Latinamerica Collection
Economy and Business in Costa Rica

As one of the most stable country's in Latin America, Costa Rica continues to experience a flourishing economy. In 2006, the nation's economy grew by nearly 5% and cut inflation to under 10%, an important step in lowering the fiscal debt.

 

The United States is Costa Rica's most important trade partner with various other trade agreements between Costa Rica and other governments around the world. In addition, Costa Rica is actively forming trade agreements with other strong nations such as those in the European Union.

 

Agriculture in Costa Rica remains a very important part of the economy though it only accounts for 8.6% of the nation's GDP. Of the nearly 2 million person labor force, agriculture actually accounts for about 20%. Costa Rica's principle agricultural products are bananas, pineapple, coffee, melons, and sugar, all of which are exported to countries such as the United States, the Netherlands, and China.

 

The industrial sector in Costa Rica accounts for roughly 31% of the nation's GDP and 22% of the labor force. Such industrial commodities produced in Costa Rica include microprocessors, food processing, textiles and clothing, construction materials, fertilizer, and plastic products. Again, many of these products are exported around the world, and the export market continues to increase due to the open relationship Costa Rica has with various world powers.

 

Finally, the services sector accounts for the majority of the country's GDP at just over 60%. The labor force dedicated to this services sector is roughly 58%. This important sector of the economy brings in hundreds of millions of dollars each year and is made up of banks, insurance, and tourist services such as hotels, restaurants, and the various other tourist attractions and destinations constantly gaining in popularity throughout Costa Rica.