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The International Monetary Fund (IMF) has released historical data for Costa Rica Gross Domestic Product Purchasing Power Parity up to 2024, which recorded a value of 308.56 units. This figure shows a continuous decline over the last three years, after a value of 330.14 units was recorded in 2021. Over the 2022 to 2024 period, this GDP PPP value fell consecutively with no single increase recorded within this timeframe.
(Read: GDP by Purchasing Power in Central African Republic 2024)
Reviewing the last three years, the average annual growth of Costa Rica GDP PPP stands at minus 2.22 percent. This figure is far worse than the last five year average recorded at minus 1.17 percent, and also worse than the 10 year average which only reached minus 0.68 percent. The decline recorded in 2024 is also deeper than the average decline seen in prior periods.
The unit value used in the data presented in this article is the result of IMF calculations for Costa Rica nominal national currency GDP against the international dollar. In its publication, the IMF states this calculation is used for the purpose of compiling country group composites. This generated data is noted not to be the primary source for official purchasing power parity (PPP) data presentation.
Over the 10 year recorded data period, the highest GDP PPP growth for Costa Rica occurred in 2015 with 3 percent growth. Meanwhile the deepest and lowest decline was recorded in 2019 with a contraction of 4.05 percent. Contraction here means that the real economic value based on public purchasing power shrank overall compared to the previous year, not merely a growth slowdown.
An anomalous pattern occurred over the 2022 to 2024 period, where for the first time in the last 10 years, GDP PPP values declined consecutively for three full years. Previously, declines had only ever occurred for a maximum of 1 consecutive year, before always rebounding with a corrective increase the following year.
(Read: Foreign Direct Investment Value Statistics for Wood Industry Sector 2013-2025 Period)
Despite the ongoing decline in value, Costa Rica's GDP PPP ranking within the Central America region remains unchanged and still holds first place. This ranking has been consistently maintained from 2015 through 2024, and has never been displaced by any other country in the same region.
When compared against other countries in the region, Costa Rica's current GDP PPP value is more than 25 times larger than the lowest ranked country in the region, El Salvador. Meanwhile the closest country below Costa Rica is Nicaragua, ranked second in the region, with a value gap of almost 26 times.
The IMF has also released projections up to 2030, which indicate that the decline will end in 2024, and positive growth recovery will begin from 2025 onwards. This projection shows improving economic conditions, although the projected growth rate will not return to the growth levels recorded prior to 2019.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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