FAX: [506] 2519–2305
Flag description:
five horizontal bands of blue (top), white, red (double width), white, and blue, with the coat of arms in a white elliptical disk toward the hoist side of the red band; Costa Rica retained the earlier blue-white-blue flag of Central America until 1848 when, in response to revolutionary activity in Europe, it was decided to incorporate the French colors into the national flag and a central red stripe was added; today the blue color is said to stand for the sky, opportunity, and perseverence, white denotes peace, happiness, and wisdom, while red represents the blood shed for freedom, as well as the generosity and vibrancy of the people
note: somewhat resembles the flag of North Korea; similar to the flag of Thailand but with the blue and red colors reversed
National anthem:
name: "Himno Nacional de Costa Rica" (National Anthem of Costa Rica)
lyrics/music: Jose Maria ZELEDON Brenes/Manuel Maria GUTIERREZ
note: adopted 1949; the anthem's music was originally written for an 1853 welcome ceremony for diplomatic missions from the United States and United Kingdom; the lyrics were added in 1903
Economy ::Costa Rica
Economy - overview:
Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 0.7% in 2009, but resumed growth at more than 3% in 2010. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the fiscal incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments, such as high levels of bureaucracy, difficulty of enforcing contracts, and weak investor protection, remain. Poverty has remained around 15–20% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000–500,000 Nicaraguans in Costa Rica legally and illegally are an important source of - mostly unskilled - labor, but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009, after significant delays within the Costa Rican legislature. CAFTA-DR will likely lead to increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA is likely to push for fiscal reform in the coming year, seeking to boost revenue, possibly through revised tax legislation, to fund an increase in security services and education.
GDP (purchasing power parity):
$51.3 billion (2010 est.) country comparison to the world: 90 $49.57 billion (2009 est.)
$49.91 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$35.02 billion (2010 est.)
GDP - real growth rate:
3.5% (2010 est.) country comparison to the world: 96 −0.7% (2009 est.)
2.6% (2008 est.)
GDP - per capita (PPP):
$11,400 (2010 est.) country comparison to the world: 98 $11,100 (2009 est.)
$11,400 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 6.3%
industry: 22.9%
services: 70.8% (2010 est.)
Labor force:
2.17 million country comparison to the world: 117 note: this official estimate excludes Nicaraguans living in Costa Rica (2010 est.)
Labor force - by occupation:
agriculture: 14%
industry: 22%
services: 64% (2006 est.)
Unemployment rate:
6.6% (2010 est.) country comparison to the world: 64 7.8% (2009 est.)
Population below poverty line:
16% (2006 est.)
Household income or consumption by percentage share:
lowest 10%: 1.5%
highest 10%: 35.5% (2005)
Distribution of family income - Gini index:
48 (2008) country comparison to the world: 30 45.9 (1997)
Investment (gross fixed):
20.8% of GDP (2010 est.) country comparison to the world: 81
Public debt:
44.1% of GDP (2010 est.) country comparison to the world: 62 42% of GDP (2009 est.)
Inflation rate (consumer prices):
5.8% (2010 est.) country comparison to the world: 157 7.8% (2009 est.)
Central bank discount rate:
23% (31 December 2009) country comparison to the world: 5 25% (31 December 2008)
Commercial bank prime lending rate:
19.72% (31 December 2009 est.) country comparison to the world: 42 15.83% (31 December 2008 est.)
Stock of narrow money:
$4.504 billion (31 December 2010 est) country comparison to the world: 94 $3.992 billion (31 December 2009 est)
Stock of broad money:
$16.81 billion (31 December 2009) country comparison to the world: 87 $15.84 billion (31 December 2008)
Stock of domestic credit:
$15.82 billion (31 December 2010 est.) country comparison to the world: 84 $14.74 billion (31 December 2009 est.)
Market value of publicly traded shares:
$1.452
