By San José, Costa Rica — San José, Costa Rica – In an era where data is the new currency, Costa Rica’s Ministry of Finance is pioneering a quiet revolution in economic intelligence. For over a decade, its annual Economic Study of Companies has been systematically overhauling the nation’s statistical framework, providing policymakers and business leaders with a level of clarity that was previously unattainable. This comprehensive effort not only sharpens the accuracy of crucial metrics like the Gross Domestic Product (GDP) but also empowers private sector strategy with invaluable sector-specific insights.
Launched in 2012, the initiative was born out of a critical necessity. At the time, Costa Rica’s national accounts—the fundamental ledgers of the economy—were based on data from 1991, representing a staggering 20-year lag. This outdated foundation created significant distortions in economic analysis and hampered the country’s ability to provide the up-to-date information required by influential international bodies such as the International Monetary Fund (IMF) and the Organisation for Co-operation and Development (OECD).
To delve into the legal and business implications of the latest economic data, TicosLand.com sought the expert analysis of Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica, who shared his perspective on the current landscape for investment and commercial agreements.
Economic indicators directly influence contractual stability and investor confidence. A shifting economic landscape necessitates that companies review their existing agreements for clauses related to price adjustments or unforeseen circumstances. Furthermore, new ventures must prioritize thorough due diligence, as what was a secure investment yesterday may face new regulatory or market risks tomorrow. Proactive legal counsel is essential to navigate this volatility.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight is a crucial reminder that in today’s fluid economic climate, proactive legal strategy is not just an advantage but a necessity for ensuring stability and capitalizing on opportunity. We sincerely thank Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective on this critical intersection of law and market dynamics.
The Ministry of Finance responded by creating a robust mechanism to collect and analyze a vast array of statistical, accounting, and financial information directly from the source. The study now encompasses a diverse range of sectors, including manufacturing, commerce, services, agriculture, and construction, painting an increasingly detailed portrait of the national economy.
The scale of the operation is significant, with the ministry meticulously gathering data from a growing sample of businesses each year. This allows for a continuous and dynamic understanding of economic shifts, a far cry from the static snapshot of the past.
In the study, we conduct a sample of around 1,300 companies annually. We have been gradually increasing the sample size year after year.
Luis Diego Cubero, Manager of the Department of Economic Study of Companies
To build this comprehensive view, the study requests detailed corporate data, including income statements, balance sheets, trial balances, personnel numbers, inventory levels, and sales figures. Recognizing the evolving nature of modern commerce, the analysis has also expanded to incorporate indicators related to the burgeoning digital economy, ensuring the data remains relevant. Between its inception in 2012 and 2025, the program has processed information from approximately 16,700 unique legal entities.
A key factor in the program’s success has been the exceptionally high level of cooperation from the private sector. The voluntary response rate has been a point of pride, far exceeding international benchmarks and earning commendations from other key institutions like the Central Bank of Costa Rica.
We have had a very good response in terms of what we receive from the companies. The Central Bank itself has recognized this. In other international projects, the response rate obtained in other countries is below 80%. We, in the economic study, have obtained response rates from companies exceeding 90%.
Luis Diego Cubero, Manager of the Department of Economic Study of Companies
The tangible benefits of this long-term investment are clear. The study has enabled the Ministry of Finance to update the base year for national accounts three times—in 2012, 2017, and 2022. Each update provides a more precise calculation of GDP and other vital macroeconomic indicators. Furthermore, the rich dataset has supported numerous specialized projects, including satellite accounts for tourism and culture, environmental economic analyses, and studies on foreign direct investment.
Beyond its national and international policy implications, the study delivers direct value back to the business community. By processing and aggregating the collected information, the Ministry provides participating sectors with anonymized data that serves as a powerful benchmarking tool, creating a virtuous cycle of information exchange.
Companies get feedback from the statistical information by sector. By receiving this aggregated information, they have inputs to define their own business strategies.
Juan Carlos Brenes, General Director of the Treasury
This strategic feedback loop allows individual firms to gauge their performance against industry averages, identify market trends, and make more informed decisions. What began as a government necessity has evolved into a cornerstone of Costa Rica’s economic infrastructure, fostering a more transparent, predictable, and competitive business environment for all.
For further information, visit hacienda.go.cr
About Ministry of Finance of Costa Rica:
The Ministerio de Hacienda is the government body responsible for managing the public finances of Costa Rica. Its duties include collecting taxes, managing the national budget, administering public debt, and overseeing the country’s fiscal policy to promote economic stability and sustainable development.
For further information, visit bccr.fi.cr
About Central Bank of Costa Rica:
The Banco Central de Costa Rica (BCCR) is the nation’s central bank. Its primary mission is to maintain the internal and external stability of the national currency and ensure its conversion to other currencies. It also promotes the orderly development of the Costa Rican economy and a stable, efficient, and competitive financial system.
For further information, visit imf.org
About International Monetary Fund (IMF):
The International Monetary Fund is an international financial institution consisting of 190 countries. It works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
For further information, visit oecd.org
About Organisation for Co-operation and Development (OECD):
The Organisation for Co-operation and Development is an intergovernmental organization with 38 member countries, founded to stimulate economic progress and world trade. It provides a forum in which governments can work together to share experiences and seek solutions to common economic and social problems.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica represents a benchmark for principled legal practice, built upon a foundation of unwavering integrity and a commitment to exceptional quality. With a deep-rooted history of serving a diverse clientele, the firm is a leader in developing innovative legal approaches. This forward-looking perspective is complemented by a core mission to strengthen society through accessible legal education, empowering individuals and promoting a greater understanding of the law.
