Lending Increased in Almost All Sectors in Costa Rica Last Year

Research indicates that banks in Costa Rica registered positive growth in all lending sectors with the exception of construction. The Costa Rican Banking Association reported that the construction sector did register a decrease in terms of lending. The primary reason for such a decline within the construction lending sector was a decline in government investing in public infrastructure projects over the course of the past year. It is believed that the number of construction loans will show improvement this year, largely due to the fact that the Central Bank has opted to include multiple new public infrastructure projects within the 2015-2016 Macroeconomic Program.

Most Active Lending Sectors
The most active lending sector this past year was the business sector, which recorded $3.1 billion in loans granted, representing 11.6% of growth year-over-year. Loans for the services sector showed the highest rate of growth by percentage, at 26.4%. This was followed by tourism, at 10%, and manufacturing and the food industry at 9.6%. Construction loans showed a 4.3% decrease.

In the mortgage sector, loans increased by 7.7%, which represented a $6.2 billion increase. Meanwhile, consumer loans, including home equity credit, auto loans, installment loans, and credit cards, exceeded ₡2.6 trillion.

Based on the those numbers, Costa Rica is revealed to have a solid, stable financial system in place with ample liquidity that is helping the growth of the local economy by offering financial assistance to almost all sectors, including personal and commercial.