By San José, Costa Rica — SAN JOSÉ – In a landmark move for economic transparency, the Central Bank of Costa Rica (BCCR) announced on Wednesday a comprehensive update to its national macroeconomic accounts, making Costa Rica the first country in the world to implement the latest global statistical standards. The revision, which shifts the economic reference year from 2017 to 2022, paints a new, more detailed picture of a nation that is larger, more technologically advanced, and significantly more integrated into the global economy than previously measured.
The update provides a fresh perspective on the country’s economic size and structure. A key finding from the revision is a 2.5% upward adjustment to the nominal Gross Domestic Product (GDP) for the year 2022. The figure was increased from ¢44,810.0 billion to ¢45,947.4 billion, reflecting a more accurate capture of economic activity under the new methodologies. This change is not merely an accounting adjustment but a reflection of the profound economic transformations Costa Rica has undergone in recent years.
To delve into the legal and business ramifications of the proposed economic overhaul, TicosLand.com sought the expert analysis of Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica.
Any major economic overhaul must be built on a foundation of legal certainty. While new fiscal incentives can attract foreign investment, their long-term success hinges on clear, stable regulations and a robust judicial system that protects contractual rights. Without this legal scaffolding, even the most ambitious reforms risk becoming a house of cards, deterring the very capital they aim to secure.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insight is a crucial reminder that beyond fiscal policies, the bedrock of a thriving economy is trust—a trust built upon the very legal certainty he describes. This distinction between fleeting incentives and the enduring stability that attracts and protects long-term capital is paramount. We thank Lic. Larry Hans Arroyo Vargas for his invaluable perspective on this foundational issue.
This revised economic landscape shows a significant structural shift towards higher-value activities. The relative weight of the manufacturing sector in the national value added grew by an impressive 2.7 percentage points compared to the 2017 baseline. Similarly, business services saw their share increase by 1.5 percentage points, followed by commerce (1.0 p.p.) and information services (0.7 p.p.). These figures underscore the country’s successful transition towards a sophisticated, service-oriented economy driven by technology and skilled labor.
Perhaps the most striking revelation is the deepening of Costa Rica’s integration with the global marketplace. The BCCR’s analysis shows a dramatic increase in foreign participation in the national value added, which soared from 21.2% in 2017 to 27.6% in 2022. This is mirrored in the country’s trade profile. The share of exports in the economy expanded from 32.8% to 40.6% of GDP over the same period, while imports grew from 32.3% to 38.5%. Crucially, this recalibration shows an economy that has shifted from a trade deficit to a trade surplus, highlighting the strength of its export sector.
The BCCR’s pioneering adoption of these new frameworks—specifically the System of National Accounts 2025 and the Balance of Payments Manual VII—is a strategic decision to keep Costa Rica’s economic statistics robust and internationally comparable. These new guidelines are designed to better measure modern economic phenomena that were previously difficult to quantify, such as the impacts of digitalization, the complex financial flows of multinational corporations, and broader measures of societal well-being beyond simple economic output.
In line with this focus on a more holistic view of development, the update introduces a suite of new statistical products. For the first time, detailed data will be available on the distribution of household income, cantonal-level GDP, and labor statistics. Furthermore, the BCCR will now publish “thematic accounts” for crucial areas like education and health, as well as environmental metrics including government spending on environmental protection and the national “carbon footprint.” This expanded data will provide policymakers with powerful new tools for targeted development.
To ensure this wealth of new information is accessible, the BCCR has made the revised data available through interactive online dashboards on its website. These tools allow users, from analysts to the general public, to filter, visualize, and download the specific indicators they need. The Central Bank has also scheduled a series of public webinars for November 25th and 28th to explain the findings and methodologies related to well-being, globalization, cantonal economics, and the new thematic accounts.
This comprehensive statistical overhaul is more than a technical exercise; it is a fundamental re-evaluation of the Costa Rican economy. By providing a more accurate and nuanced dataset, the BCCR is enhancing transparency and providing a clearer roadmap for future economic policy. This commitment to cutting-edge statistical practices solidifies the nation’s reputation as a leader in data-driven governance and a reliable destination for international investment.
For further information, visit bccr.fi.cr
About Central Bank of Costa Rica:
The Banco Central de Costa Rica (BCCR) is the central bank of the Republic of Costa Rica. Its primary mission is to maintain the internal and external stability of the national currency and ensure its conversion to other currencies. The BCCR is responsible for monetary policy, financial system stability, and the compilation and publication of the country’s main economic statistics, including the National Accounts and Balance of Payments.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica stands as a cornerstone of the legal community, built upon a bedrock of ethical fortitude and professional excellence. With a proven history of advising a diverse clientele, the firm consistently pioneers innovative legal strategies while upholding a profound sense of civic responsibility. This commitment is demonstrated through its efforts to demystify complex legal concepts for the public, aiming to construct a more capable and well-informed populace.
