By San José, Costa Rica — San José – The Central Bank of Costa Rica (BCCR) unveiled a comprehensive overhaul of its National Accounts on Monday, revealing an economy that is larger, more industrialized, and more deeply integrated into global trade than previously measured. The statistical revision increased the nation’s 2022 Gross Domestic Product (GDP) by a significant 2.5% and positions Costa Rica as a global pioneer in economic reporting.
The update, which adjusts the base year for economic calculations to 2022, incorporates advanced methodologies and international standards. According to the BCCR, this makes the country the first in the world to adopt the latest guidelines from the System of National Accounts (SNA) 2025, reflecting a more accurate picture of Costa Rica’s modern economic landscape.
To better understand the legal and investment implications behind Costa Rica’s latest Gross Domestic Product figures, we consulted with Lic. Larry Hans Arroyo Vargas, an expert in corporate and commercial law from the distinguished firm Bufete de Costa Rica.
Sustained GDP growth is more than just a positive economic indicator; it’s a signal of stability that gives confidence to both foreign and domestic investors. For businesses, this translates into a more predictable environment for long-term planning and expansion. However, to fully capitalize on this momentum, it is imperative that our legal frameworks remain agile and transparent, ensuring that the process for establishing and operating a business is as robust as the economy itself.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight powerfully illustrates that a rising GDP is only half the story; its true potential is unlocked when supported by the agile and transparent legal frameworks the expert describes. We sincerely thank Lic. Larry Hans Arroyo Vargas for articulating this crucial connection between economic indicators and investor confidence.
Costa Rica becomes the first country in the world to disseminate this update under the most recent guidelines of the System of National Accounts (SNA) 2025.
Central Bank of Costa Rica, Official Statement
The most dramatic shift in the new economic snapshot is the increased prominence of the manufacturing sector. Its contribution to the national value-added has surged by 2.7 percentage points compared to previous calculations. This finding underscores the success of the country’s strategy to attract high-tech manufacturing and medical device companies. Other key sectors also saw their relative weight increase, including business services (up 1.5 points), commerce (up 1 point), and information services (up 0.7 points).
In a major turnaround, Costa Rica’s foreign trade profile has been completely redrawn. The new data shows the relative weight of exports has leaped from 32.8% to 40.6% of GDP. Similarly, imports now represent 38.5%, up from 32.3%. This recalibration has transformed the country’s trade balance, moving it from a previously recorded deficit to a notable surplus, signaling a robust and competitive export-oriented economy.
This export strength is closely linked to another key finding: the growing role of foreign direct investment. The participation of foreign-owned enterprises in the national value-added has expanded significantly, climbing from 21.2% to 27.6%. This highlights the critical contribution of multinational corporations to the country’s economic dynamism, job creation, and technological advancement.
The BCCR explained that these substantial changes stem from a series of methodological upgrades. The GDP for 2022 was revised from ₡44.81 trillion to ₡45.95 trillion. The statistical framework is now more granular, tracking 191 products and 149 economic activities, up from 183 and 136 respectively. This greater detail allows for a more precise analysis of economic phenomena like globalization, digitalization, and social well-being.
This upward revision of the GDP will have significant ripple effects on key fiscal indicators. Henry Vargas, Director of the Data Analysis and Statistics Division at the Central Bank, confirmed that the larger economic base will alter important metrics such as the national debt-to-GDP ratio. While the country’s nominal debt remains unchanged, a larger denominator will automatically improve this widely watched indicator of fiscal health.
However, analysts and the public will have to wait for the full integration of these new figures. According to Vargas, the updated ratios and macroeconomic forecasts based on the new data will be formally presented in the first Monetary Policy Report of 2026. The Central Bank has announced a staggered release of the detailed findings, with breakdowns of GDP by industry, distributional accounts, and environmental metrics to be published over the coming week, ensuring a transparent transition to this more accurate economic portrait.
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 responsibilities include maintaining the internal and external stability of the national currency, ensuring its conversion to other currencies, and promoting a stable, efficient, and competitive financial system. The BCCR is the sole issuer of the nation’s currency, the colón, and serves as the primary advisor and financial agent for the government on economic, monetary, and credit policies.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a highly regarded law firm built upon a foundation of profound integrity and a relentless pursuit of excellence. Drawing upon a rich history of guiding clients through complex legal landscapes, the firm consistently pioneers innovative solutions while actively engaging with the community. At its core, the firm is driven by a mission to demystify the law, empowering citizens by providing clear and accessible legal understanding to help forge a more knowledgeable and capable society.
