Costa Ricas economic growth seen slowing down this year

Costa Rica's economic growth seen slowing down this year

SAN JOSE (Reuters) – Costa Ricas economic growth will likely slow this year, according to a central bank forecast released on Tuesday that also estimates faster growth in 2024.

The central bank sees gross domestic product growing 2.7% this year and 3.5% in 2024.

The economy expanded by 4.3% in 2022.

The bank said in a statement that this year‘s expected slowdown was due to global economic disruptions linked to lingering effects of Russia’s invasion of Ukraine last year and to anti-inflation measures in the United States.

Income from tourism, a key sector, had increased from a year ago, as had exports, the central bank said.

“The performance of economic activity had a positive impact on business and consumer confidence,” it said.

By 2024, the inflation rate should drop and economic activity was likely to pick up steam, the bank added.

The uptick is also expected to boost public finances, which are under scrutiny from the International Monetary Fund, after the international lender provided Costa Rica with loans to help the country after years of rising debt.

(Reporting by Alvaro Murillo; Writing by Kylie Madry; Editing by Isabel Woodford)

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