Costa Rica is snuggled between Panama and Nicaragua. Located in Central America, it has a population of 4.5 million and boasts of an economy that is quite stable. This stability can be attributed to its tourism sector that draws in the major share of the revenues for the country. Although, the country is prominent for tourism, nevertheless, it has several other industries that contribute to the growth of the economy. In this write up, let us get an insight into these sectors in brief. So, go through the following paragraphs.
Tourism
Studies indicate that as of 2013 alone, as many as 2 million travelers flocked to this country and during the same year USD$1.9 billion dollars was the revenue that was generated. The main tourist attractions includes the pristine beaches, national parks, and owing to the excellent climate. The country boasts of a pre-Columbia and Spanish colonization era. Costa Rica is dotted with several architectural splendors, the churches being the main attraction. However, over the years, the country has evolved and is presently more than just a hub for tourists and tourism. The other sector that has gained prominence is Agriculture.
Agriculture
Costa Rica enjoyed its first coffee from rich coffee beans way back in the 19th century when these beans were sent across the globe. Extensive plantation of the same was seen growing throughout the century and even later on. However, the production of coffee had dropped by as much as 2.5% since the year 2013. Export is another area that has flourished over the years and the products for the same include pineapples, bananas, potatoes, corn, sugar, and rice. Aside from the products mentioned above, you can also expect dairy and meat when it comes to exporting food items. The other sector that has contributed to the growth of the economy in the country is Energy.
Energy
Owing to the fact that Costa Rica enjoys high rainfall and there are mainly mountainous regions all around, it is in fact, an ideal set-up for generating hydroelectric power. There are many countries in Central America that receive energy from Costa Rica as the country exports the same. Several other power stations are slated to come up in the near future provided they have adequate energy resources that can make the country self sufficient. Interestingly, in the year 2016, mostly the country utilized its renewable resources that were recorded as being 98% on an average as far as usage is concerned, and ran entirely on renewable source of energy for a period of 100 days and more.
Medical Manufacturing
While many countries boast of manufacturing research chemicals and various other pharmaceutical related substances, Costa Rica has in the last few years managed to get eminent investors that also include the likes of Proctor & Gamble. The other pharmaceutical giants that operate from the country and have set up their centers or distribution centers include Baxter Healthcare and Abbott Laboratories. Interestingly, these pharmaceutical giants have not just generated employment in the country but have contributed immensely to the growth of the GDP.
Information Technology Sector
IT sector is one of the major contributors to the economic growth. The corporate and IT stalwart intel.com has invested as much as USD$300 million in setting up a plant that has generated employment for more than 3500 people. Statistical data proves that the investment from intel.com is responsible for 20% of the exports and adds as much as 4.9% to the GDP of Costa Rica. The fact that more and more business entities, regardless of whether they are small or medium sized entrepreneurs, this figure is expected to grow by leaps and bounds in the near future.
If you are a tourist, it is best to enjoy the pristine beaches and the churches that represent architectural wonders of the era of Spanish colonization while the country flourishes with every tourist footfall.
