2017 Expected to be Better for Costa Rica

As the rest of the world slows down, the Costa Rica economy is expected to boom this year with several positive developments that will contribute to strong GDP growth. A building boom, strong economy, and Costa Rica’s green economy continues to attract interest from foreign investors and retirees. All signs point to 2017 being a better year for Costa Rica that 2016.

Costa Rica Central Banks expect construction to grow 4.2% through 2017. There are 67 commercial, industrial and residential real estate projects scheduled to start-up in the beginning of the year throughout Costa Rica. There are 14 commercial real estate projects, 10 industrial projects under construction with 10 more scheduled to begin 2017, and 33 residential real estate projects scheduled for this year. Also under construction is the soon to be the tallest building in Costa Rica, which is being built in downtown San Jose.

Costa Rica ended 2016 with the lowest poverty rate in seven years. 10,000 households rose above the poverty rate and poverty rate was reduced by 1.6% in 2016. Stronger employment prospects as well as economic growth, are slowly driving more prosperity to the people in the form of increases in wages and work opportunities. Tourism, agriculture and electronic exports are the main drivers of the economy.

Costa Rica is also a global leader for its environmental policies and accomplishments, which have helped the country build its Green Trademark. Costa Rica’s position as a carbon neutral leader in sustainability contributes to the stable economic development, avoidance of the economic bubbles troubling much of the western hemisphere. It’s become a very attractive place to live. Costa Rica continues to be the most popular country for expats in Central America.The strong influx of immigrants especially those with entrepreneurial inclinations contribute to the country’s growing prosperity and economic development. Costa Rica is an example of how prosperity and sustainability can work together to create a stable country that creates a high standard of living for its people.

Overall, we expect 2017 to be a good year for the economy. Over the past 25 years, Costa Rica has experienced steady economic growth and a global leader in social policy and sustainability.The GDP is expected to hit 3.6% in 2017. It looks like it is going to be a good year for Costa Rica.