital expenditure		2.3	1.9	1.9	2.2	1.8
Fixed capital formation		0.7	0.8	0.7	0.9	0.7
Transfers to		1.5	1.0	1.2	1.3	1.1
	Rest of general government	0.1	0.3	0.3	0.3	0.3
	Public enterprises	0.1	0.1	0.1	0.1	0.1
	Other ^2/	1.3	0.7	0.8	0.8	0.7
Other		0.1	0.1	0.1	0.0	0.0

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes unpaid interest.

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

Table 17.

Costa Rica: Central Government Expenditure

		1994	1995	1996	1997	1998
(In billions of colones)
Total expenditure		263.0	337.7	413.9	465.5	562.3
Current expenditure		232.9	306.6	377.5	416.3	513.2
Wages and salaries		74.7	91.8	108.5	128.3	155.5
Social security		6.1	11.1	14.0	14.4	20.4
Goods and services		10.9	12.6	15.1	16.9	21.1
Interest		53.5	90.9	113.8	113.6	129.4
	Domestic	43.8	78.4	100.7	103.0	117.0
	External ^1/	9.7	12.5	13.1	10.6	12.4
Transfers to		87.7	100.0	126.1	143.1	186.6
	Rest of general government	11.5	6.7	15.2	14.1	25.4
	Public enterprises	1.3	1.3	0.2	0.2	0.1
	Other ^2/	74.9	92.0	110.7	128.8	161.2
Capital expenditure		30.1	31.1	36.4	49.2	49.2
Fixed capital formation		9.7	13.5	12.6	19.5	19.2
Transfers to		19.4	16.5	22.6	28.8	28.7
	Rest of general government	1.6	4.3	6.0	7.4	7.4
	Public enterprises	0.9	1.5	2.2	2.8	2.7
	Other ^2/	16.8	10.7	14.5	18.6	18.6
Other		1.1	1.1	1.1	0.8	1.3
(In percent of GDP)
Total expenditure		20.1	20.8	21.7	20.6	20.9
Current expenditure		17.8	18.9	19.8	18.4	19.0
Wages and salaries		5.7	5.7	5.7	5.7	5.8
Social security		0.5	0.7	0.7	0.6	0.8
Goods and services		0.8	0.8	0.8	0.7	0.8
Interest		4.1	5.6	6.0	5.0	4.8
	Domestic	3.4	4.8	5.3	4.6	4.3
	External ^1/	0.7	0.8	0.7	0.5	0.5
Transfers to		6.7	6.2	6.6	6.3	6.9
	Rest of general government	0.9	0.4	0.8	0.6	0.9
	Public enterprises	0.1	0.1	0.0	0.0	0.0
	Other ^2/	5.7	5.7	5.8	5.7	6.0
Capital expenditure		2.3	1.9	1.9	2.2	1.8
Fixed capital formation		0.7	0.8	0.7	0.9	0.7
Transfers to		1.5	1.0	1.2	1.3	1.1
	Rest of general government	0.1	0.3	0.3	0.3	0.3
	Public enterprises	0.1	0.1	0.1	0.1	0.1
	Other ^2/	1.3	0.7	0.8	0.8	0.7
Other		0.1	0.1	0.1	0.0	0.0

Sources: Ministry of Finance; and Fund staff estimates.

^{^1/}Includes unpaid interest.

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

Table 18.

Costa Rica: Summary Operations of the Social Security Agency

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

Table 18.

Costa Rica: Summary Operations of the Social Security Agency

		1994	1995	1996	1997	1998
(In billions of colones)
Total revenue		104.6	131.9	158.5	187.3	237.2
Current revenue		104.5	131.6	157.2	185.7	236.4
	Contributions	86.3	104.8	128.8	157.6	189.9
	Other revenue	15.2	24.5	21.9	22.0	33.3
	Transfers	2.9	2.4	6.5	6.1	13.2
Capital revenue		0.1	0.3	1.3	1.6	0.8
Total expenditure		93.6	114.8	140.4	162.9	198.8
Current expenditure		90.7	110.5	133.6	155.5	191.5
	Wages and salaries	39.9	50.4	59.7	68.8	85.4
	Goods and services	22.6	25.1	31.6	36.2	45.2
	Interest	0.1	0.1	0.0	0.0	0.1
	Current transfers	28.0	34.8	42.3	50.4	60.9
Capital and net lending		2.9	4.4	6.8	7.5	7.3
	Capital expenditure	2.2	2.3	5.1	6.8	6.1
	Net lending	0.7	2.1	1.7	0.7	1.2
Current surplus		13.8	21.1	23.6	30.2	44.8
Overall surplus		11.0	17.0	18.1	24.4	38.4
(In percent of GDP)
Total revenue		8.0	8.1	8.3	8.3	8.8
Current revenue		8.0	8.1	8.3	8.2	8.8
	Contributions	6.6	6.5	6.8	7.0	7.0
	Other revenue	1.2	1.5	1.2	1.0	1.2
	Transfers	0.2	0.1	0.3	0.3	0.5
Capital revenue		0.0	0.0	0.1	0.1	0.0
Total expenditure		7.2	7.1	7.4	7.2	7.4
Current expenditure		6.9	6.8	7.0	6.9	7.1
	Wages and salaries	3.1	3.1	3.1	3.0	3.2
	Goods and services	1.7	1.6	1.7	1.6	1.7
	Interest	0.0	0.0	0.0	0.0	0.0
	Transfers	2.1	2.1	2.2	2.2	2.3
Capital and net lending		0.2	0.3	0.4	0.3	0.3
	Capital expenditure	0.2	0.1	0.3	0.3	0.2
	Net lending	0.1	0.1	0.1	0.0	0.0
Current surplus		1.1	1.3	1.2	1.3	1.7
Overall surplus		0.8	1.1	1.0	1.1	1.4

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

Table 18.

Costa Rica: Summary Operations of the Social Security Agency

		1994	1995	1996	1997	1998
(In billions of colones)
Total revenue		104.6	131.9	158.5	187.3	237.2
Current revenue		104.5	131.6	157.2	185.7	236.4
	Contributions	86.3	104.8	128.8	157.6	189.9
	Other revenue	15.2	24.5	21.9	22.0	33.3
	Transfers	2.9	2.4	6.5	6.1	13.2
Capital revenue		0.1	0.3	1.3	1.6	0.8
Total expenditure		93.6	114.8	140.4	162.9	198.8
Current expenditure		90.7	110.5	133.6	155.5	191.5
	Wages and salaries	39.9	50.4	59.7	68.8	85.4
	Goods and services	22.6	25.1	31.6	36.2	45.2
	Interest	0.1	0.1	0.0	0.0	0.1
	Current transfers	28.0	34.8	42.3	50.4	60.9
Capital and net lending		2.9	4.4	6.8	7.5	7.3
	Capital expenditure	2.2	2.3	5.1	6.8	6.1
	Net lending	0.7	2.1	1.7	0.7	1.2
Current surplus		13.8	21.1	23.6	30.2	44.8
Overall surplus		11.0	17.0	18.1	24.4	38.4
(In percent of GDP)
Total revenue		8.0	8.1	8.3	8.3	8.8
Current revenue		8.0	8.1	8.3	8.2	8.8
	Contributions	6.6	6.5	6.8	7.0	7.0
	Other revenue	1.2	1.5	1.2	1.0	1.2
	Transfers	0.2	0.1	0.3	0.3	0.5
Capital revenue		0.0	0.0	0.1	0.1	0.0
Total expenditure		7.2	7.1	7.4	7.2	7.4
Current expenditure		6.9	6.8	7.0	6.9	7.1
	Wages and salaries	3.1	3.1	3.1	3.0	3.2
	Goods and services	1.7	1.6	1.7	1.6	1.7
	Interest	0.0	0.0	0.0	0.0	0.0
	Transfers	2.1	2.1	2.2	2.2	2.3
Capital and net lending		0.2	0.3	0.4	0.3	0.3
	Capital expenditure	0.2	0.1	0.3	0.3	0.2
	Net lending	0.1	0.1	0.1	0.0	0.0
Current surplus		1.1	1.3	1.2	1.3	1.7
Overall surplus		0.8	1.1	1.0	1.1	1.4

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

Table 19.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/ ^2/

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

^{^1/}Includes: RECOPE, ICE, ICAA, CNP, Railway Co. (INCOFER), Public Services of Heredia (ESPH), Social Protection Council (JPSSJ), Liquor Co. (FANAL), Pacific Port Administration (INCOP), Council of Medical and Social Assistance (CTAMS), Fertilizers Co. (FERTICA), Social Fund of Family Allowances (FODESAF), Coffee Institute (ICAFE), Costa Rican Tourism Institute (ICT), National Trainning Institute (INA), Institute of Agrarian Development (IDA), and Institute of International Health Cooperation (OCIS).

^{^2/}From 1995 excludes FERTICA privatized in 1994, and from 1996 excludes INCOFER closed in June 1995.

^{^3/}Includes net lending.

Table 19.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/ ^2/

			1994	1995	1996	1997	1998
(In billions of colones)
Current revenue			223.5	264.1	292.6	336.5	378.0
	Of which
		Oil refinery (RECOPE)	59.8	74.4	80.1	87.0	87.0
		Telephone and electricity company (ICE)	70.1	100.2	112.2	132.7	159.4
		Water company (ICAA)	8.0	9.8	12.1	12.7	14.2
		Agricultural marketing agency (CNP)	10.8	5.4	3.9	4.6	6.4
Current expenditure			185.5	194.9	218.2	236.1	256.2
	Of which
		Oil refinery (RECOPE)	61.4	68.7	73.2	80.6	83.2
		Telephone and electricity company (ICE)	47.1	56.7	63.6	57.8	74.8
		Water company (ICAA)	6.5	7.6	8.5	10.1	11.1
		Agricultural marketing agency (CNP)	12.9	5.2	4.0	4.4	5.2
Capital expenditure ^3/			47.8	53.0	61.3	83.1	107.5
	Of which
		Oil refinery (RECOPE)	2.6	3.5	3.9	4.9	8.1
		Telephone and electricity company (ICE)	35.3	34.3	35.3	52.4	63.7
		Water company (ICAA)	2.2	3.2	4.9	6.3	9.6
		Agricultural marketing agency (CNP)	0.1	0.1	0.0	0.0	0.0
Current account balance			38.1	69.2	74.3	100.5	121.8
	Of which
		Oil refinery (RECOPE)	-1.6	5.7	6.9	6.5	3.9
		Telephone and electricity company (ICE)	22.9	43.6	48.6	74.8	84.7
		Water company (ICAA)	1.4	2.2	3.6	2.6	3.1
		Agricultural marketing agency (CNP)	-2.1	0.3	-0.1	0.2	1.2
Capital revenue			3.2	5.3	8.1	11.2	6.5
Overall balance (deficit -)			-6.6	21.5	21.2	28.6	20.8
	Of which
	Oil refinery (RECOPE)		-4.2	2.2	2.9	1.5	-4.0
	Telephone and electricity company (ICE)		-12.2	9.6	13.9	21.6	21.7
	Water company (ICAA)		0.8	2.2	1.4	0.6	-0.4
	Agricultural marketing agency (CNP)		-2.2	0.2	0.2	0.2	1.2
(In percent of GDP)
Current revenue			17.1	16.3	15.4	14.9	14.0
	Of which
		Oil refinery (RECOPE)	4.6	4.6	4.2	3.9	3.2
		Telephone and electricity company (ICE)	5.4	6.2	5.9	5.9	5.9
		Water company (ICAA)	0.6	0.6	0.6	0.6	0.5
		Agricultural marketing agency (CNP)	0.8	0.3	0.2	0.2	0.2
Current expenditure			14.2	12.0	11.5	10.4	9.5
	Of which
		Oil refinery (RECOPE)	4.7	4.2	3.8	3.6	3.1
		Telephone and electricity company (ICE)	3.6	3.5	3.3	2.6	2.8
		Water company (ICAA)	0.5	0.5	0.4	0.4	0.4
		Agricultural marketing agency (CNP)	1.0	0.3	0.2	0.2	0.2
Capital expenditure ^3/			3.7	3.3	3.2	3.7	4.0
	Of which
		Oil refinery (RECOPE)	0.2	0.2	0.2	0.2	0.3
		Telephone and electricity company (ICE)	2.7	2.1	1.9	2.3	2.4
		Water company (ICAA)	0.2	0.2	0.3	0.3	0.4
		Agricultural marketing agency (CNP)	0.0	0.0	0.0	0.0	0.0
Current account balance			2.9	4.3	3.9	4.4	4.5
	Of which
		Oil refinery (RECOPE)	-0.1	0.4	0.4	0.3	0.1
		Telephone and electricity company (ICE)	1.8	2.7	2.6	3.3	3.1
		Water company (ICAA)	0.1	0.1	0.2	0.1	0.1
		Agricultural marketing agency (CNP)	-0.2	0.0	0.0	0.0	0.0
Capital revenue			0.2	0.3	0.4	0.5	0.2
Overall balance (deficit -)			-0.5	1.3	1.1	1.3	0.8
	Of which
		Oil refinery (RECOPE)	-0.3	0.1	0.2	0.1	-0.1
		Telephone and electricity company (ICE)	-0.9	0.6	0.7	1.0	0.8
		Water company (ICAA)	0.1	0.1	0.1	0.0	0.0
		Agricultural marketing agency (CNP)	-0.2	0.0	0.0	0.0	0.0

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

^{^2/}From 1995 excludes FERTICA privatized in 1994, and from 1996 excludes INCOFER closed in June 1995.

^{^3/}Includes net lending.

Table 19.

Costa Rica: Summary Operations of Selected Nonfinancial Public Enterprises and Other Public Institutions ^1/ ^2/

			1994	1995	1996	1997	1998
(In billions of colones)
Current revenue			223.5	264.1	292.6	336.5	378.0
	Of which
		Oil refinery (RECOPE)	59.8	74.4	80.1	87.0	87.0
		Telephone and electricity company (ICE)	70.1	100.2	112.2	132.7	159.4
		Water company (ICAA)	8.0	9.8	12.1	12.7	14.2
		Agricultural marketing agency (CNP)	10.8	5.4	3.9	4.6	6.4
Current expenditure			185.5	194.9	218.2	236.1	256.2
	Of which
		Oil refinery (RECOPE)	61.4	68.7	73.2	80.6	83.2
		Telephone and electricity company (ICE)	47.1	56.7	63.6	57.8	74.8
		Water company (ICAA)	6.5	7.6	8.5	10.1	11.1
		Agricultural marketing agency (CNP)	12.9	5.2	4.0	4.4	5.2
Capital expenditure ^3/			47.8	53.0	61.3	83.1	107.5
	Of which
		Oil refinery (RECOPE)	2.6	3.5	3.9	4.9	8.1
		Telephone and electricity company (ICE)	35.3	34.3	35.3	52.4	63.7
		Water company (ICAA)	2.2	3.2	4.9	6.3	9.6
		Agricultural marketing agency (CNP)	0.1	0.1	0.0	0.0	0.0
Current account balance			38.1	69.2	74.3	100.5	121.8
	Of which
		Oil refinery (RECOPE)	-1.6	5.7	6.9	6.5	3.9
		Telephone and electricity company (ICE)	22.9	43.6	48.6	74.8	84.7
		Water company (ICAA)	1.4	2.2	3.6	2.6	3.1
		Agricultural marketing agency (CNP)	-2.1	0.3	-0.1	0.2	1.2
Capital revenue			3.2	5.3	8.1	11.2	6.5
Overall balance (deficit -)			-6.6	21.5	21.2	28.6	20.8
	Of which
	Oil refinery (RECOPE)		-4.2	2.2	2.9	1.5	-4.0
	Telephone and electricity company (ICE)		-12.2	9.6	13.9	21.6	21.7
	Water company (ICAA)		0.8	2.2	1.4	0.6	-0.4
	Agricultural marketing agency (CNP)		-2.2	0.2	0.2	0.2	1.2
(In percent of GDP)
Current revenue			17.1	16.3	15.4	14.9	14.0
	Of which
		Oil refinery (RECOPE)	4.6	4.6	4.2	3.9	3.2
		Telephone and electricity company (ICE)	5.4	6.2	5.9	5.9	5.9
		Water company (ICAA)	0.6	0.6	0.6	0.6	0.5
		Agricultural marketing agency (CNP)	0.8	0.3	0.2	0.2	0.2
Current expenditure			14.2	12.0	11.5	10.4	9.5
	Of which
		Oil refinery (RECOPE)	4.7	4.2	3.8	3.6	3.1
		Telephone and electricity company (ICE)	3.6	3.5	3.3	2.6	2.8
		Water company (ICAA)	0.5	0.5	0.4	0.4	0.4
		Agricultural marketing agency (CNP)	1.0	0.3	0.2	0.2	0.2
Capital expenditure ^3/			3.7	3.3	3.2	3.7	4.0
	Of which
		Oil refinery (RECOPE)	0.2	0.2	0.2	0.2	0.3
		Telephone and electricity company (ICE)	2.7	2.1	1.9	2.3	2.4
		Water company (ICAA)	0.2	0.2	0.3	0.3	0.4
		Agricultural marketing agency (CNP)	0.0	0.0	0.0	0.0	0.0
Current account balance			2.9	4.3	3.9	4.4	4.5
	Of which
		Oil refinery (RECOPE)	-0.1	0.4	0.4	0.3	0.1
		Telephone and electricity company (ICE)	1.8	2.7	2.6	3.3	3.1
		Water company (ICAA)	0.1	0.1	0.2	0.1	0.1
		Agricultural marketing agency (CNP)	-0.2	0.0	0.0	0.0	0.0
Capital revenue			0.2	0.3	0.4	0.5	0.2
Overall balance (deficit -)			-0.5	1.3	1.1	1.3	0.8
	Of which
		Oil refinery (RECOPE)	-0.3	0.1	0.2	0.1	-0.1
		Telephone and electricity company (ICE)	-0.9	0.6	0.7	1.0	0.8
		Water company (ICAA)	0.1	0.1	0.1	0.0	0.0
		Agricultural marketing agency (CNP)	-0.2	0.0	0.0	0.0	0.0

Sources: Ministry of Finance; Budgetary Office; and Fund staff estimates.

^{^2/}From 1995 excludes FERTICA privatized in 1994, and from 1996 excludes INCOFER closed in June 1995.

^{^3/}Includes net lending.

Table 20.

Costa Rica: Central Government Domestic Debt

Source: Ministry of Finance.

^{^1/}Domestic interest payment made during the year divided by the average stock of debt.

Table 20.

Costa Rica: Central Government Domestic Debt

			1995	1996	1997	1998
(In percent of GDP)
Central government domestic debt (end of period)			23.0	31.0	29.3	31.2
Classification by instrument
Domestic currency bonds			20.7	26.6	23.6	26.2
	Of which
		Inflation-indexed bonds	3.2	5.4	8.5	8.7
Dollar-denominated bonds			2.3	4.4	5.8	5.1
Classification by holder
Rest of the public sector			11.2	11.1	9.3	13.0
Banking system			5.6	8.9	8.6	6.8
Private sector			6.2	11.1	11.5	11.5
Classification by maturity
Three months or less			4.6	5.1	2.7	2.7
From 4 to 12 months			10.7	13.4	11.9	10.6
More than one year			7.8	12.5	14.7	17.9
(In percent)
Average implicit interest rate ^1/			24.6	20.9	16.4	15.1
(In percent of total debt)
Classification by instrument
Domestic currency bonds			90.0	85.9	80.4	83.8
	Of which
		Inflation-indexed bonds	14.1	17.4	28.9	27.8
Dollar-denominated bonds			10.0	14.1	19.6	16.2
Classification by holder
Rest of the public sector			48.7	35.6	31.6	41.5
Banking system			24.5	28.7	29.2	21.8
Private sector			26.9	35.7	39.2	36.7
Classification by maturity
Three months or less			19.9	16.5	9.4	8.8
From 4 to 12 months			46.4	43.2	40.6	33.8
More than one year			33.6	40.3	50.0	57.4

Source: Ministry of Finance.

^{^1/}Domestic interest payment made during the year divided by the average stock of debt.

Table 20.

Costa Rica: Central Government Domestic Debt

			1995	1996	1997	1998
(In percent of GDP)
Central government domestic debt (end of period)			23.0	31.0	29.3	31.2
Classification by instrument
Domestic currency bonds			20.7	26.6	23.6	26.2
	Of which
		Inflation-indexed bonds	3.2	5.4	8.5	8.7
Dollar-denominated bonds			2.3	4.4	5.8	5.1
Classification by holder
Rest of the public sector			11.2	11.1	9.3	13.0
Banking system			5.6	8.9	8.6	6.8
Private sector			6.2	11.1	11.5	11.5
Classification by maturity
Three months or less			4.6	5.1	2.7	2.7
From 4 to 12 months			10.7	13.4	11.9	10.6
More than one year			7.8	12.5	14.7	17.9
(In percent)
Average implicit interest rate ^1/			24.6	20.9	16.4	15.1
(In percent of total debt)
Classification by instrument
Domestic currency bonds			90.0	85.9	80.4	83.8
	Of which
		Inflation-indexed bonds	14.1	17.4	28.9	27.8
Dollar-denominated bonds			10.0	14.1	19.6	16.2
Classification by holder
Rest of the public sector			48.7	35.6	31.6	41.5
Banking system			24.5	28.7	29.2	21.8
Private sector			26.9	35.7	39.2	36.7
Classification by maturity
Three months or less			19.9	16.5	9.4	8.8
From 4 to 12 months			46.4	43.2	40.6	33.8
More than one year			33.6	40.3	50.0	57.4

Source: Ministry of Finance.

^{^1/}Domestic interest payment made during the year divided by the average stock of debt.

Table 21.

Costa Rica: Central Government Expenditure by Function

Source: Ministry of Finance.

^{^1/}Includes Social Fund of Family Allowances (FODESAF).

^{^2/}Includes Tax Allowance Certificates (CATs).

^{^3/}Excludes amortization.

^{^4/}Includes adjustments of the legislative and judiciary, and the “Contraloria General.”

Table 21.

Costa Rica: Central Government Expenditure by Function

	1990	1991	1992	1993	1994	1995	1996	1997	1998
(In percent of GDP)
Total expenditure	19.0	17.9	17.5	17.6	22.0	20.8	21.7	20.6	20.4
Social expenditure	8.6	7.7	8.1	8.6	9.2	9.1	10.0	9.6	10.2
Education	4.1	4.1	4.1	4.4	4.4	4.4	5.1	5.0	5.3
Social transfers ^1/	3.2	2.7	3.1	3.2	3.6	3.9	3.9	3.7	3.7
Housing	0.3	0.1	0.1	0.2	0.2	0.1	0.1	0.0	0.0
Health	0.3	0.3	0.3	0.3	0.4	0.3	0.4	0.3	0.6
Water and sewerage	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.2
Environment	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Other	0.4	0.3	0.4	0.5	0.6	0.3	0.4	0.4	0.3
Economic expenditure	2.9	2.6	2.5	2.5	3.2	2.5	2.3	2.4	2.4
Agriculture	0.6	0.5	0.5	0.5	0.9	0.5	0.4	0.4	0.4
Transportation	1.0	0.9	1.0	1.0	1.2	1.0	0.9	1.0	0.9
Communication	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
Industry and commerce	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Energy	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other ^2/	1.2	1.1	1.0	0.9	1.0	0.9	0.9	0.9	1.1
Financial expenditure ^3/	3.3	4.1	3.6	3.1	5.9	5.6	6.0	5.0	4.3
Other ^4/	4.1	3.4	3.2	3.4	3.6	3.6	3.4	3.5	3.5
(In percent of total expenditure)
Social expenditure	45.3	43.1	46.5	49.0	41.9	43.9	46.1	46.8	49.8
Education	21.8	22.7	23.3	24.8	20.2	20.9	23.6	24.5	26.1
Social transfers ^1/	16.7	15.1	17.7	18.0	16.3	18.8	17.9	17.7	18.4
Housing	1.6	0.8	0.7	0.9	0.7	0.4	0.3	0.1	0.1
Health	1.8	1.8	2.0	1.8	1.8	1.6	1.8	1.6	2.7
Water and sewerage	1.0	0.4	0.2	0.1	0.3	0.5	0.6	0.6	0.9
Environment	0.4	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0
Other	2.0	1.8	2.1	2.8	2.5	1.7	1.9	2.1	1.7
Economic expenditure	15.5	14.5	14.5	14.0	14.5	12.0	10.6	11.7	12.0
Agriculture	3.3	2.6	2.7	3.1	4.2	2.3	1.7	1.9	1.7
Transportation	5.2	4.8	5.6	5.4	5.4	5.0	4.4	4.9	4.2
Communication	0.5	0.5	0.4	0.4	0.3	0.3	0.3	0.2	0.2
Industry and commerce	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2
Energy	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other ^2/	6.2	6.4	5.6	4.9	4.5	4.3	4.1	4.5	5.6
Financial expenditure ^3/	17.6	23.2	20.8	17.7	27.0	26.9	27.5	24.3	21.1
Other ^4/	21.6	19.3	18.2	19.3	16.6	17.2	15.9	17.2	17.0

Source: Ministry of Finance.

^{^1/}Includes Social Fund of Family Allowances (FODESAF).

^{^2/}Includes Tax Allowance Certificates (CATs).

^{^3/}Excludes amortization.

^{^4/}Includes adjustments of the legislative and judiciary, and the “Contraloria General.”

Table 21.

Costa Rica: Central Government Expenditure by Function

	1990	1991	1992	1993	1994	1995	1996	1997	1998
(In percent of GDP)
Total expenditure	19.0	17.9	17.5	17.6	22.0	20.8	21.7	20.6	20.4
Social expenditure	8.6	7.7	8.1	8.6	9.2	9.1	10.0	9.6	10.2
Education	4.1	4.1	4.1	4.4	4.4	4.4	5.1	5.0	5.3
Social transfers ^1/	3.2	2.7	3.1	3.2	3.6	3.9	3.9	3.7	3.7
Housing	0.3	0.1	0.1	0.2	0.2	0.1	0.1	0.0	0.0
Health	0.3	0.3	0.3	0.3	0.4	0.3	0.4	0.3	0.6
Water and sewerage	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.2
Environment	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Other	0.4	0.3	0.4	0.5	0.6	0.3	0.4	0.4	0.3
Economic expenditure	2.9	2.6	2.5	2.5	3.2	2.5	2.3	2.4	2.4
Agriculture	0.6	0.5	0.5	0.5	0.9	0.5	0.4	0.4	0.4
Transportation	1.0	0.9	1.0	1.0	1.2	1.0	0.9	1.0	0.9
Communication	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
Industry and commerce	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Energy	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other ^2/	1.2	1.1	1.0	0.9	1.0	0.9	0.9	0.9	1.1
Financial expenditure ^3/	3.3	4.1	3.6	3.1	5.9	5.6	6.0	5.0	4.3
Other ^4/	4.1	3.4	3.2	3.4	3.6	3.6	3.4	3.5	3.5
(In percent of total expenditure)
Social expenditure	45.3	43.1	46.5	49.0	41.9	43.9	46.1	46.8	49.8
Education	21.8	22.7	23.3	24.8	20.2	20.9	23.6	24.5	26.1
Social transfers ^1/	16.7	15.1	17.7	18.0	16.3	18.8	17.9	17.7	18.4
Housing	1.6	0.8	0.7	0.9	0.7	0.4	0.3	0.1	0.1
Health	1.8	1.8	2.0	1.8	1.8	1.6	1.8	1.6	2.7
Water and sewerage	1.0	0.4	0.2	0.1	0.3	0.5	0.6	0.6	0.9
Environment	0.4	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0
Other	2.0	1.8	2.1	2.8	2.5	1.7	1.9	2.1	1.7
Economic expenditure	15.5	14.5	14.5	14.0	14.5	12.0	10.6	11.7	12.0
Agriculture	3.3	2.6	2.7	3.1	4.2	2.3	1.7	1.9	1.7
Transportation	5.2	4.8	5.6	5.4	5.4	5.0	4.4	4.9	4.2
Communication	0.5	0.5	0.4	0.4	0.3	0.3	0.3	0.2	0.2
Industry and commerce	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2
Energy	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other ^2/	6.2	6.4	5.6	4.9	4.5	4.3	4.1	4.5	5.6
Financial expenditure ^3/	17.6	23.2	20.8	17.7	27.0	26.9	27.5	24.3	21.1
Other ^4/	21.6	19.3	18.2	19.3	16.6	17.2	15.9	17.2	17.0

Source: Ministry of Finance.

^{^1/}Includes Social Fund of Family Allowances (FODESAF).

^{^2/}Includes Tax Allowance Certificates (CATs).

^{^3/}Excludes amortization.

^{^4/}Includes adjustments of the legislative and judiciary, and the “Contraloria General.”

Table 22.

Costa Rica: Central Bank Quasi-Fiscal Operations

Source: Central Bank of Costa Rica.

^{^1/}Short-term deposit facilities at the central bank.

^{^2/}In 1996 includes government bonds used for sterilization purposes.

Table 22.

Costa Rica: Central Bank Quasi-Fiscal Operations

		1994	1995	1996	1997	1998
(In billions of colones)
Revenue		19.8	31.8	33.1	36.4	36.1
Interest on claims		16.9	28.6	28.9	29.7	32.4
Commissions		1.1	1.4	1.4	1.4	1.8
Other		1.9	1.8	2.8	5.3	1.9
Expenditure		38.6	62.3	72.0	76.5	78.5
Interest on domestic liabilities		15.4	31.5	38.2	36.3	33.3
	Stabilization bonds and SICP ^1/	14.6	30.2	37.5	36.3	33.3
	Other	0.7	1.3	0.7	0.0	0.0
Interest on foreign liabilities		17.6	25.4	26.2	31.3	35.4
	Deposits	4.9	9.4	11.2	13.8	17.2
	External debt	12.8	16.0	15.0	17.5	18.2
Other expenditure		5.6	5.3	7.7	8.9	9.9
Quasi-fiscal balance (losses -)		-18.8	-30.5	-38.9	-40.1	-42.4
(In percent of total expenditure)
Revenue		51.4	51.0	46.0	47.6	46.0
Interest		43.7	45.9	40.1	38.9	41.3
Commissions		2.8	2.3	1.9	1.9	2.2
Other		4.9	2.8	3.9	6.9	2.5
Expenditure		100.0	100.0	100.0	100.0	100.0
Interest on domestic liabilities		39.8	50.6	53.0	47.4	42.4
	Stabilization bonds and SICP ^1/	37.9	48.6	52.1	47.4	42.4
	Other	1.9	2.0	0.9	0.0	0.0
Interest on foreign liabilities		45.7	40.8	36.4	40.9	45.0
	Deposits	12.6	15.1	15.6	18.0	21.9
	External debt	33.1	25.7	20.8	22.9	23.2
Other expenditure		14.5	8.6	10.6	11.7	12.6
Quasi-fiscal balance (losses -)		-48.6	-49.0	-54.0	-52.4	-54.0
Memorandum items:
Quasi-fiscal balance (in percent of GDP, losses -)		-1.4	-1.9	-2.1	-1.8	-1.6
Stabilization bonds
Stock at end of period (in billions of colones) ^2/		75.8	124.8	119.8	158.8	167.7

Source: Central Bank of Costa Rica.

^{^1/}Short-term deposit facilities at the central bank.

^{^2/}In 1996 includes government bonds used for sterilization purposes.

Table 22.

Costa Rica: Central Bank Quasi-Fiscal Operations

		1994	1995	1996	1997	1998
(In billions of colones)
Revenue		19.8	31.8	33.1	36.4	36.1
Interest on claims		16.9	28.6	28.9	29.7	32.4
Commissions		1.1	1.4	1.4	1.4	1.8
Other		1.9	1.8	2.8	5.3	1.9
Expenditure		38.6	62.3	72.0	76.5	78.5
Interest on domestic liabilities		15.4	31.5	38.2	36.3	33.3
	Stabilization bonds and SICP ^1/	14.6	30.2	37.5	36.3	33.3
	Other	0.7	1.3	0.7	0.0	0.0
Interest on foreign liabilities		17.6	25.4	26.2	31.3	35.4
	Deposits	4.9	9.4	11.2	13.8	17.2
	External debt	12.8	16.0	15.0	17.5	18.2
Other expenditure		5.6	5.3	7.7	8.9	9.9
Quasi-fiscal balance (losses -)		-18.8	-30.5	-38.9	-40.1	-42.4
(In percent of total expenditure)
Revenue		51.4	51.0	46.0	47.6	46.0
Interest		43.7	45.9	40.1	38.9	41.3
Commissions		2.8	2.3	1.9	1.9	2.2
Other		4.9	2.8	3.9	6.9	2.5
Expenditure		100.0	100.0	100.0	100.0	100.0
Interest on domestic liabilities		39.8	50.6	53.0	47.4	42.4
	Stabilization bonds and SICP ^1/	37.9	48.6	52.1	47.4	42.4
	Other	1.9	2.0	0.9	0.0	0.0
Interest on foreign liabilities		45.7	40.8	36.4	40.9	45.0
	Deposits	12.6	15.1	15.6	18.0	21.9
	External debt	33.1	25.7	20.8	22.9	23.2
Other expenditure		14.5	8.6	10.6	11.7	12.6
Quasi-fiscal balance (losses -)		-48.6	-49.0	-54.0	-52.4	-54.0
Memorandum items:
Quasi-fiscal balance (in percent of GDP, losses -)		-1.4	-1.9	-2.1	-1.8	-1.6
Stabilization bonds
Stock at end of period (in billions of colones) ^2/		75.8	124.8	119.8	158.8	167.7

Source: Central Bank of Costa Rica.

^{^1/}Short-term deposit facilities at the central bank.

^{^2/}In 1996 includes government bonds used for sterilization purposes.

Table 23.

Costa Rica: Detailed Accounts of the Banking System

(End of period stocks; in billions of colones)

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

^{^1/}Excludes bilateral claims under negotiation with neighbouring countries, which in the official statistics are classified as part of international reserves. The definition of net international reserves for 1994 and 1995 includes arrears.

^{^2/}Short-term deposit facilities at the central bank.

^{^3/}Starting from 1995 stocks include Banco Popular as part of the banking system.

Table 23.

Costa Rica: Detailed Accounts of the Banking System

(End of period stocks; in billions of colones)

				C$179.4=US$1		C$207.7=US$1		C$232.0=US$1		C$257.1=US$1
				1994	1995	1995	1996	1996	1997	1997	1998
I. Central Bank
Net international reserves ^1/				78.1	127.7	147.3	143.9	160.7	210.8	233.6	195.3
Gross reserves				104.7	137.5	159.3	141.6	158.2	208.2	230.8	192.2
Liabilities				-26.6	-9.9	-12.0	2.3	2.5	2.5	2.8	3.1
	Of which
		Arrears		-16.2	-7.6	-9.4	0.0	0.0	0.0	0.0	0.0
Net domestic assets				542.2	545.9	584.8	555.4	589.4	671.0	699.6	725.9
Credit to the public sector (net)				85.9	70.7	74.4	80.0	79.6	49.7	47.6	2.9
	Credit to the central government			63.3	54.4	56.3	56.2	54.3	42.7	39.8	28.7
		Of which
			Rescheduling	46.4	49.5	57.3	14.4	16.1	16.2	17.9	19.2
	Credit to rest of public sector (net)			22.7	16.3	18.1	23.8	25.3	7.0	7.8	-25.9
		Of which
			Rescheduling	14.5	11.2	13.0	7.2	8.0	1.2	1.9	1.3
Sterilization deposits of the central government				0.0	0.0	0.0	-77.1	-77.1	0.0	0.0	0.0
Credit to commercial banks				45.3	12.3	12.7	9.2	9.4	7.4	7.8	6.0
	Of which
		Rescheduling		0.9	0.4	0.4	0.4	0.5	0.5	0.8	0.5
Credit to banking system for buy-back				3.9	3.9	4.5	4.5	5.0	5.1	5.1	5.2
Credit to nonbank intermediaries				1.6	1.0	1.0	1.0	1.0	0.8	1.0	0.9
Subscriptions to international agencies (net)				-5.1	0.7	0.4	6.8	6.7	8.8	8.9	11.9
Official capital and reserves				0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Counterpart arrears				16.2	7.6	9.4	0.0	0.0	0.0	0.0	0.0
Operational losses (accrual basis)				244.4	274.5	274.5	313.4	313.4	354.1	354.1	396.5
Unclassified assets (net)				-41.0	-21.4	-3.7	9.2	26.7	53.4	69.3	105.4
Valuation adjustments				190.9	196.5	211.5	208.4	224.7	191.6	205.8	197.1
Counterpart unrequited foreign exchange				6.2	6.3	7.3	7.1	7.9	7.4	8.2	8.6
Government trust funds				18.4	18.5	18.5	15.0	15.0	13.9	13.9	13.8
Medium- and long-term foreign liabilities				228.3	215.3	249.3	227.9	254.6	226.3	250.8	260.2
Liabilities to banks				213.2	253.8	280.7	314.8	337.2	388.3	413.5	362.1
Currency held by banks				11.2	14.2	18.3	24.0	24.0	40.0	40.0	41.2
Bank deposits				186.0	191.3	213.7	236.4	258.9	282.3	307.5	303.8
In local currency				64.6	49.4	49.4	44.3	44.3	49.2	49.2	77.6
In foreign currency				121.4	141.9	164.3	192.1	214.5	233.1	258.3	226.3
Stabilization bonds				7.7	36.1	36.5	30.3	30.3	40.1	40.1	17.1
SICP-commercial banks ^2/				8.3	12.3	12.3	24.0	24.0	25.9	25.9	0.0
Liabilities to nonbank intermediaries				5.5	3.2	3.2	1.3	1.3	35.6	35.6	43.4
I. Central Bank
Liabilities to private sector				148.6	176.5	173.1	133.2	134.1	210.3	211.1	233.2
Currency in circulation				74.9	84.8	80.7	91.7	91.7	106.8	106.8	124.2
Demand deposits				0.3	0.1	0.1	0.7	0.7	0.3	0.3	0.4
Foreign currency deposits				3.4	3.4	3.9	3.8	4.3	4.2	4.7	14.1
Stabilization bonds				61.7	81.1	80.7	25.2	25.2	87.7	87.7	88.7
Other				8.3	7.1	7.7	11.7	12.2	11.2	11.7	5.7
II. Commercial Banks ^3/
Net international reserves				28.0	23.6	27.4	30.5	34.2	9.3	10.3	12.1
Assets				35.8	36.0	41.7	51.5	57.5	47.4	52.6	60.2
Liabilities				-7.9	-12.4	-14.3	-21.0	-23.3	-38.1	-42.2	-48.1
Claims on central bank				214.0	256.6	282.9	309.2	331.0	362.4	385.3	307.9
Net domestic assets				216.0	185.2	242.5	319.0	325.5	404.4	417.1	664.5
Credit to the public sector (net)				-22.2	-17.4	0.4	28.8	29.6	6.4	8.0	26.0
	Credit to central government (net)			9.5	25.1	34.8	97.9	99.1	88.3	90.5	110.6
	Credit to rest of public sector (net)			-31.7	-42.4	-34.3	-69.2	-69.5	-82.0	-82.5	-84.6
Credit to private sector				229.8	218.4	275.6	325.8	333.9	426.1	437.4	650.9
Credit to the rest of the banking system				2.6	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Credit to nonbank intermediaries				0.1	0.3	0.6	0.3	0.3	0.5	0.5	0.1
Official capital and reserves				-9.5	-37.1	-59.4	-64.2	-64.2	-85.8	-85.8	-95.2
Private capital				-19.9	-26.6	-26.6	-31.3	-31.3	-35.4	-35.4	-45.1
Unclassified assets (net)				31.4	44.0	53.1	60.8	61.4	96.8	92.3	127.8
Valuation adjustments				3.6	3.6	-1.2	-1.2	-4.2	-4.2	0.0	0.0
Medium- and long-term foreign liabilities				11.1	18.1	19.9	20.2	22.3	27.2	29.9	32.3
Liabilities to the central bank				48.6	14.1	14.9	11.6	12.0	9.9	10.3	8.7
Liabilities to the rest of the banking system				2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to nonbank intermediaries				5.8	7.2	7.3	5.7	5.8	2.8	2.8	9.5
Liabilities to private sector				390.2	426.0	510.7	621.3	650.7	736.2	769.7	934.0
Demand deposits				76.6	68.4	69.1	68.6	68.6	151.2	151.2	165.7
Savings deposits				22.8	23.9	32.3	43.8	43.8	58.5	58.5	72.0
Time deposits				119.6	138.7	184.1	238.2	238.2	198.3	198.3	235.3
Foreign currency deposits				159.7	183.6	212.6	251.6	281.0	309.1	342.6	427.0
Other obligations				11.3	11.4	12.6	19.1	19.1	19.1	19.1	34.1
III. Consolidated Banking System
Net international reserves				106.0	151.2	174.6	174.4	194.9	220.0	243.9	207.5
Assets				140.6	173.6	200.9	193.1	215.7	255.6	283.3	252.4
Liabilities				-34.5	-22.3	-26.3	-18.7	-20.8	-35.6	-39.4	-44.9
Net domestic assets				708.1	719.8	814.7	857.3	896.7	1,039.6	1,078.1	1,328.4
Credit to the public sector (net)				63.7	53.4	74.8	45.6	44.9	-8.3	55.6	25.2
	Credit to central government (net)			72.7	79.5	91.1	91.0	89.1	66.7	130.3	135.7
	Credit to the rest of the public sector (net)			-10.0	-26.1	-16.3	-45.4	-44.2	-75.0	-74.8	-110.5
Central government sterilization deposits				0.0	0.0	0.0	-77.1	-77.1	0.0	0.0	0.0
Credit to nonbank intermediaries				1.7	1.3	1.6	1.3	1.2	1.3	1.5	1.0
Credit to the private sector				229.8	218.4	275.6	325.8	333.9	426.1	437.4	648.2
Subscriptions to international agencies (net)				-5.1	0.7	0.4	6.8	6.7	8.8	8.9	11.9
Official capital and reserves				-9.5	-37.1	-59.4	-64.2	-64.2	-85.8	-85.8	-95.2
Private capital				-19.9	-26.6	-26.6	-31.3	-31.3	-35.4	-35.4	-45.1
Counterpart arrears				16.2	7.6	9.4	0.0	0.0	0.0	0.0	0.0
Operational losses (accrual basis)				244.4	274.5	274.5	313.4	313.4	354.1	354.1	396.5
Unclassified assets (net)				-5.4	26.6	54.1	137.7	157.5	219.7	166.8	245.7
Interbank float				-2.4	0.9	0.1	-8.0	-8.8	-28.3	-30.8	-56.9
Valuation adjustments				194.5	200.1	210.3	207.2	220.4	187.4	205.8	197.1
Counterpart unrequited foreign exchange				6.2	6.3	7.3	7.1	7.9	7.4	8.2	8.6
Government trust funds				18.4	18.5	18.5	15.0	15.0	13.9	13.9	13.8
Medium- and long-term foreign liabilities				239.4	233.4	269.3	248.1	276.9	253.5	280.7	292.5
Liabilities to nonbank intermediaries				11.3	10.4	10.5	7.1	7.1	38.4	38.4	52.9
Liabilities to the private sector				538.7	602.4	683.8	754.5	784.8	946.4	980.8	1,166.9
Currency				74.9	84.8	80.7	91.7	91.7	106.8	106.8	124.2
Demand deposits				76.9	68.4	69.1	69.2	69.2	151.5	151.5	166.1
Savings deposits				22.8	23.9	32.3	43.8	43.8	58.5	58.5	72.0
Time deposits				119.6	138.7	184.1	238.2	238.2	198.3	198.3	236.2
Foreign currency deposits				163.1	187.0	216.5	255.5	285.3	313.3	347.3	441.1
Stabilization bonds				61.7	81.1	80.7	25.2	25.2	87.7	87.7	88.7
Other				19.6	18.5	20.2	30.9	31.3	30.3	30.7	39.8

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

^{^2/}Short-term deposit facilities at the central bank.

^{^3/}Starting from 1995 stocks include Banco Popular as part of the banking system.

Table 23.

Costa Rica: Detailed Accounts of the Banking System

(End of period stocks; in billions of colones)

				C$179.4=US$1		C$207.7=US$1		C$232.0=US$1		C$257.1=US$1
				1994	1995	1995	1996	1996	1997	1997	1998
I. Central Bank
Net international reserves ^1/				78.1	127.7	147.3	143.9	160.7	210.8	233.6	195.3
Gross reserves				104.7	137.5	159.3	141.6	158.2	208.2	230.8	192.2
Liabilities				-26.6	-9.9	-12.0	2.3	2.5	2.5	2.8	3.1
	Of which
		Arrears		-16.2	-7.6	-9.4	0.0	0.0	0.0	0.0	0.0
Net domestic assets				542.2	545.9	584.8	555.4	589.4	671.0	699.6	725.9
Credit to the public sector (net)				85.9	70.7	74.4	80.0	79.6	49.7	47.6	2.9
	Credit to the central government			63.3	54.4	56.3	56.2	54.3	42.7	39.8	28.7
		Of which
			Rescheduling	46.4	49.5	57.3	14.4	16.1	16.2	17.9	19.2
	Credit to rest of public sector (net)			22.7	16.3	18.1	23.8	25.3	7.0	7.8	-25.9
		Of which
			Rescheduling	14.5	11.2	13.0	7.2	8.0	1.2	1.9	1.3
Sterilization deposits of the central government				0.0	0.0	0.0	-77.1	-77.1	0.0	0.0	0.0
Credit to commercial banks				45.3	12.3	12.7	9.2	9.4	7.4	7.8	6.0
	Of which
		Rescheduling		0.9	0.4	0.4	0.4	0.5	0.5	0.8	0.5
Credit to banking system for buy-back				3.9	3.9	4.5	4.5	5.0	5.1	5.1	5.2
Credit to nonbank intermediaries				1.6	1.0	1.0	1.0	1.0	0.8	1.0	0.9
Subscriptions to international agencies (net)				-5.1	0.7	0.4	6.8	6.7	8.8	8.9	11.9
Official capital and reserves				0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Counterpart arrears				16.2	7.6	9.4	0.0	0.0	0.0	0.0	0.0
Operational losses (accrual basis)				244.4	274.5	274.5	313.4	313.4	354.1	354.1	396.5
Unclassified assets (net)				-41.0	-21.4	-3.7	9.2	26.7	53.4	69.3	105.4
Valuation adjustments				190.9	196.5	211.5	208.4	224.7	191.6	205.8	197.1
Counterpart unrequited foreign exchange				6.2	6.3	7.3	7.1	7.9	7.4	8.2	8.6
Government trust funds				18.4	18.5	18.5	15.0	15.0	13.9	13.9	13.8
Medium- and long-term foreign liabilities				228.3	215.3	249.3	227.9	254.6	226.3	250.8	260.2
Liabilities to banks				213.2	253.8	280.7	314.8	337.2	388.3	413.5	362.1
Currency held by banks				11.2	14.2	18.3	24.0	24.0	40.0	40.0	41.2
Bank deposits				186.0	191.3	213.7	236.4	258.9	282.3	307.5	303.8
In local currency				64.6	49.4	49.4	44.3	44.3	49.2	49.2	77.6
In foreign currency				121.4	141.9	164.3	192.1	214.5	233.1	258.3	226.3
Stabilization bonds				7.7	36.1	36.5	30.3	30.3	40.1	40.1	17.1
SICP-commercial banks ^2/				8.3	12.3	12.3	24.0	24.0	25.9	25.9	0.0
Liabilities to nonbank intermediaries				5.5	3.2	3.2	1.3	1.3	35.6	35.6	43.4
I. Central Bank
Liabilities to private sector				148.6	176.5	173.1	133.2	134.1	210.3	211.1	233.2
Currency in circulation				74.9	84.8	80.7	91.7	91.7	106.8	106.8	124.2
Demand deposits				0.3	0.1	0.1	0.7	0.7	0.3	0.3	0.4
Foreign currency deposits				3.4	3.4	3.9	3.8	4.3	4.2	4.7	14.1
Stabilization bonds				61.7	81.1	80.7	25.2	25.2	87.7	87.7	88.7
Other				8.3	7.1	7.7	11.7	12.2	11.2	11.7	5.7
II. Commercial Banks ^3/
Net international reserves				28.0	23.6	27.4	30.5	34.2	9.3	10.3	12.1
Assets				35.8	36.0	41.7	51.5	57.5	47.4	52.6	60.2
Liabilities				-7.9	-12.4	-14.3	-21.0	-23.3	-38.1	-42.2	-48.1
Claims on central bank				214.0	256.6	282.9	309.2	331.0	362.4	385.3	307.9
Net domestic assets				216.0	185.2	242.5	319.0	325.5	404.4	417.1	664.5
Credit to the public sector (net)				-22.2	-17.4	0.4	28.8	29.6	6.4	8.0	26.0
	Credit to central government (net)			9.5	25.1	34.8	97.9	99.1	88.3	90.5	110.6
	Credit to rest of public sector (net)			-31.7	-42.4	-34.3	-69.2	-69.5	-82.0	-82.5	-84.6
Credit to private sector				229.8	218.4	275.6	325.8	333.9	426.1	437.4	650.9
Credit to the rest of the banking system				2.6	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Credit to nonbank intermediaries				0.1	0.3	0.6	0.3	0.3	0.5	0.5	0.1
Official capital and reserves				-9.5	-37.1	-59.4	-64.2	-64.2	-85.8	-85.8	-95.2
Private capital				-19.9	-26.6	-26.6	-31.3	-31.3	-35.4	-35.4	-45.1
Unclassified assets (net)				31.4	44.0	53.1	60.8	61.4	96.8	92.3	127.8
Valuation adjustments				3.6	3.6	-1.2	-1.2	-4.2	-4.2	0.0	0.0
Medium- and long-term foreign liabilities				11.1	18.1	19.9	20.2	22.3	27.2	29.9	32.3
Liabilities to the central bank				48.6	14.1	14.9	11.6	12.0	9.9	10.3	8.7
Liabilities to the rest of the banking system				2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to nonbank intermediaries				5.8	7.2	7.3	5.7	5.8	2.8	2.8	9.5
Liabilities to private sector				390.2	426.0	510.7	621.3	650.7	736.2	769.7	934.0
Demand deposits				76.6	68.4	69.1	68.6	68.6	151.2	151.2	165.7
Savings deposits				22.8	23.9	32.3	43.8	43.8	58.5	58.5	72.0
Time deposits				119.6	138.7	184.1	238.2	238.2	198.3	198.3	235.3
Foreign currency deposits				159.7	183.6	212.6	251.6	281.0	309.1	342.6	427.0
Other obligations				11.3	11.4	12.6	19.1	19.1	19.1	19.1	34.1
III. Consolidated Banking System
Net international reserves				106.0	151.2	174.6	174.4	194.9	220.0	243.9	207.5
Assets				140.6	173.6	200.9	193.1	215.7	255.6	283.3	252.4
Liabilities				-34.5	-22.3	-26.3	-18.7	-20.8	-35.6	-39.4	-44.9
Net domestic assets				708.1	719.8	814.7	857.3	896.7	1,039.6	1,078.1	1,328.4
Credit to the public sector (net)				63.7	53.4	74.8	45.6	44.9	-8.3	55.6	25.2
	Credit to central government (net)			72.7	79.5	91.1	91.0	89.1	66.7	130.3	135.7
	Credit to the rest of the public sector (net)			-10.0	-26.1	-16.3	-45.4	-44.2	-75.0	-74.8	-110.5
Central government sterilization deposits				0.0	0.0	0.0	-77.1	-77.1	0.0	0.0	0.0
Credit to nonbank intermediaries				1.7	1.3	1.6	1.3	1.2	1.3	1.5	1.0
Credit to the private sector				229.8	218.4	275.6	325.8	333.9	426.1	437.4	648.2
Subscriptions to international agencies (net)				-5.1	0.7	0.4	6.8	6.7	8.8	8.9	11.9
Official capital and reserves				-9.5	-37.1	-59.4	-64.2	-64.2	-85.8	-85.8	-95.2
Private capital				-19.9	-26.6	-26.6	-31.3	-31.3	-35.4	-35.4	-45.1
Counterpart arrears				16.2	7.6	9.4	0.0	0.0	0.0	0.0	0.0
Operational losses (accrual basis)				244.4	274.5	274.5	313.4	313.4	354.1	354.1	396.5
Unclassified assets (net)				-5.4	26.6	54.1	137.7	157.5	219.7	166.8	245.7
Interbank float				-2.4	0.9	0.1	-8.0	-8.8	-28.3	-30.8	-56.9
Valuation adjustments				194.5	200.1	210.3	207.2	220.4	187.4	205.8	197.1
Counterpart unrequited foreign exchange				6.2	6.3	7.3	7.1	7.9	7.4	8.2	8.6
Government trust funds				18.4	18.5	18.5	15.0	15.0	13.9	13.9	13.8
Medium- and long-term foreign liabilities				239.4	233.4	269.3	248.1	276.9	253.5	280.7	292.5
Liabilities to nonbank intermediaries				11.3	10.4	10.5	7.1	7.1	38.4	38.4	52.9
Liabilities to the private sector				538.7	602.4	683.8	754.5	784.8	946.4	980.8	1,166.9
Currency				74.9	84.8	80.7	91.7	91.7	106.8	106.8	124.2
Demand deposits				76.9	68.4	69.1	69.2	69.2	151.5	151.5	166.1
Savings deposits				22.8	23.9	32.3	43.8	43.8	58.5	58.5	72.0
Time deposits				119.6	138.7	184.1	238.2	238.2	198.3	198.3	236.2
Foreign currency deposits				163.1	187.0	216.5	255.5	285.3	313.3	347.3	441.1
Stabilization bonds				61.7	81.1	80.7	25.2	25.2	87.7	87.7	88.7
Other				19.6	18.5	20.2	30.9	31.3	30.3	30.7	39.8

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

^{^2/}Short-term deposit facilities at the central bank.

^{^3/}Starting from 1995 stocks include Banco Popular as part of the banking system.

Table 24.

Costa Rica: Private Sector Financial Assets ^1/

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

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

^{^2/}Includes private sector holdings of bonds issued by the central government.

Table 24.

Costa Rica: Private Sector Financial Assets ^1/

			1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Total			611.1	771.3	1,019.9	1,183.2	1,438.5
By instrument
Money			151.9	153.2	161.3	258.4	290.3
	Currency		74.9	84.8	91.7	106.8	124.2
	Demand deposits		77.0	68.5	69.5	151.6	166.1
Quasi-money			420.0	572.6	796.2	858.9	1,063.1
	In domestic currency		269.7	369.2	525.5	529.0	597.1
		Savings deposits	22.8	23.9	43.8	58.5	72.0
		Time deposits	119.6	138.7	238.2	198.3	236.2
		Bonds ^2/	127.3	206.6	243.6	272.2	288.9
	In foreign currency		150.3	203.4	270.7	329.9	466.0
Private capital and other			39.2	45.4	62.4	65.9	85.1
By issuing entity			611.1	771.3	1,019.9	1,183.2	1,438.5
Banking system			545.5	645.8	787.7	998.7	1,238.3
Central bank			148.1	177.1	120.1	210.8	234.2
	Commercial banks		397.5	468.7	667.6	787.9	1,004.1
	Central government		65.5	125.4	232.2	184.5	200.2
(Annual percentage change)
Total			22.1	26.2	24.1	16.0	21.6
Money			27.7	0.9	7.6	60.2	12.3
	Currency		36.9	13.2	13.7	16.4	16.2
	Demand deposits		19.8	-11.1	0.4	118.0	9.6
Quasi-money			19.8	36.3	27.3	7.9	23.8
	In domestic currency		20.7	36.9	24.5	0.7	12.9
		Savings deposits	19.1	4.7	35.5	33.5	23.1
		Time deposits	-0.8	15.9	29.4	-16.7	19.1
		Bonds ^2/	52.1	62.3	18.4	11.8	6.1
	In foreign currency		18.3	35.4	33.1	21.9	41.2
Private capital and other			27.0	15.9	33.8	5.6	29.1
(In percent of GDP)
Total			42.5	42.6	49.2	48.7	48.6
Money			10.4	9.4	8.3	9.3	10.2
	Currency		5.0	4.9	4.6	4.4	4.3
	Demand deposits		5.4	4.5	3.7	4.9	5.9
Quasi-money			29.5	30.6	38.0	36.6	35.7
	In domestic currency		18.9	19.7	25.3	23.3	20.9
		Savings deposits	1.6	1.4	2.0	2.3	2.4
		Time deposits	9.2	8.0	11.3	9.7	8.1
		Bonds	8.1	10.3	12.0	11.4	10.4
	In foreign currency		10.6	10.9	12.7	13.3	14.8
Private capital and other			2.7	2.6	2.9	2.8	2.8

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

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

^{^2/}Includes private sector holdings of bonds issued by the central government.

Table 24.

Costa Rica: Private Sector Financial Assets ^1/

			1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Total			611.1	771.3	1,019.9	1,183.2	1,438.5
By instrument
Money			151.9	153.2	161.3	258.4	290.3
	Currency		74.9	84.8	91.7	106.8	124.2
	Demand deposits		77.0	68.5	69.5	151.6	166.1
Quasi-money			420.0	572.6	796.2	858.9	1,063.1
	In domestic currency		269.7	369.2	525.5	529.0	597.1
		Savings deposits	22.8	23.9	43.8	58.5	72.0
		Time deposits	119.6	138.7	238.2	198.3	236.2
		Bonds ^2/	127.3	206.6	243.6	272.2	288.9
	In foreign currency		150.3	203.4	270.7	329.9	466.0
Private capital and other			39.2	45.4	62.4	65.9	85.1
By issuing entity			611.1	771.3	1,019.9	1,183.2	1,438.5
Banking system			545.5	645.8	787.7	998.7	1,238.3
Central bank			148.1	177.1	120.1	210.8	234.2
	Commercial banks		397.5	468.7	667.6	787.9	1,004.1
	Central government		65.5	125.4	232.2	184.5	200.2
(Annual percentage change)
Total			22.1	26.2	24.1	16.0	21.6
Money			27.7	0.9	7.6	60.2	12.3
	Currency		36.9	13.2	13.7	16.4	16.2
	Demand deposits		19.8	-11.1	0.4	118.0	9.6
Quasi-money			19.8	36.3	27.3	7.9	23.8
	In domestic currency		20.7	36.9	24.5	0.7	12.9
		Savings deposits	19.1	4.7	35.5	33.5	23.1
		Time deposits	-0.8	15.9	29.4	-16.7	19.1
		Bonds ^2/	52.1	62.3	18.4	11.8	6.1
	In foreign currency		18.3	35.4	33.1	21.9	41.2
Private capital and other			27.0	15.9	33.8	5.6	29.1
(In percent of GDP)
Total			42.5	42.6	49.2	48.7	48.6
Money			10.4	9.4	8.3	9.3	10.2
	Currency		5.0	4.9	4.6	4.4	4.3
	Demand deposits		5.4	4.5	3.7	4.9	5.9
Quasi-money			29.5	30.6	38.0	36.6	35.7
	In domestic currency		18.9	19.7	25.3	23.3	20.9
		Savings deposits	1.6	1.4	2.0	2.3	2.4
		Time deposits	9.2	8.0	11.3	9.7	8.1
		Bonds	8.1	10.3	12.0	11.4	10.4
	In foreign currency		10.6	10.9	12.7	13.3	14.8
Private capital and other			2.7	2.6	2.9	2.8	2.8

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

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

^{^2/}Includes private sector holdings of bonds issued by the central government.

Table 25.

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

(In billions of colones; end of period)

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart U.S. AID grants and counterpart unrequited foreign exchange.

Table 25.

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

(In billions of colones; end of period)

		1994	1995	1996	1997	1998
Origin		74.4	11.7	42.6	142.9	250.2
Central bank		52.0	36.8	-25.6	83.6	28.1
Commercial banks		23.0	-28.4	76.5	78.8	248.3
Interbank float (net)		-0.6	3.4	-8.2	-19.5	-26.2
Destination		74.4	11.7	42.6	142.9	250.2
Public sector (net)		9.1	-10.3	-27.0	-53.2	-30.4
Central government sterilization deposits		0.0	0.0	-77.1	0.0	0.0
Private sector		27.7	-11.5	50.2	92.1	210.8
Nonbank intermediaries		-0.4	-0.4	-0.3	0.1	-0.5
Counterpart arrears		7.9	-8.6	-9.4	0.0	0.0
Other		30.7	39.2	114.3	123.4	96.5
Interbank float (net)		-0.6	3.4	-8.0	-19.5	-26.2
Financing		74.4	11.7	42.6	142.9	250.2
Net international reserves ^1/		14.9	-45.2	0.2	-25.1	36.5
Medium- and long-term foreign liabilities ^2/		-19.2	-5.9	-24.9	-24.9	12.0
Private sector liabilities		78.7	62.8	67.3	192.9	201.7
	Money (M-l)	32.9	1.4	11.2	97.4	31.9
	Other	45.8	61.4	56.1	95.6	169.8

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart U.S. AID grants and counterpart unrequited foreign exchange.

Table 25.

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

(In billions of colones; end of period)

		1994	1995	1996	1997	1998
Origin		74.4	11.7	42.6	142.9	250.2
Central bank		52.0	36.8	-25.6	83.6	28.1
Commercial banks		23.0	-28.4	76.5	78.8	248.3
Interbank float (net)		-0.6	3.4	-8.2	-19.5	-26.2
Destination		74.4	11.7	42.6	142.9	250.2
Public sector (net)		9.1	-10.3	-27.0	-53.2	-30.4
Central government sterilization deposits		0.0	0.0	-77.1	0.0	0.0
Private sector		27.7	-11.5	50.2	92.1	210.8
Nonbank intermediaries		-0.4	-0.4	-0.3	0.1	-0.5
Counterpart arrears		7.9	-8.6	-9.4	0.0	0.0
Other		30.7	39.2	114.3	123.4	96.5
Interbank float (net)		-0.6	3.4	-8.0	-19.5	-26.2
Financing		74.4	11.7	42.6	142.9	250.2
Net international reserves ^1/		14.9	-45.2	0.2	-25.1	36.5
Medium- and long-term foreign liabilities ^2/		-19.2	-5.9	-24.9	-24.9	12.0
Private sector liabilities		78.7	62.8	67.3	192.9	201.7
	Money (M-l)	32.9	1.4	11.2	97.4	31.9
	Other	45.8	61.4	56.1	95.6	169.8

Source: Central Bank of Costa Rica.

^{^1/}After payments arrears.

^{^2/}Includes counterpart U.S. AID grants and counterpart unrequited foreign exchange.

Table 26.

Costa Rica: Classification of Loans by Economic Activity

Source: Central Bank of Costa Rica.

Table 26.

Costa Rica: Classification of Loans by Economic Activity

	1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Total	266.7	295.9	351.4	443.7	626.3
Agriculture	38.2	39.2	42.4	38.5	49.6
Livestock	11.9	11.1	12.8	11.4	13.8
Fisheries	0.4	0.5	0.5	0.6	0.6
Manufacturing	53.1	61.7	65.9	66.5	89.3
Housing	12.2	13.7	20.4	53.0	88.2
Construction	5.9	7.0	8.4	9.1	13.5
Tourism	10.3	10.9	9.8	9.1	12.4
Trade	48.7	53.5	64.5	65.2	95.3
Services	32.3	39.3	40.0	49.6	80.2
Personal credit	46.1	50.6	70.6	126.8	168.2
Other	7.4	8.5	16.1	13.9	15.2
(In percent of total credit)
Total	100.0	100.0	100.0	100.0	100.0
Agriculture	14.3	13.2	12.1	8.7	7.9
Livestock	4.5	3.8	3.6	2.6	2.2
Fisheries	0.2	0.2	0.2	0.1	0.1
Manufacturing	19.9	20.9	18.8	15.0	14.3
Housing	4.6	4.6	5.8	11.9	14.1
Construction	2.2	2.4	2.4	2.0	2.2
Tourism	3.9	3.7	2.8	2.0	2.0
Trade	18.2	18.1	18.3	14.7	15.2
Services	12.1	13.3	11.4	11.2	12.8
Personal credit	17.3	17.1	20.1	28.6	26.9
Other	2.8	2.9	4.6	3.1	2.4
(Annual percentage change)
Total	17.0	11.0	18.5	26.2	41.2
Agriculture	12.8	2.5	8.1	-9.1	28.8
Livestock	11.7	-7.0	15.5	-11.0	20.9
Fisheries	28.5	19.7	1.0	13.6	-7.7
Manufacturing	11.7	16.2	6.8	0.8	34.4
Housing	14.9	12.2	49.6	159.2	66.4
Construction	51.4	18.5	20.4	7.2	49.5
Tourism	28.7	5.9	-10.4	-7.4	36.5
Trade	21.4	9.8	20.6	1.2	46.1
Services	33.9	21.6	1.7	24.1	61.7
Personal credit	30.4	9.6	39.6	79.7	32.6
Other	-44.4	13.6	81.8	-13.6	9.1

Source: Central Bank of Costa Rica.

Table 26.

Costa Rica: Classification of Loans by Economic Activity

	1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Total	266.7	295.9	351.4	443.7	626.3
Agriculture	38.2	39.2	42.4	38.5	49.6
Livestock	11.9	11.1	12.8	11.4	13.8
Fisheries	0.4	0.5	0.5	0.6	0.6
Manufacturing	53.1	61.7	65.9	66.5	89.3
Housing	12.2	13.7	20.4	53.0	88.2
Construction	5.9	7.0	8.4	9.1	13.5
Tourism	10.3	10.9	9.8	9.1	12.4
Trade	48.7	53.5	64.5	65.2	95.3
Services	32.3	39.3	40.0	49.6	80.2
Personal credit	46.1	50.6	70.6	126.8	168.2
Other	7.4	8.5	16.1	13.9	15.2
(In percent of total credit)
Total	100.0	100.0	100.0	100.0	100.0
Agriculture	14.3	13.2	12.1	8.7	7.9
Livestock	4.5	3.8	3.6	2.6	2.2
Fisheries	0.2	0.2	0.2	0.1	0.1
Manufacturing	19.9	20.9	18.8	15.0	14.3
Housing	4.6	4.6	5.8	11.9	14.1
Construction	2.2	2.4	2.4	2.0	2.2
Tourism	3.9	3.7	2.8	2.0	2.0
Trade	18.2	18.1	18.3	14.7	15.2
Services	12.1	13.3	11.4	11.2	12.8
Personal credit	17.3	17.1	20.1	28.6	26.9
Other	2.8	2.9	4.6	3.1	2.4
(Annual percentage change)
Total	17.0	11.0	18.5	26.2	41.2
Agriculture	12.8	2.5	8.1	-9.1	28.8
Livestock	11.7	-7.0	15.5	-11.0	20.9
Fisheries	28.5	19.7	1.0	13.6	-7.7
Manufacturing	11.7	16.2	6.8	0.8	34.4
Housing	14.9	12.2	49.6	159.2	66.4
Construction	51.4	18.5	20.4	7.2	49.5
Tourism	28.7	5.9	-10.4	-7.4	36.5
Trade	21.4	9.8	20.6	1.2	46.1
Services	33.9	21.6	1.7	24.1	61.7
Personal credit	30.4	9.6	39.6	79.7	32.6
Other	-44.4	13.6	81.8	-13.6	9.1

Source: Central Bank of Costa Rica.

Table 27.

Costa Rica: Legal Reserve Position of the Commercial Banks

Source: Superintendency of financial entities.

^{^1/}Excludes remunerated reserves constituted in government and stabilization bonds in 1994 and 1995.

Table 27.

Costa Rica: Legal Reserve Position of the Commercial Banks

	1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Liabilities subject to requirements	432.5	483.7	611.0	700.5	903.7
Local currency	273.3	288.2	362.2	384.5	521.1
Foreign currency	159.1	195.5	248.7	316.1	382.6
Required reserves ^1/	188.0	212.9	86.5	94.4	97.3
Local currency	65.1	59.4	61.2	66.3	78.2
Foreign currency	122.9	153.5	25.4	28.1	19.1
Actual reserves ^1/	192.6	217.3	92.0	99.2	104.8
Local currency	67.4	62.3	64.9	69.0	82.4
Foreign currency	125.2	155.0	27.1	30.2	22.4
Net excess or deficiency (-)	4.6	4.4	5.5	4.8	7.5
Local currency	2.3	2.9	3.7	2.7	4.3
Foreign currency	2.3	1.5	1.8	2.1	3.3
(In percent of liabilities subject to reserve requirements)
Required reserves	43.5	44.0	14.2	13.5	10.8
Local currency	23.8	20.6	16.9	17.2	15.0
Foreign currency	77.2	78.5	10.2	8.9	5.0
Actual reserves	44.5	44.9	15.1	14.2	11.6
Local currency	24.6	21.6	17.9	17.9	15.8
Foreign currency	78.7	79.3	10.9	9.6	5.9
Net excess or deficiency (-)	1.0	0.9	0.9	0.7	0.8
Local currency	0.8	1.0	1.0	0.7	0.8
Foreign currency	1.5	0.8	0.7	0.7	0.9

Source: Superintendency of financial entities.

^{^1/}Excludes remunerated reserves constituted in government and stabilization bonds in 1994 and 1995.

Table 27.

Costa Rica: Legal Reserve Position of the Commercial Banks

	1994	1995	1996	1997	1998
(In billions of colones; end of period stocks)
Liabilities subject to requirements	432.5	483.7	611.0	700.5	903.7
Local currency	273.3	288.2	362.2	384.5	521.1
Foreign currency	159.1	195.5	248.7	316.1	382.6
Required reserves ^1/	188.0	212.9	86.5	94.4	97.3
Local currency	65.1	59.4	61.2	66.3	78.2
Foreign currency	122.9	153.5	25.4	28.1	19.1
Actual reserves ^1/	192.6	217.3	92.0	99.2	104.8
Local currency	67.4	62.3	64.9	69.0	82.4
Foreign currency	125.2	155.0	27.1	30.2	22.4
Net excess or deficiency (-)	4.6	4.4	5.5	4.8	7.5
Local currency	2.3	2.9	3.7	2.7	4.3
Foreign currency	2.3	1.5	1.8	2.1	3.3
(In percent of liabilities subject to reserve requirements)
Required reserves	43.5	44.0	14.2	13.5	10.8
Local currency	23.8	20.6	16.9	17.2	15.0
Foreign currency	77.2	78.5	10.2	8.9	5.0
Actual reserves	44.5	44.9	15.1	14.2	11.6
Local currency	24.6	21.6	17.9	17.9	15.8
Foreign currency	78.7	79.3	10.9	9.6	5.9
Net excess or deficiency (-)	1.0	0.9	0.9	0.7	0.8
Local currency	0.8	1.0	1.0	0.7	0.8
Foreign currency	1.5	0.8	0.7	0.7	0.9

Source: Superintendency of financial entities.

^{^1/}Excludes remunerated reserves constituted in government and stabilization bonds in 1994 and 1995.

Table 28.

Costa Rica: Six-Month Interest Rates

(In percent, annual basis)

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

^{^1/}Nominal interest rate at time of issue adjusted by the change in the consumer price index.

^{^2/}Ex-post differential rate of return on colón bonds vis-à-vis the LIBOR interest rate plus devaluation of the exchange rate.

^{^3/}Banco Nacional de Costa Rica (BNCR), the largest state-owned commercial bank.

^{^4/}From June 1996 through March 1997, interest rates correspond to government bonds.

^{^5/}Base lending rate minus deposit rate offered by the BNCR.

Table 28.

Costa Rica: Six-Month Interest Rates

(In percent, annual basis)

	Nominal Rate			Real Rate ^1/	Premium ^2/	BNCR Spread ^5/
	Stabilization Bonds ^4/	BNCR ^3/	BNCR	Stabilization Bonds	Stabilization Bonds
	Stabilization Bonds ^4/	Base Lending	Deposit Rate	Stabilization Bonds	Stabilization Bonds
1994
March	24.2	34.0	20.0	11.6	8.0	14.0
June	24.2	34.0	20.0	10.9	7.4	14.0
September	26.7	34.0	20.0	9.0	10.5	14.0
December	28.7	37.0	22.0	7.4	12.0	15.0
1995
March	34.0	41.0	28.0	8.5	15.0	13.0
June	34.0	42.0	28.0	9.6	12.4	14.0
September	32.1	41.0	26.0	8.2	8.4	15.0
December	27.0	37.0	24.0	5.5	4.7	13.0
1996
March	24.2	32.0	21.0	5.0	0.9	11.0
June	21.2	28.0	16.5	1.6	-1.1	11.5
September	23.6	28.0	16.0	5.3	2.7	12.0
December	24.5	28.0	16.0	9.3	5.2	12.0
1997
March	21.0	26.5	15.0	5.3	2.2	10.5
June	20.1	26.5	15.0	5.7	1.2	11.5
September	18.3	24.5	14.5	5.7	0.2	10.0
December	17.9	24.5	14.0	6.0	0.2	10.5
1998
March	17.6	24.5	14.0	5.9	0.6	10.5
June	18.8	26.5	16.0	7.3	2.2	10.5
September	22.6	26.5	16.0	8.8	6.1	10.5
December	24.0	26.5	19.4	10.4	7.3	7.1
1999
March	24.0	30.0	19.0	12.0	6.9	11.0
June	20.2	27.3	19.5	8.7	2.8	7.8

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

^{^1/}Nominal interest rate at time of issue adjusted by the change in the consumer price index.

^{^2/}Ex-post differential rate of return on colón bonds vis-à-vis the LIBOR interest rate plus devaluation of the exchange rate.

^{^3/}Banco Nacional de Costa Rica (BNCR), the largest state-owned commercial bank.

^{^4/}From June 1996 through March 1997, interest rates correspond to government bonds.

^{^5/}Base lending rate minus deposit rate offered by the BNCR.

Table 28.

Costa Rica: Six-Month Interest Rates

(In percent, annual basis)

	Nominal Rate			Real Rate ^1/	Premium ^2/	BNCR Spread ^5/
	Stabilization Bonds ^4/	BNCR ^3/	BNCR	Stabilization Bonds	Stabilization Bonds
	Stabilization Bonds ^4/	Base Lending	Deposit Rate	Stabilization Bonds	Stabilization Bonds
1994
March	24.2	34.0	20.0	11.6	8.0	14.0
June	24.2	34.0	20.0	10.9	7.4	14.0
September	26.7	34.0	20.0	9.0	10.5	14.0
December	28.7	37.0	22.0	7.4	12.0	15.0
1995
March	34.0	41.0	28.0	8.5	15.0	13.0
June	34.0	42.0	28.0	9.6	12.4	14.0
September	32.1	41.0	26.0	8.2	8.4	15.0
December	27.0	37.0	24.0	5.5	4.7	13.0
1996
March	24.2	32.0	21.0	5.0	0.9	11.0
June	21.2	28.0	16.5	1.6	-1.1	11.5
September	23.6	28.0	16.0	5.3	2.7	12.0
December	24.5	28.0	16.0	9.3	5.2	12.0
1997
March	21.0	26.5	15.0	5.3	2.2	10.5
June	20.1	26.5	15.0	5.7	1.2	11.5
September	18.3	24.5	14.5	5.7	0.2	10.0
December	17.9	24.5	14.0	6.0	0.2	10.5
1998
March	17.6	24.5	14.0	5.9	0.6	10.5
June	18.8	26.5	16.0	7.3	2.2	10.5
September	22.6	26.5	16.0	8.8	6.1	10.5
December	24.0	26.5	19.4	10.4	7.3	7.1
1999
March	24.0	30.0	19.0	12.0	6.9	11.0
June	20.2	27.3	19.5	8.7	2.8	7.8

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

^{^1/}Nominal interest rate at time of issue adjusted by the change in the consumer price index.

^{^2/}Ex-post differential rate of return on colón bonds vis-à-vis the LIBOR interest rate plus devaluation of the exchange rate.

^{^3/}Banco Nacional de Costa Rica (BNCR), the largest state-owned commercial bank.

^{^4/}From June 1996 through March 1997, interest rates correspond to government bonds.

^{^5/}Base lending rate minus deposit rate offered by the BNCR.

Table 29.

Costa Rica: Summary Balance of Payments

(In millions of U.S. dollars)

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

^{^1/}Includes repairs on goods and goods procured in ports.

^{^2/}Excludes bilateral claims under negotiations with neighbouring countries, which in the official statistics are classified as part of international reserves.

^{^3/}Excludes imports of goods for processing

^{^4/}Defined as net international reserves minus dollar deposits of resident banks at the central bank.

Table 29.

Costa Rica: Summary Balance of Payments

(In millions of U.S. dollars)

				1994	1995	1996	1997	1998
Current account (including official transfers)				-520.0	-358.1	-267.0	-214.8	-460.4
Trade balance				-934.2	-656.0	-605.6	-626.2	-708.0
Exports				2,881.6	3,481.8	3,774.1	4,349.5	5,546.8
	General merchandise f.o.b.			2,114.0	2,566.0	2,736.6	3,016.1	3,256.4
		Of which
			Bananas	561.0	680.0	631.2	570.8	664.7
			Coffee	307.6	417.3	385.5	416.9	405.2
			Nontraditional exports	1,165.9	1,378.9	1,633.5	1,958.7	2,124.6
	Goods for processing ^1/			767.6	915.8	1,037.5	1,333.4	2,290.4
		Of which
			INTEL	0.0	0.0	0.0	0.0	987.2
Imports				-3,815.8	-4,137.7	-4,379.7	-4,975.7	-6,254.8
	General merchandise c.i.f.			-3,102.0	-3,339.6	-3,590.1	-3,917.3	-4,601.3
		Of which
			INTEL capital imports	0.0	0.0	0.0	-24.0	-158.2
	Goods for processing			-713.8	-798.2	-789.6	-1,058.3	-1,653.5
		Of which
			INTEL	0.0	0.0	0.0	0.0	-623.5
Services				258.9	164.0	191.7	297.1	142.7
Factor payments				-142.6	-225.4	-184.6	-192.4	-467.7
	Official interest			-173.3	-195.5	-178.9	-173.4	-139.3
	Other			30.7	-29.9	-5.7	-19.0	-328.4
Nonfactor services				401.5	389.4	376.3	489.5	610.4
	Of which
		Tourism receipts		647.4	681.1	710.0	745.0	901.5
Official transfers				155.3	133.8	146.8	114.3	105.0
Capital account				499.1	602.0	205.0	430.5	311.0
Capital transfers				10.4	0.0	28.2	0.0	0.0
Public capital				-178.2	-130.3	-151.0	20.8	96.2
Disbursements				252.7	214.8	176.5	352.9	474.7
	BOP support			0.0	64.0	15.0	88.5	75.0
	Other			252.7	150.8	161.5	264.4	399.7
Amortization				-429.0	-367.3	-356.3	-462.1	-277.5
Other				-1.9	22.2	28.7	130.0	-101.0
Private capital				666.8	732.3	327.9	409.8	214.8
Direct and other long-term				213.6	469.2	435.5	482.5	551.5
	Of which
		INTEL		0.0	0.0	0.0	76.1	215.8
Other long term				-78.3	43.3	3.0	24.5	25.0
Short term and unexplained				531.5	219.7	-110.6	-97.2	-361.7
Overall balance				-20.9	243.9	-62.0	215.7	-149.4
Financing				20.9	-243.9	62.0	-215.7	149.4
Net international reserves (- increase)				-5.6	-228.5	61.0	-215.7	149.4
Rescheduling				0.0	29.0	28.0	0.0	0.0
Total arrears				26.5	-44.4	-27.0	0.0	0.0
Memorandum items:
Trade balance including maquila (in percent of GDP)				-11.2	-7.3	-6.6	-6.4	-6.8
Traditional exports (in percent of GDP)				11.4	13.2	12.0	10.9	10.8
Tourism receipts (in percent of GDP)				7.8	7.6	7.7	7.7	8.6
Current account (including transfers; in percent of GDP)				-6.3	-4.0	-2.9	-2.2	-4.4
Net international reserves (million of dollars)^2/				525.7	754.2	693.2	908.9	759.5
	(in months of imports of goods and services)^3/			1.5	2.0	1.7	2.0	1.4
Net international reserves minus dollar deposits of resident banks (in millions of U.S. dollars) ^4/				-151.3	-36.8	-231.8	-96.1	-120.0
Stock of nonrefinanceable external arrears (end of period)				90.5	42.5	0.0	0.0	0.0

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

^{^1/}Includes repairs on goods and goods procured in ports.

^{^2/}Excludes bilateral claims under negotiations with neighbouring countries, which in the official statistics are classified as part of international reserves.

^{^3/}Excludes imports of goods for processing

^{^4/}Defined as net international reserves minus dollar deposits of resident banks at the central bank.

Table 29.

Costa Rica: Summary Balance of Payments

(In millions of U.S. dollars)

				1994	1995	1996	1997	1998
Current account (including official transfers)				-520.0	-358.1	-267.0	-214.8	-460.4
Trade balance				-934.2	-656.0	-605.6	-626.2	-708.0
Exports				2,881.6	3,481.8	3,774.1	4,349.5	5,546.8
	General merchandise f.o.b.			2,114.0	2,566.0	2,736.6	3,016.1	3,256.4
		Of which
			Bananas	561.0	680.0	631.2	570.8	664.7
			Coffee	307.6	417.3	385.5	416.9	405.2
			Nontraditional exports	1,165.9	1,378.9	1,633.5	1,958.7	2,124.6
	Goods for processing ^1/			767.6	915.8	1,037.5	1,333.4	2,290.4
		Of which
			INTEL	0.0	0.0	0.0	0.0	987.2
Imports				-3,815.8	-4,137.7	-4,379.7	-4,975.7	-6,254.8
	General merchandise c.i.f.			-3,102.0	-3,339.6	-3,590.1	-3,917.3	-4,601.3
		Of which
			INTEL capital imports	0.0	0.0	0.0	-24.0	-158.2
	Goods for processing			-713.8	-798.2	-789.6	-1,058.3	-1,653.5
		Of which
			INTEL	0.0	0.0	0.0	0.0	-623.5
Services				258.9	164.0	191.7	297.1	142.7
Factor payments				-142.6	-225.4	-184.6	-192.4	-467.7
	Official interest			-173.3	-195.5	-178.9	-173.4	-139.3
	Other			30.7	-29.9	-5.7	-19.0	-328.4
Nonfactor services				401.5	389.4	376.3	489.5	610.4
	Of which
		Tourism receipts		647.4	681.1	710.0	745.0	901.5
Official transfers				155.3	133.8	146.8	114.3	105.0
Capital account				499.1	602.0	205.0	430.5	311.0
Capital transfers				10.4	0.0	28.2	0.0	0.0
Public capital				-178.2	-130.3	-151.0	20.8	96.2
Disbursements				252.7	214.8	176.5	352.9	474.7
	BOP support			0.0	64.0	15.0	88.5	75.0
	Other			252.7	150.8	161.5	264.4	399.7
Amortization				-429.0	-367.3	-356.3	-462.1	-277.5
Other				-1.9	22.2	28.7	130.0	-101.0
Private capital				666.8	732.3	327.9	409.8	214.8
Direct and other long-term				213.6	469.2	435.5	482.5	551.5
	Of which
		INTEL		0.0	0.0	0.0	76.1	215.8
Other long term				-78.3	43.3	3.0	24.5	25.0
Short term and unexplained				531.5	219.7	-110.6	-97.2	-361.7
Overall balance				-20.9	243.9	-62.0	215.7	-149.4
Financing				20.9	-243.9	62.0	-215.7	149.4
Net international reserves (- increase)				-5.6	-228.5	61.0	-215.7	149.4
Rescheduling				0.0	29.0	28.0	0.0	0.0
Total arrears				26.5	-44.4	-27.0	0.0	0.0
Memorandum items:
Trade balance including maquila (in percent of GDP)				-11.2	-7.3	-6.6	-6.4	-6.8
Traditional exports (in percent of GDP)				11.4	13.2	12.0	10.9	10.8
Tourism receipts (in percent of GDP)				7.8	7.6	7.7	7.7	8.6
Current account (including transfers; in percent of GDP)				-6.3	-4.0	-2.9	-2.2	-4.4
Net international reserves (million of dollars)^2/				525.7	754.2	693.2	908.9	759.5
	(in months of imports of goods and services)^3/			1.5	2.0	1.7	2.0	1.4
Net international reserves minus dollar deposits of resident banks (in millions of U.S. dollars) ^4/				-151.3	-36.8	-231.8	-96.1	-120.0
Stock of nonrefinanceable external arrears (end of period)				90.5	42.5	0.0	0.0	0.0

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

^{^1/}Includes repairs on goods and goods procured in ports.

^{^2/}Excludes bilateral claims under negotiations with neighbouring countries, which in the official statistics are classified as part of international reserves.

^{^3/}Excludes imports of goods for processing

^{^4/}Defined as net international reserves minus dollar deposits of resident banks at the central bank.

Table 30.

Costa Rica: Merchandise Exports

(In millions of U.S. dollars)

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

^{^1/}This total differs from Table 30 because of classification problems.

^{^2/}Includes leather products and shoes, excludes in-bond industries (maquila).

Table 30.

Costa Rica: Merchandise Exports

(In millions of U.S. dollars)

			1994	1995	1996	1997	1998
General merchandise exports, f.o.b. ^1/			2,101	2,548	2,763	2,967	3,047
Agricultural and marine goods			1,330	1,631	1,690	1,749	1,828
	Traditional		948	1,187	1,103	1,057	1,132
		Coffee	308	417	386	417	405
		Bananas	561	680	631	571	665
		Sugar	29	46	44	41	39
		Meat	51	44	42	28	23
	Other		382	444	587	692	697
		Seafood	98	108	167	230	231
		Plants and flowers	96	113	132	125	126
		Tropical fruit	94	102	149	167	168
		Vegetables and roots	49	59	71	72	73
		Other	45	62	69	98	99
Industrial goods			770	917	1,074	1,218	1,219
Foodstuffs and tobacco			173	230	234	283	284
Textiles ^2/			63	50	70	53	54
Wood and paper products			44	48	51	81	82
Chemical/petroleum products			115	139	114	116	117
Machinery/metal products			112	113	177	181	182
Medicine			49	52	50	78	79
Other			214	258	378	426	421
Memorandum items:
Goods for processing			764	910	1,022	1,319	2,272
Nontraditional exports			1,166	1,379	1,634	1,959	2,125

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

^{^1/}This total differs from Table 30 because of classification problems.

^{^2/}Includes leather products and shoes, excludes in-bond industries (maquila).

Table 30.

Costa Rica: Merchandise Exports

(In millions of U.S. dollars)

			1994	1995	1996	1997	1998
General merchandise exports, f.o.b. ^1/			2,101	2,548	2,763	2,967	3,047
Agricultural and marine goods			1,330	1,631	1,690	1,749	1,828
	Traditional		948	1,187	1,103	1,057	1,132
		Coffee	308	417	386	417	405
		Bananas	561	680	631	571	665
		Sugar	29	46	44	41	39
		Meat	51	44	42	28	23
	Other		382	444	587	692	697
		Seafood	98	108	167	230	231
		Plants and flowers	96	113	132	125	126
		Tropical fruit	94	102	149	167	168
		Vegetables and roots	49	59	71	72	73
		Other	45	62	69	98	99
Industrial goods			770	917	1,074	1,218	1,219
Foodstuffs and tobacco			173	230	234	283	284
Textiles ^2/			63	50	70	53	54
Wood and paper products			44	48	51	81	82
Chemical/petroleum products			115	139	114	116	117
Machinery/metal products			112	113	177	181	182
Medicine			49	52	50	78	79
Other			214	258	378	426	421
Memorandum items:
Goods for processing			764	910	1,022	1,319	2,272
Nontraditional exports			1,166	1,379	1,634	1,959	2,125

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

^{^1/}This total differs from Table 30 because of classification problems.

^{^2/}Includes leather products and shoes, excludes in-bond industries (maquila).

Table 31.

Costa Rica: Merchandise Imports

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

^{^1/}Includes goods for processing.

Table 31.

Costa Rica: Merchandise Imports

	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Imports, c.i.f. ^1/	3,816	4,138	4,380	4,976	6,255
Consumer goods	898	852	1,073	1,065	1,280
Nondurables	614	640	757	672	743
Durables	284	212	316	393	536
Raw materials	1,883	2,191	2,192	2,671	3,323
Agriculture	51	71	71	157	157
Manufacturing and mining	1,831	2,119	2,121	2,514	3,166
Construction materials	118	110	109	123	173
Petroleum and petroleum products	203	201	239	222	261
Capital goods	679	731	708	871	1,192
Manufacturing and mining	504	555	557	671	931
Agriculture	28	26	30	47	57
Transport	147	150	121	154	205
Other	34	53	59	25	26
(In percent of total)
Imports, c.i.f.	100.0	100.0	100.0	100.0	100.0
Consumer goods	23.5	20.6	24.5	21.4	20.5
Raw materials	49.3	52.9	50.0	53.7	53.1
Construction materials	3.1	2.7	2.5	2.5	2.8
Petroleum and petroleum products	5.3	4.9	5.5	4.5	4.2
Capital goods	17.8	17.7	16.2	17.5	19.1
Other	0.9	1.3	1.3	0.5	0.4
(Annual percentage change)
Imports, c.i.f.	6.9	8.4	5.8	13.6	25.7
Consumer goods	7.2	-5.1	25.9	-0.8	20.2
Raw materials	15.9	16.4	0.1	21.8	24.4
Construction materials	27.3	-7.0	-1.4	12.9	40.8
Petroleum and petroleum products	16.8	-1.2	18.9	-7.0	17.5
Capital goods	-13.6	7.5	-3.0	23.0	36.9
Other	-36.9	56.4	9.8	-58.0	5.4

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

^{^1/}Includes goods for processing.

Table 31.

Costa Rica: Merchandise Imports

	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Imports, c.i.f. ^1/	3,816	4,138	4,380	4,976	6,255
Consumer goods	898	852	1,073	1,065	1,280
Nondurables	614	640	757	672	743
Durables	284	212	316	393	536
Raw materials	1,883	2,191	2,192	2,671	3,323
Agriculture	51	71	71	157	157
Manufacturing and mining	1,831	2,119	2,121	2,514	3,166
Construction materials	118	110	109	123	173
Petroleum and petroleum products	203	201	239	222	261
Capital goods	679	731	708	871	1,192
Manufacturing and mining	504	555	557	671	931
Agriculture	28	26	30	47	57
Transport	147	150	121	154	205
Other	34	53	59	25	26
(In percent of total)
Imports, c.i.f.	100.0	100.0	100.0	100.0	100.0
Consumer goods	23.5	20.6	24.5	21.4	20.5
Raw materials	49.3	52.9	50.0	53.7	53.1
Construction materials	3.1	2.7	2.5	2.5	2.8
Petroleum and petroleum products	5.3	4.9	5.5	4.5	4.2
Capital goods	17.8	17.7	16.2	17.5	19.1
Other	0.9	1.3	1.3	0.5	0.4
(Annual percentage change)
Imports, c.i.f.	6.9	8.4	5.8	13.6	25.7
Consumer goods	7.2	-5.1	25.9	-0.8	20.2
Raw materials	15.9	16.4	0.1	21.8	24.4
Construction materials	27.3	-7.0	-1.4	12.9	40.8
Petroleum and petroleum products	16.8	-1.2	18.9	-7.0	17.5
Capital goods	-13.6	7.5	-3.0	23.0	36.9
Other	-36.9	56.4	9.8	-58.0	5.4

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

^{^1/}Includes goods for processing.

Table 32.

Costa Rica: Petroleum Imports

Source: Central Bank of Costa Rica.

^{^1/}This total differs from Table 32 because of classification problems.

Table 32.

Costa Rica: Petroleum Imports

	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Total imports, c.i.f. ^1/	236	265	298	276	235
Partially refined oil	64	93	94	86	4
Diesel	91	83	89	72	91
Gasoline	54	59	77	82	82
Aviation fuel	2	1	2	1	2
Asphalt	2	0	0	0	4
Kerosene	12	13	15	15	19
Fuel oil	1	1	5	4	23
Propane gas	6	10	12	13	11
MTBE additive	4	5	4	4	0
(In thousands of barrels)
Total imports, c.i.f.	12,206	13,166	12,118	12,159	14,431
Partially refined oil	4,015	5,297	4,532	4,572	289
Diesel	4,456	3,962	3,291	2,983	5,166
Gasoline	2,614	2,705	2,894	3,129	4,501
Aviation fuel	42	28	38	12	39
Asphalt	88	22	0	0	303
Kerosene	530	569	532	599	1,051
Fuel oil	71	57	297	243	2,386
Propane gas	375	504	515	605	696
MTBE additive	15	21	18	16	0
(In U.S. dollars per barrel)
Average price	19.3	20.1	24.6	22.8	16.3
Partially refined oil	16.0	17.5	20.7	18.7	15.2
Diesel	20.4	20.9	27.0	24.1	17.7
Gasoline	20.8	21.9	26.5	26.2	18.1

Source: Central Bank of Costa Rica.

^{^1/}This total differs from Table 32 because of classification problems.

Table 32.

Costa Rica: Petroleum Imports

	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Total imports, c.i.f. ^1/	236	265	298	276	235
Partially refined oil	64	93	94	86	4
Diesel	91	83	89	72	91
Gasoline	54	59	77	82	82
Aviation fuel	2	1	2	1	2
Asphalt	2	0	0	0	4
Kerosene	12	13	15	15	19
Fuel oil	1	1	5	4	23
Propane gas	6	10	12	13	11
MTBE additive	4	5	4	4	0
(In thousands of barrels)
Total imports, c.i.f.	12,206	13,166	12,118	12,159	14,431
Partially refined oil	4,015	5,297	4,532	4,572	289
Diesel	4,456	3,962	3,291	2,983	5,166
Gasoline	2,614	2,705	2,894	3,129	4,501
Aviation fuel	42	28	38	12	39
Asphalt	88	22	0	0	303
Kerosene	530	569	532	599	1,051
Fuel oil	71	57	297	243	2,386
Propane gas	375	504	515	605	696
MTBE additive	15	21	18	16	0
(In U.S. dollars per barrel)
Average price	19.3	20.1	24.6	22.8	16.3
Partially refined oil	16.0	17.5	20.7	18.7	15.2
Diesel	20.4	20.9	27.0	24.1	17.7
Gasoline	20.8	21.9	26.5	26.2	18.1

Source: Central Bank of Costa Rica.

^{^1/}This total differs from Table 32 because of classification problems.

Table 33.

Costa Rica: Direction of Trade

Source: Central Bank of Costa Rica.

^{^1/}Excludes goods for processing.

^{^2/}In 1998 exports include maquila shipments directed mainly to the U.S. market.

^{^3/}Includes special imports regime and adjustment for consistency with balance of payments data.

Table 33.

Costa Rica: Direction of Trade

			Imports ^1/					Exports ^1/
			1994	1995	1996	1997	1998	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Total			3,102	3,340	3,590	3,917	4,601	2,114	2,566	2,737	3,016	3,257
Central America			231	233	249	293	310	288	350	385	423	520
Guatemala			109	111	116	132	144	103	117	122	141	173
El Salvador			76	84	93	109	115	73	91	95	102	113
Honduras			23	22	25	25	26	45	55	65	68	91
Nicaragua			23	17	15	26	25	68	87	104	112	143
Rest of the World			2,871	3,107	3,341	3,625	4,292	1,826	2,216	2,351	2,593	2,737
Panama			65	91	79	77	89	65	78	85	92	123
United States			1,336	1,480	1,559	1,534	1,784	825	902	974	1,266	1,367
Canada			42	42	49	59	76	28	33	53	68	88
Mexico			137	181	255	278	319	22	16	53	64	83
Colombia			87	101	113	111	97	11	16	20	32	38
Venezuela			165	216	238	261	176	9	14	11	20	31
Germany			100	102	93	111	122	204	169	205	186	215
Belgium, Luxemburg			15	28	29	27	30	152	146	127	115	94
United Kingdom			31	26	33	46	50	66	101	90	108	220
Italy			51	63	64	74	75	107	128	149	124	138
Holland			28	40	35	34	37	61	87	110	112	204
Sweden			10	9	11	13	24	13	24	47	54	54
Japan			166	125	147	233	350	18	28	36	31	64
Other countries ^2/			560	523	525	649	812	246	473	392	323	983
Other ^2/ ^3/			78	80	111	119	251	0	0	0	0	-964
(In percent of total)
Central America			7.5	7.0	6.9	7.5	6.7	13.6	13.6	14.1	14.0	16.0
Rest of the World			92.5	93.0	93.1	92.5	93.3	86.4	86.4	85.9	86.0	84.0
	Of which
		United States	43.1	44.3		39.2	38.8	39.0	35.2	35.6	42.0	42.0
		Mexico	4.4	5.4	7.1	7.1	6.9	1.0	0.6	2.0	2.1	2.5

Source: Central Bank of Costa Rica.

^{^1/}Excludes goods for processing.

^{^2/}In 1998 exports include maquila shipments directed mainly to the U.S. market.

^{^3/}Includes special imports regime and adjustment for consistency with balance of payments data.

Table 33.

Costa Rica: Direction of Trade

			Imports ^1/					Exports ^1/
			1994	1995	1996	1997	1998	1994	1995	1996	1997	1998
(In millions of U.S. dollars)
Total			3,102	3,340	3,590	3,917	4,601	2,114	2,566	2,737	3,016	3,257
Central America			231	233	249	293	310	288	350	385	423	520
Guatemala			109	111	116	132	144	103	117	122	141	173
El Salvador			76	84	93	109	115	73	91	95	102	113
Honduras			23	22	25	25	26	45	55	65	68	91
Nicaragua			23	17	15	26	25	68	87	104	112	143
Rest of the World			2,871	3,107	3,341	3,625	4,292	1,826	2,216	2,351	2,593	2,737
Panama			65	91	79	77	89	65	78	85	92	123
United States			1,336	1,480	1,559	1,534	1,784	825	902	974	1,266	1,367
Canada			42	42	49	59	76	28	33	53	68	88
Mexico			137	181	255	278	319	22	16	53	64	83
Colombia			87	101	113	111	97	11	16	20	32	38
Venezuela			165	216	238	261	176	9	14	11	20	31
Germany			100	102	93	111	122	204	169	205	186	215
Belgium, Luxemburg			15	28	29	27	30	152	146	127	115	94
United Kingdom			31	26	33	46	50	66	101	90	108	220
Italy			51	63	64	74	75	107	128	149	124	138
Holland			28	40	35	34	37	61	87	110	112	204
Sweden			10	9	11	13	24	13	24	47	54	54
Japan			166	125	147	233	350	18	28	36	31	64
Other countries ^2/			560	523	525	649	812	246	473	392	323	983
Other ^2/ ^3/			78	80	111	119	251	0	0	0	0	-964
(In percent of total)
Central America			7.5	7.0	6.9	7.5	6.7	13.6	13.6	14.1	14.0	16.0
Rest of the World			92.5	93.0	93.1	92.5	93.3	86.4	86.4	85.9	86.0	84.0
	Of which
		United States	43.1	44.3		39.2	38.8	39.0	35.2	35.6	42.0	42.0
		Mexico	4.4	5.4	7.1	7.1	6.9	1.0	0.6	2.0	2.1	2.5

Source: Central Bank of Costa Rica.

^{^1/}Excludes goods for processing.

^{^2/}In 1998 exports include maquila shipments directed mainly to the U.S. market.

^{^3/}Includes special imports regime and adjustment for consistency with balance of payments data.

Table 34.

Costa Rica: Terms of Trade Indices ^1/

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

^{^1/}Paasche index.

Table 34.

Costa Rica: Terms of Trade Indices ^1/

	1994	1995	1996	1997	1998
(1991 = 100)
Terms of trade	103.1	110.3	102.8	102.5	105.4
Value
Exports	142.4	172.8	184.3	203.1	219.3
Imports	129.6	139.5	150.0	163.7	192.3
Volume
Exports	130.1	144.2	162.7	174.0	184.0
Imports	122.2	128.4	136.1	143.8	170.0
Unit value
Exports	109.4	119.8	113.3	116.7	119.2
Imports	106.1	108.6	110.2	113.8	113.1
(Annual percentage change)
Terms of trade	4.7	6.9	-6.8	-0.2	2.8
Value
Exports	13.2	21.4	6.6	10.2	8.0
Imports	4.0	7.7	7.5	9.1	17.5
Volume
Exports	6.2	10.9	12.8	6.9	5.8
Imports	2.1	5.2	6.0	5.6	18.2
Unit value
Exports	6.6	9.5	-5.5	3.1	2.1
Imports	1.8	2.4	1.4	3.3	-0.7

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

^{^1/}Paasche index.

Table 34.

Costa Rica: Terms of Trade Indices ^1/

	1994	1995	1996	1997	1998
(1991 = 100)
Terms of trade	103.1	110.3	102.8	102.5	105.4
Value
Exports	142.4	172.8	184.3	203.1	219.3
Imports	129.6	139.5	150.0	163.7	192.3
Volume
Exports	130.1	144.2	162.7	174.0	184.0
Imports	122.2	128.4	136.1	143.8	170.0
Unit value
Exports	109.4	119.8	113.3	116.7	119.2
Imports	106.1	108.6	110.2	113.8	113.1
(Annual percentage change)
Terms of trade	4.7	6.9	-6.8	-0.2	2.8
Value
Exports	13.2	21.4	6.6	10.2	8.0
Imports	4.0	7.7	7.5	9.1	17.5
Volume
Exports	6.2	10.9	12.8	6.9	5.8
Imports	2.1	5.2	6.0	5.6	18.2
Unit value
Exports	6.6	9.5	-5.5	3.1	2.1
Imports	1.8	2.4	1.4	3.3	-0.7

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

^{^1/}Paasche index.

Table 35.

Costa Rica: Tourism Indicators

Sources: Costa Rican Tourism Institute; and Central Bank of Costa Rica.

Table 35.

Costa Rica: Tourism Indicators

	1994	1995	1996	1997	1998
(In thousands of visitors)
Total arrivals	761	792	781	811	943
Air	559	579	560	582	670
Other	202	214	221	230	272
By source markets:
United States	264	287	271	285	347
Europe	130	140	130	127	127
Canada	49	54	36	37	42
Central America	221	73	234	247	294
South America	54	73	59	59	69
Other	44	58	51	56	63
Length of stay (days)	10	11	10	…	…
Spending per night (in U.S. dollars)	84	87	86	…	…
Total tourism receipts
(In millions of U.S. dollars)	648	681	710	745	902
(In percent of exports of goods)	22.5	19.6	18.8	17.1	16.3
(Annual percentage change)	8.4	5.2	4.2	5.0	21.0
Travel abroad by Costa Ricans
Departures (in thousands)	269	274	283	288	330
Expenditure (in millions of U.S. dollars)	299	332	335	358	404

Sources: Costa Rican Tourism Institute; and Central Bank of Costa Rica.

Table 35.

Costa Rica: Tourism Indicators

	1994	1995	1996	1997	1998
(In thousands of visitors)
Total arrivals	761	792	781	811	943
Air	559	579	560	582	670
Other	202	214	221	230	272
By source markets:
United States	264	287	271	285	347
Europe	130	140	130	127	127
Canada	49	54	36	37	42
Central America	221	73	234	247	294
South America	54	73	59	59	69
Other	44	58	51	56	63
Length of stay (days)	10	11	10	…	…
Spending per night (in U.S. dollars)	84	87	86	…	…
Total tourism receipts
(In millions of U.S. dollars)	648	681	710	745	902
(In percent of exports of goods)	22.5	19.6	18.8	17.1	16.3
(Annual percentage change)	8.4	5.2	4.2	5.0	21.0
Travel abroad by Costa Ricans
Departures (in thousands)	269	274	283	288	330
Expenditure (in millions of U.S. dollars)	299	332	335	358	404

Sources: Costa Rican Tourism Institute; and Central Bank of Costa Rica.

Table 36.

Costa Rica: External Public Debt by Creditor

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

Table 36.

Costa Rica: External Public Debt by Creditor

	1994	1995	1996	1997	1998
(In millions of U.S. dollars; end of period)
Total debt	3,256	3,259	2,859	2,770	2,922
Multilateral	1,375	1,495	1,340	1,351	1,405
Bilaterals	1,278	1,162	941	801	799
Commercial banks	13	38	38	25	33
Bonds	583	558	537	591	679
Suppliers	7	5	4	3	6
(In percent of total debt)
Multilateral	42.2	45.9	46.9	48.8	48.1
Bilaterals	39.3	35.7	32.9	28.9	27.3
Commercial banks	0.4	1.2	1.3	0.9	1.1
Bonds	17.9	17.1	18.8	21.3	23.2
Suppliers	0.2	0.2	0.1	0.1	0.2
Memorandum item:
Total debt (in percent of GDP)	40.2	36.4	31.2	28.5	27.9

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

Table 36.

Costa Rica: External Public Debt by Creditor

	1994	1995	1996	1997	1998
(In millions of U.S. dollars; end of period)
Total debt	3,256	3,259	2,859	2,770	2,922
Multilateral	1,375	1,495	1,340	1,351	1,405
Bilaterals	1,278	1,162	941	801	799
Commercial banks	13	38	38	25	33
Bonds	583	558	537	591	679
Suppliers	7	5	4	3	6
(In percent of total debt)
Multilateral	42.2	45.9	46.9	48.8	48.1
Bilaterals	39.3	35.7	32.9	28.9	27.3
Commercial banks	0.4	1.2	1.3	0.9	1.1
Bonds	17.9	17.1	18.8	21.3	23.2
Suppliers	0.2	0.2	0.1	0.1	0.2
Memorandum item:
Total debt (in percent of GDP)	40.2	36.4	31.2	28.5	27.9

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

Table 37.

Costa Rica: External Public Debt by Debtor

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

Table 37.

Costa Rica: External Public Debt by Debtor

		1994	1995	1996	1997	1998
(In millions of U.S. dollars; end of period)
Total debt		3,256	3,259	2,859	2,770	2,922
Central government		1,185	1,247	1,029	1,112	1,017
Central bank		1,382	1,260	1,108	956	1,082
Public enterprises		675	741	704	688	810
Other public sector		13	10	19	14	13
(In percent of total debt)
Central government		36.4	38.3	36.0	40.2	34.8
Central bank		42.5	38.7	38.7	34.5	37.0
Public enterprises		20.7	22.7	24.6	24.8	27.7
Other public sector		0.4	0.3	0.6	0.5	0.4
Memorandum items:
Private sector debt (in millions of U.S. dollars)		877	950	804	849	871
	In percent of GDP	10.6	10.5	8.8	8.7	8.3
Public sector external debt
	In percent of GDP	39.2	36.1	31.2	28.5	27.9

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

Table 37.

Costa Rica: External Public Debt by Debtor

		1994	1995	1996	1997	1998
(In millions of U.S. dollars; end of period)
Total debt		3,256	3,259	2,859	2,770	2,922
Central government		1,185	1,247	1,029	1,112	1,017
Central bank		1,382	1,260	1,108	956	1,082
Public enterprises		675	741	704	688	810
Other public sector		13	10	19	14	13
(In percent of total debt)
Central government		36.4	38.3	36.0	40.2	34.8
Central bank		42.5	38.7	38.7	34.5	37.0
Public enterprises		20.7	22.7	24.6	24.8	27.7
Other public sector		0.4	0.3	0.6	0.5	0.4
Memorandum items:
Private sector debt (in millions of U.S. dollars)		877	950	804	849	871
	In percent of GDP	10.6	10.5	8.8	8.7	8.3
Public sector external debt
	In percent of GDP	39.2	36.1	31.2	28.5	27.9

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

Table 38.

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 multilateral within grace period or rescheduled on regular basis.

Table 38.

Costa Rica: External Debt Payments Arrears

(In millions of U.S. dollars)

	December 31, 1994			December 31, 1995			December 31, 1996			December 31, 1997			December 31, 1998
	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total
Nonreschedule	65.0	25.5	90.5	38.8	3.7	42.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Medium and long term	64.8	25.3	90.1	38.5	3.6	42.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Banks	0.9	0.4	1.3	0.2	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Multinationals	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	63.9	24.9	88.8	38.3	3.6	41.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.2	0.4	0.3	0.1	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Reschedulable ^1/	7.8	3.6	11.4	8.4	6.5	14.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total	72.8	29.1	101.9	47.2	10.2	57.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

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

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

Table 38.

Costa Rica: External Debt Payments Arrears

(In millions of U.S. dollars)

	December 31, 1994			December 31, 1995			December 31, 1996			December 31, 1997			December 31, 1998
	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total	Principal	Interest	Total
Nonreschedule	65.0	25.5	90.5	38.8	3.7	42.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Medium and long term	64.8	25.3	90.1	38.5	3.6	42.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Banks	0.9	0.4	1.3	0.2	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Multinationals	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	63.9	24.9	88.8	38.3	3.6	41.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.2	0.4	0.3	0.1	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Reschedulable ^1/	7.8	3.6	11.4	8.4	6.5	14.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total	72.8	29.1	101.9	47.2	10.2	57.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

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

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

Table 39.

Costa Rica: Effective Exchange Rate

(1990 = 100)

Source: IMF Information Notice System.

^{^1/}Increase denotes appreciation.

Table 39.

Costa Rica: Effective Exchange Rate

(1990 = 100)

	Real Effective Exchange Rate ^1/	Nominal Effective Exchange Rate ^1/	Relative Consumer Prices (Local Currencies)	Exchange Rate in Terms of U.S. Dollars ^1/	Consumer Price Index (Seasonally Adjusted)
1994
I	99.1	87.3	113.3	59.7	182.4
II	100.2	88.8	112.6	58.9	189.9
III	100.5	87.3	114.9	57.7	199.1
IV	101.5	84.4	120.0	56.1	210.1
1995
I	104.8	82.1	127.5	54.1	225.8
II	100.2	77.1	129.6	51.9	233.0
III	100.8	75.0	134.3	49.8	244.0
IV	103.2	72.7	141.6	47.7	260.0
1996
I	102.7	71.2	144.0	45.9	267.9
II	103.4	70.1	147.3	44.6	277.7
III	103.1	68.0	151.4	43.3	288.2
IV	102.9	66.4	154.8	42.0	297.6
1997
I	105.1	66.2	158.4	40.9	307.2
II	105.9	64.9	162.9	39.7	317.7
III	106.2	64.0	165.6	38.7	325.5
IV	105.3	62.9	167.3	37.8	330.9
1998
I	107.8	62.8	171.4	36.9	341.0
II	107.8	61.3	175.6	36.0	351.4
III	109.0	59.9	181.7	35.0	365.7
IV	104.8	56.9	184.0	34.1	372.6
1999
I	106.5	56.6	187.6	33.2	381.5
II	106.1	56.0	189.2	32.3	387.3
1999
January	105.3	56.3	186.9	33.5	379.5
February	107.1	56.8	188.3	33.2	382.7
March	106.9	56.8	187.8	32.9	382.4
April	105.6	56.3	187.5	32.6	383.3
May	105.7	55.9	188.8	32.3	386.5
June	107.0	55.8	191.4	32.0	392.1

Source: IMF Information Notice System.

^{^1/}Increase denotes appreciation.

Table 39.

Costa Rica: Effective Exchange Rate

(1990 = 100)

	Real Effective Exchange Rate ^1/	Nominal Effective Exchange Rate ^1/	Relative Consumer Prices (Local Currencies)	Exchange Rate in Terms of U.S. Dollars ^1/	Consumer Price Index (Seasonally Adjusted)
1994
I	99.1	87.3	113.3	59.7	182.4
II	100.2	88.8	112.6	58.9	189.9
III	100.5	87.3	114.9	57.7	199.1
IV	101.5	84.4	120.0	56.1	210.1
1995
I	104.8	82.1	127.5	54.1	225.8
II	100.2	77.1	129.6	51.9	233.0
III	100.8	75.0	134.3	49.8	244.0
IV	103.2	72.7	141.6	47.7	260.0
1996
I	102.7	71.2	144.0	45.9	267.9
II	103.4	70.1	147.3	44.6	277.7
III	103.1	68.0	151.4	43.3	288.2
IV	102.9	66.4	154.8	42.0	297.6
1997
I	105.1	66.2	158.4	40.9	307.2
II	105.9	64.9	162.9	39.7	317.7
III	106.2	64.0	165.6	38.7	325.5
IV	105.3	62.9	167.3	37.8	330.9
1998
I	107.8	62.8	171.4	36.9	341.0
II	107.8	61.3	175.6	36.0	351.4
III	109.0	59.9	181.7	35.0	365.7
IV	104.8	56.9	184.0	34.1	372.6
1999
I	106.5	56.6	187.6	33.2	381.5
II	106.1	56.0	189.2	32.3	387.3
1999
January	105.3	56.3	186.9	33.5	379.5
February	107.1	56.8	188.3	33.2	382.7
March	106.9	56.8	187.8	32.9	382.4
April	105.6	56.3	187.5	32.6	383.3
May	105.7	55.9	188.8	32.3	386.5
June	107.0	55.8	191.4	32.0	392.1

Source: IMF Information Notice System.

^{^1/}Increase denotes appreciation.

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Costa Rica: Statistical Annex

Author:

International Monetary Fund

Volume/Issue:: Volume 1999: Issue 133

Publisher:: International Monetary Fund

ISBN:: 9781451809596

ISSN:: 1934-7685

Pages:: 48

DOI:: https://doi.org/10.5089/9781451809596.002

Keywords

Table 39.

Costa Rica: Effective Exchange Rate

(1990 = 100)

	Real Effective Exchange Rate ^1/	Nominal Effective Exchange Rate ^1/	Relative Consumer Prices (Local Currencies)	Exchange Rate in Terms of U.S. Dollars ^1/	Consumer Price Index (Seasonally Adjusted)
1994
I	99.1	87.3	113.3	59.7	182.4
II	100.2	88.8	112.6	58.9	189.9
III	100.5	87.3	114.9	57.7	199.1
IV	101.5	84.4	120.0	56.1	210.1
1995
I	104.8	82.1	127.5	54.1	225.8
II	100.2	77.1	129.6	51.9	233.0
III	100.8	75.0	134.3	49.8	244.0
IV	103.2	72.7	141.6	47.7	260.0
1996
I	102.7	71.2	144.0	45.9	267.9
II	103.4	70.1	147.3	44.6	277.7
III	103.1	68.0	151.4	43.3	288.2
IV	102.9	66.4	154.8	42.0	297.6
1997
I	105.1	66.2	158.4	40.9	307.2
II	105.9	64.9	162.9	39.7	317.7
III	106.2	64.0	165.6	38.7	325.5
IV	105.3	62.9	167.3	37.8	330.9
1998
I	107.8	62.8	171.4	36.9	341.0
II	107.8	61.3	175.6	36.0	351.4
III	109.0	59.9	181.7	35.0	365.7
IV	104.8	56.9	184.0	34.1	372.6
1999
I	106.5	56.6	187.6	33.2	381.5
II	106.1	56.0	189.2	32.3	387.3
1999
January	105.3	56.3	186.9	33.5	379.5
February	107.1	56.8	188.3	33.2	382.7
March	106.9	56.8	187.8	32.9	382.4
April	105.6	56.3	187.5	32.6	383.3
May	105.7	55.9	188.8	32.3	386.5
June	107.0	55.8	191.4	32.0	392.1

Source: IMF Information Notice System.

^{^1/}Increase denotes appreciation.

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