Costa Rica Auto Industry slammed a new record in the 2015 fueled by a strong economic environment and limits imposed to the import of used vehicles. Sales improved 20% while Toyota kept dominating the rank.
The Central Bank of Costa Rica announced that the fiscal balance swelled from 5.7% to 5.9% of GDP in 2016. The news came amid warnings from the OECD and the International Monetary Fund that if the government does not implement a fiscal adjustment policy this year, it will jeopardize its long-term fiscal sustainability.
Against this backdrop, Standard & Poor’s (S&P) credit ratings agency downgraded Costa Rica from BB to BB- with a negative outlook. S&P commented that the fiscal situation continues to deteriorate and that the economy is facing a growing debt burden and rising interest payments.
S&P is certain that the government will not address the issue appropriately as 2017 is its last full year in office and a fragmented Congress makes an agreement highly unlikely. S&P is the second credit ratings agency to downgrade Costa Rica’s rating so far this year as the fiscal situation continues to deteriorate.
Reporting a speed acceleration in the second half of the year, the 2015 was the new record year for new vehicles sales in Costa Rica while the import of pre-owned vehicles declined again, hit by higher duties.
According to data released by the General Directorate of Customs, in the year total light vehicles sales were 40.999 , up a robust 20.5% from the previous year hitting the former record of 36.000 units established in the 2012. Additional 11.000 new vehicles regard Heavy Trucks and Bus.
In a market still dominated by pick ups, Toyota was the best manufacturers with over 8.000 sales and 20.6% of market share, followed by the Koreans Hyundai and Kia with sales over the 4.000 units.
Below, you can sort our interactive tables to see data regarding Brands, Groups and Models. Please bear in mind that sales data are subject to adjustments as sources will update their information. This report is updated at the publishing date and will not be modified while the next on this subject will always have the year to date data updated.
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