Costa Rica Archives - Economy Watch

OECD Calls on Costa Rica for Swift Tax Reforms

The Organization of Economic Cooperation and Development (OECD) recently conducted its first assessment of Costa Rica. The results of the assessment were announced on Tuesday in San Jose by OECD Secretary-General, Angel Gurria, and Costa Rican President, Luis Guillermo Solis.

While the OECD lauded Costa Rica for making impressive economic, social, and environmental progress, it warned that further action is still required. The OECD called for institutional and policy reforms aimed at creating stronger and more inclusive growth.

Costa Rica Economy

Costa Rica is an Upper middle-income country comes under the Latin America and the Caribbean region, according to the classification made by the World Bank on the basis of Region and Income for the year 2005.

The country has a total surface area of 51,100.0 square kilometer as of the year 2004 with a forest area of 23,760.0 square kilometer in 2000.

Costa Rica Economy – Demography and Social Indicators

Costa Rica Export Import

The country experiences a trade surplus over the years.

The country has experienced both the trade deficit as well as the balance of payment deficit over the years. The major exportable commodities of the country are coffee, sugar bananas, textiles, electronic components and electricity.

The exports partners of the country are US, Countries in the Central America.

Structure of Costa Rica Economy

Among the various sectors of the economy the percentage share of the services sector in the total GDP is the highest. It was 62.8 as in the year 2004.

The agriculture sector has lost its relative importance in the recent years. The percentage share of the agriculture sector in the total GDP has followed a declining trend. From the given statistics, the percentage share of the agriculture in total GDP has declined to 8.7 in the year 2004 from 24.9 in 1984.

Costa Rica Economy, Country Of Costa Rica

Costa Rica is an upper middle income economies coming under Latin American and Caribbean region as to the classification made by the World Bank on the basis of income and region for the year 2006.

The economy of Costa Rica is highly dependent upon services and agriculture sector. The percentage share of services sector in the total GDP is the highest followed by industries.The Per capita Gross Domestic Product of the country is comparatively higher among the Latin American countries.