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Economy of Costa Rica

Costa Rica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Costa Rica may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Costa Rica exports around $11.66 billion and imports roughly $17.56 billion. 8.3% of population in the country are unemployed. The total number of unemployed people in Costa Rica is 411,116. In Costa Rica, 22% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Costa Rica is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 6.3% of GDP. The Gini Index of the country is 50.3. Costa Rica is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Costa Rica has a Human Development Index (HDI) of 0.763. Costa Rica has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Costa Rica is 1.654. Due to strong law enforcement presence and high social responsibility, Costa Rica is very safe by international standards. The strength of legal rights index for Costa Rica is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Costa Rica is Costa Rican colon. There are several plural forms of the name 'Costa Rican colon'. These are colons, colones. The symbol used for this currency is ₡, and it is abbreviated as CRC. The Costa Rican colon is divided into Centimo; there are 100 in one colon.

Credit rating

The depth of credit information index for Costa Rica is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Costa Rica has a credit rating score of BB, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Costa Rica has a credit rating score of BB+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Costa Rica has a credit rating score of Baa3, and the prospects of this rating are stable.

Central bank

The prime lending rate of Costa Rica's commercial banks is 15.4. In Costa Rica, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Costa Rica. Locally, the central bank of Costa Rica is called Banco Central de Costa Rica. The average deposit interest rate offered by local banks in Costa Rica is 3.3%.

Public debt

Costa Rica has a government debt of 40.2% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Costa Rica is set at 30%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Costa Rica is 13%, and it is known as Sales Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Costa Rica is $71234 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Costa Rica was last recorded at $14 million. PPP in Costa Rica is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Costa Rica is 49,621 billion. Based on this statistic, Costa Rica is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Costa Rica was last recorded at $10 million. The average citizen in Costa Rica has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Costa Rica averaged 3.6% in 2014. According to this percentage, Costa Rica is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Costa Rica.

Industry

Major industries in the country are medical equipment, food processing, textiles and clothing, construction materials, fertilizer, plastic products. The total labor force of Costa Rica is 2,288,050 people, wherein 8.3% of population in the country are unemployed. The total number of unemployed people in Costa Rica is 411,116. The Industrial Production growth rate of Costa Rica is 3%.To read more about industrial information within Costa Rica click on industry of Costa Rica.

Agriculture

There are 2229 km2 of arable land in Costa Rica, and it comprises 4% of the country's total territory. There are 5203 km2 of cultivated land in Costa Rica. The country's major agricultural crops and products are bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes, beef, poultry, dairy, timber.To read more about agriculture click on agriculture of Costa Rica.