Back Matter

Annex I. Inclusion in the CDIS of Net Position of Insurance Companies Previously Consolidated with Other Nonfinancial Firms

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Annex II. Proposed Reconciliation Table for BCCR and Ministry of Finance Figures for Debt Instruments Issued by the Central Government

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Annex III. Proposed Methodology for Estimating the Income Imputed to Nonresident Property Owners Who Stay in Their Own Homes When Vacationing in Costa Rica, and the Respective Income from Foreign Direct Investment in Real Estate

ESTIMATION OF IMPUTED RENT

The information is obtained from a survey of travelers vacationing in Costa Rica who report using their own homes as accommodations.

The first filter corresponds to Variable A calculated for those travelers, with the following values to be calculated from the survey: number of members of the group responding on the form (Variable A1), total length of stay (Variable A2), and point of entry into the country. (Variable A3)

We then calculate the ratio between the number of travelers corresponding to (Variable A1) and the total surveys processed for the respective points of entry into the country. (Ratio 1)

The second filter (Variable B) corresponds to travelers who use rental housing for accommodations; for each questionnaire, we calculate the number of members (Variable B1), their average length of stay (Variable B2) and expense per person per day in rental housing for each point of entry into the country (Variable B3).

The amount of imputed rent per person per day is taken from Variable B, which is applied to the DGME information (Variable C) per point of entry by applying Ratio 1 to it. (Product).

Inputs for Estimation of Rent Imputed to Property Owners Who Stay in Their Own Homes

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ESTIMATION OF INCOME ATTRIBUTABLE TO A HYPOTHETICAL ECONOMIC UNIT WHO OWN A PROPERTY USED BY THEM

The information is obtained from the survey of travelers vacationing in Costa Rica who report that they used rental housing.

The first filter corresponds to Variable 1 calculated for those travelers, with the following values to be calculated from the survey: number of members of the group responding on the form (Variable 1A), total length of stay (Variable 1B), and point of entry into the country (Variable 1C)

We then calculate the ratio between the number of travelers corresponding to (Variable A1) and the total surveys processed for the respective points of entry into the country. (Ratio 1)

The total rent paid by the travelers Variable 1A to the property owners would be the product of that amount times Variable 1B and by the amount resulting from applying Ratio 10 to the DGME number of travelers for the respective points of entry.

The resultant estimate includes all the properties; the number of properties owned by nonresidents must then be estimated.

This information can be obtained from the property records used to estimate real estate investment (percentage of nonresidents over total homes sold) or through qualitative information from realtors.

The annual maintenance expense for the units can also be obtained from realtors.

Once the percentage of nonresidents and average annual expense for the units are obtained, the income would be calculated as follows:

Example:

Total paid by nonresidents vacationing in least housing 50,000,000

Percentage of nonresident owners over homes sold in the oceanfront area: 60 percent.

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IMPACT OF THE SUGGESTED CALCULATION ON THE BALANCE OF PAYMENTS:

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Note: the owner is assumed to have withdrawn the net income. Otherwise, it should be recorded in the Financial Account, FDI Retained earnings

Annex IV. Calculation of Quarterly Seasonal Variation of Services (Credit and Debit)

1. Seasonal factors for services on the credit side

1.1 Total services
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Figure 1
Figure 1

Seasonal factors: total services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.2 Total services excluding travel
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Figure 2
Figure 2

Total services excluding travel

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.3 Communications services
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Figure 3
Figure 3

Seasonal factors: Communications services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.4 Financial services
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Figure 4
Figure 4

Seasonal factors: financial services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.5 Information and IT services
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Figure 5
Figure 5

Seasonal factors: Information and IT services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.6 Other business services
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Figure 6
Figure 6

Seasonal factors: other business services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.7 Transport services
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Figure 7
Figure 7

Seasonal factors: transport services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

1.8 Travel
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Figure 8
Figure 8

Seasonal factors: Travel

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

Seasonal factors for services on the debit side

2.1 Communications services
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Figure 9
Figure 9

Seasonal factors: Communications services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.2 Financial services
Figure 10
Figure 10

Seasonal factors: financial services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.3 Information and IT services
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Figure 11
Figure 11

Seasonal factors: Information and IT services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.4 other business services
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Figure 12
Figure 12

Seasonal factors: Business services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.5 Royalties and license fees
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Figure 13
Figure 13

Seasonal factors: Royalties and license fees

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.6 Insurance services
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Figure 14
Figure 14

Seasonal factors: Insurance services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.7 Transport services
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Figure 15
Figure 15

Seasonal factors: Transport services

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

2.8 Travel
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Figure 16
Figure 16

Seasonal factors: Travel

Citation: IMF Staff Country Reports 2018, 035; 10.5089/9781484341056.002.A999

Annex V. Recommendations from the CDIS and CPIS Mission (March 2014) A. Sales

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Annex VI. Recommendations of the Technical Assistance Mission on Balance of Payments and IIP (February 2014) C. Soto

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Annex VII. Border Workers and Temporary Workers

Executive summary6

The field investigation, “Trabajadores transfronterizos y de temporada en Costa Rica 2013-2014” [Cross-Border and Temporary Workers in Costa Rica 2013-2014] was conducted primarily to approximate the income and expenses of the following workers: 1) temporary foreign workers, 2) border workers in Costa Rica, and 3) Costa Rican border workers in third countries.

This is the second field investigation on the subject and is conducted every two years by the Economic Surveys Area (AEE) at the request of the External Sector Statistics Area (AESE), following the recommendations of the IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). The first estimate in this area covered the period 2011-2012.

To calculate the sample size, a two-stage sampling design of conglomerates of different sizes and equal likelihood was used7 and a 95 percent confidence level was determined.

The field investigation began November 25, 2013 and concluded on March 20, 2014, with a total of 681 interviews conducted. The instrument used to compile information in this investigation was a questionnaire, administered through personal interviews to:

  1. Temporary foreign workers and foreign and national border workers.

  2. Plantation managers or administrators who hire temporary and border workers.

Melon, sugar cane, orange, and coffee crops were identified as the principal economic activities in Costa Rica for which foreign workers are hired on a temporary basis. According to the sources consulted, the number of foreign workers who came to Costa Rica temporarily during 2013-2014 totaled approximately 40,886 persons, of whom 33,478 worked in the coffee sector, 1,836 in melons, 4,322 in sugar cane, and 1,250 in oranges. For the melon, orange, and sugar cane crops, 100 percent of the temporary workers were Nicaraguan nationals; and for coffee, approximately 69.5 percent were Panamanian, 30 percent were Nicaraguan, and 0.5 percent were Salvadoran.

With respect to border workers, an estimated 1446 Panamanians and 987 Costa Ricans worked in trade on the southern border with Panama (Paso Canoas), and about 623 Panamanians worked on the banana plantations located in Sixaola, Limón.

The principal finding of the investigation was the estimated employee compensation for the balance of payments current account for fourth quarter 2013 through third quarter 2014, which totaled $70.4 million for temporary workers and foreign border workers, and $6.6 million for Costa Rican border workers in Paso Canoas.

1

The technical assistance mission also reiterated the need for a legal framework at the BCCR providing for requests of information from the nonfinancial private sector for the production of macroeconomic statistics.

2

Annex II presents a proposed reconciliation table and explanatory note (without the explanatory note).

3

In reviewing the survey database, 13 instances of Costa Ricans residing abroad who visited their country were identified. The percentage of Costa Ricans residing abroad represents 0.1 percent of the total travelers, which appears to be quite low.

4

Common expenses national and regional taxes, electricity, TV, cable, telephone, etc.,

5

Two statistical yearbooks were published, 2012 and 2013, basically focusing on coverage and volume.

6

The complete paper is available on the BCCR website at the following link: http://www.bccr.fi.cr/publicaciones/politica_cambiaria_sector_externo/Documento_metodologico_TTT_2013_2014.pdf

7

López Pérez, César; Muestreo estadístico conceptos y problemas resueltos [Statistical sampling concepts and problems resolved] (2005), Pearson Prentice Hall; Madrid, Spain (pp. 304–07).

Costa Rica: Balance of Payments and International Investment Position Statistics (October 13-23, 2014)
Author: International Monetary Fund. Statistics Dept.