Economy in Costa Rica

Although Costa Rica is still very much characterised by agriculture (mostly subsidized, making up 19% of the gross domestic product), other economic sectors have been enlarged. Tourism has become very important; 1.1 million foreign visitors raised 1.3 billion US dollars in revenue. The high-tech sector has also grown; one of the most important initiators in this sector is a chip producer for Intel. Most industrial firms are concentrated in the central highland around San José. Extensive banana plantations are traditionally found on the Caribbean coast around the harbour Puerto Limón, and in recent times also on the Pacific coast near the harbour city of Golfito.

In 1960, Costa Rican export of bananas was 41%. Within twenty years it sank to 15%, and by 2000, it was down to 4%. Although the export rate of bananas sank, more bananas were produced and exported. The reason for this decline in percentage is the industrialisation of the country, which guaranteed new export goods. Still, Costa Rica is the world’s second largest banana exporter.

Costa Rica imports goods worth 6.65 billion US dollars and exports goods worth 5.25 billion US dollars, showing a trade deficit. The most important import goods are raw materials (55%), consumer goods (19%), and capital goods (17%). 34% of all imported goods come from the United States. Important export goods were industrial goods (20%), bananas (9%), other agricultural and fish products (11%), and coffee (3%). The main buyers were the USA (33%), Guatemala (7%), Nicaragua (6%) and Germany (6%).

With an average gross national product of 4060 US dollars per person, Costa Rica has a relatively high standard of living.