• Historical amount of US$ 1,188.9 million is the highest recorded number ever during a first quarter.
• Investment outside the Greater Metropolitan Area reached an increase of US$ 64 million compared to the same period of the previous year.

San José. June 1, 2024. Foreign Direct Investment (FDI) flows registered during the first quarter of 2024 increased by 42% compared to the same period in 2023, reaching the historical figure of US$ 1,188.9 million, with a difference of US$ 349.7millions. These data, published by the Central Bank of Costa Rica (BCCR), reveal the highest level recorded in a first quarter in the country.

According to BCCR, FDI outside the Greater Metropolitan Area (GAM) also increased significantly, going from a negative figure of US$ -14.4 million in 2023, to US$ 49.6 million in 2024, reflecting an increase of US$ 64 million in investments made in these areas of the country.

“The results of the first quarter of 2024 in Foreign Direct Investment flows are a clear indicator that our new investment attraction model is bearing fruit, especially outside the Greater Metropolitan Area. The significant increase in investments in these areas confirms the effectiveness of our strategy to promote regional development and diversify our sources of economic growth. We intend to continue strengthening this momentum to ensure that Costa Rica is still an attractive destination for global investors,” commented Laura López, General Manager of the Foreign Trade Promoter of Costa Rica (PROCOMER).

When breaking down the data by regime, during the first quarter of 2024, FDI allocated 61.5% to free zones, 13.5% to companies of the definitive regime, 12.1% to tourism, 6.6% to the financial sector, 6% to the real estate sector and 0.2% to inward processing. Compared to the first quarter of 2023, the largest increase was recorded in regular companies, with an increase from US$ 58.5 million to US$ 160.6 million in 2024, a difference of US$ 102.1 million. Free zones also showed an increase of US$ 91.1 million.

By sector, FDI represented 49.4% of its total in manufacturing, 16.1% in the services sector, 12.1% in tourism, 7.3 % in commerce, 6.6% in the financial sector, 6% in real estate, 2.1% in agriculture and 0.3% agribusiness. All sectors experienced significant increases compared to 2023, highlighting 133% in tourism, 62% in services and 59% in commerce.

“The growth figures of 42% in FDI compared to the same period of the previous year and the highest recorded during the first quarter confirm that we have made the right decisions and reflect PROCOMER’s excellent performance as an official agency for the attraction and promotion of investment. We are on the right track to meeting our goal of bringing more employment opportunities to the entire country, generating productive chains and transferring knowledge. We are also committed to honoring the trust of companies and continuing to optimize our value proposition to remain the number one option when making their growth and expansion decisions,” stated Manuel Tovar, Minister of Foreign Trade of Costa Rica (COMEX).

Regarding the origin of the investment, the United States maintained its position, representing 73% of the total received during the first quarter of 2024, followed by Colombia (4%), Mexico (4%), Switzerland (3%) and Brazil (3%).

In addition to the data published by BCCR, the entity reported a downward adjustment in the total investment flows for 2023, establishing it at US$ 3,788.2 million, and not the previously reported amount of US$ 3,921.4 million.