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COSTA RICA Tenders




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Capital San Jose
ISO 3166 Code CR
Population 4,773,130
Area, Sq KM 51,100
Currency Costa Rican colon
Official Language Spanish
GDP, Billion USD 49,621
GDP Growth Rate, % 3.6
Inflation, Avg CP, % Chng 3.75
Interest Rates, % N/A
Unemployement Rate, % 8.5
Exchange Rate, 1 USD Equals 534.38
International dial code 506
Time Zone GMT-06:00
Internet TLD .cr

Costa Rice is located in Central America and shares its border with Nicaragua to its north, Panama to the southeast, Caribbean Sea to the east, Pacific Ocean to the west and Ecuador to the south. The population of Costa Rica is 4. Million and almost a quarter of the population live in the metropolitan area of the capital, San Jose which is also considered the largest city. The country is officially known as Republic of Costa Rica. Due to consistent and favourable performance in the Human Development Index, Costa Rica is placed 2nd in the world in 2012 which is considered among the highest of any nation of Latin American origin. At the same income levels, Costa Rica has been believed to attain higher human development compared to any other countries according to United Nations Development Programme(UNDP). The country was inhabited by indigenous people after which the Spanish ruled in the 16th century. In the year 1847, the country declared its sovereignty and since that day, the country has managed to remain the most prosperous, stable and progressive nation in Latin America. Cost Rica permanently abolished its army in the year 1949 after a civil war and therefore became one of the few sovereign nations that do not have a standing army. The economy of the country is developing rapidly and steadily. It was once dependent quite heavily on agriculture but has now diversified to include various sectors like ecotourism, pharmaceuticals and finance. The country’s GDP per capita in PPP was 12,874 US dollars in the year 2013. It is a developing country as the poverty rate was estimated to be 23 percent. The lack of investment in infrastructure and maintenance and a 7.8 percent employment rate makes the country a developing country despite of its high GDP. In the year 2006, the country introduced a new currency exchange system and its main objective was to equip the Central Bank properly so that it can discourage the US dollars usage in the country and handle the inflation. In the year 2006, Intel’s microprocessor facility is hugely responsible for 4.9 percent of the GDP and 20 percent of the exports. Tourism Industry in this country has flourished since the year 1999 and contributes a large share in improving the economic condition of the country. The country also has a rich reserve of Arabica coffee beans which are considered the world’s best coffee beans and are used in making espressos.

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