(Updates with context on IMF, comments from Chaves)
SAN JOSE, May 3 (Reuters) - Costa Rica's central bank
raised its economic growth forecast for this year to 3.3%, up
from a previous estimate of 2.7%, the head of the bank told
reporters on Wednesday.
Bank President Roger Madrigal said the bump comes after
exports and domestic demand improved in the first quarter due to
better pricing.
An accompanying report from the bank points to greater
foreign demand for Costa Rica's medical services, financial and
technology services and tourism as backing the economic growth.
The central bank also provided a slightly increased estimate
for economic expansion in 2024, showing 3.6% growth compared to
the previous 3.5% forecast, on the basis that financial and
macroeconomic stability is preserved.
"In general, there is moderate optimism for growth in the
economy for 2023 and 2024," Madrigal said at a press conference.
Last week, the International Monetary Fund published its
estimates for the country, saying it foresaw Costa Rica's
economic growth moderating to 3.0% in 2023, after an expansion
of 4.3% last year.
An IMF technical mission also agreed to disburse $527
million to Costa Rica after a review of its comprehensive
economic reform program, the IMF said.
Costa Rica reached a primary surplus of 1% of GDP in the
first quarter of 2023, exceeding the 0.32% goal agreed with the
IMF, Madrigal highlighted.
"In 2022 our economy grew 4.3%, well above the 3.6%
average reached in Latin America and the Caribbean. We have been
growing continuously for the past six months as well," President
Rodrigo Chaves said earlier this week.
(Reporting by Alvaro Murillo; Writing by Kylie Madry; Editing
by David Alire Garcia and Diane Craft)
