SAN JOSE, June 30 (Reuters) - Costa Rica’s economy grew 2.7 percent year-on-year in the first quarter, the lowest rate since the 2009 global financial crisis, the country’s central bank said on Tuesday.
Gross domestic product growth was driven by private consumption and public spending, but it continues to be affected by slower business investment and a fall in exports, partly because of the restructuring of chipmaker Intel’s operation in the country.
The government expects economic growth of 4 percent this year, after growth of 3.5 percent last year, although the growth rate has decelerated for four consecutive quarters.
The central bank also reported a current account deficit of $300 million in the first quarter, 50 percent lower than in the same period last year. (Reporting by Enrique Andres Pretel; Editing by Ken Wills)