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Guide to Costa Rica: Economy

Written by Thomas Power | 10th January 2014 |

Category:

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Costa Rica has a stable economy and a relatively high standard of living. Its economy depends mainly in tourism, agriculture and electronic components exports.

Costa Rica's major economic resources are its fertile land and frequent rainfall, its well-educated population, and its strategic location in the Central American isthmus, which provides easy access to North and South American markets and direct ocean access to the European and Asian Continents.

One-fourth of Costa Rica's land is dedicated to national reserved forests, often adjoining picturesque beaches, which has made the country a popular destination for affluent retirees and ecotourists.

Costa Rica used to be known principally as a producer of bananas and coffee. Although it is still a largely agricultural country, its manufacturing and industry´s contribution to economy has overtaken agriculture in the last 15 years.

The main export products in 2004, in order of importance were: electronic components, textiles, bananas, medical equipment, pineapples, medicines, coffee and processed food.

In recent years, Costa Rica has successfully attracted important investments by such companies as Intel, which employs more than 2,000 people, Procter & Gamble, which is establishing its administrative center for the Western Hemisphere; and Abbott Laboratories and Baxter Healthcare from the health care products industry.

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