We've raised our 2025 GDP growth forecast for Costa Rica by 0.4ppts to 3.6%. We expect private consumption will slow down due to the return of inflation to the lower bound of the central bank's target range, higher unemployment, and lower consumer confidence. Rate cuts in 2024 should support private investment. Net trade will decline due to reduced service exports and slower growth in external demand for manufactured goods, as key trading partners face slower growth and global trade uncertainty.
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