Obbligazione Costa Rica Verde 5.625% ( USP3699PGF82 ) in USD

Costa Rica Verde

100 USD ▲

Costa Rica

USP3699PGF82 ( in USD )

5.625% per anno ( pagato 2 volte l'anno)

29/04/2043

Prospetto opuscolo dell'obbligazione Costa Rica USP3699PGF82 en USD 5.625%, scadenza 29/04/2043

200 000 USD

500 000 000 USD

P3699PGF8

30/04/2026 ( In 79 giorni )

Il Costa Rica è un paese dell'America Centrale caratterizzato da una grande biodiversità, vulcani, spiagge tropicali e foreste pluviali, famoso per l'ecoturismo e la sua politica di neutralità carbonica.

La Repubblica del Costa Rica, nazione centroamericana nota per la sua stabilità politica, la democrazia consolidata e il forte impegno per la sostenibilità ambientale e il turismo ecologico, si presenta come emittente di un'obbligazione governativa (Codice ISIN: USP3699PGF82; Codice CUSIP: P3699PGF8), un mercato emergente con una dipendenza significativa dal turismo e dalle esportazioni agricole e tecnologiche che affronta sfide legate al debito pubblico e alla gestione fiscale; questo titolo di debito, emesso nel paese stesso e denominato in Dollari statunitensi (USD), offre un tasso d'interesse fisso annuale del 5.625% con pagamenti di cedole semestrali, e scade il 29 aprile 2043, riflettendo una lunga durata che lo espone alle fluttuazioni dei tassi d'interesse; l'emissione totale ammonta a 500.000.000 USD, con un lotto minimo di acquisto di 200.000 USD, indicando un orientamento verso investitori istituzionali o di grandi dimensioni, ed è attualmente scambiato sul mercato al 100% del suo valore nominale.

OFFERING CIRCULAR
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See "R
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b gi
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g 8 re
r gardi
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e
before investing in the Notes.
Issue Price:
Notes due 2025:100%
Notes due 2043:100%
in
i ea
e c
a h
c ca
c s
a e,
e plus ac
a cru
r ed
e in
i ter
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s , if
i an
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f om Ap
A rili 30, 2013
The Not
o es
e hav
a e not bee
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a d wilil not
o be reg
e i
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i ter
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e under
e th
t e Un
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e Stat
a e
t s
e Sec
e u
c ri
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e Act
c of 1933, as
a ame
m n
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e (t
( he
"Sec
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t ). The Not
o es
e ma
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a not be of
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w th
t in th
t e Unitied
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t U.S
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e the Sec
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e Act. You ar
a e her
e eby not
o itfi
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Notes
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a be rel
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o the ex
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v sio
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o the Sec
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c rities
e Act
c pro
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o ided
e by Rule 144A und
n er
e the
Securities Act.
Del
e ilver
e y
r of
o the Notes
e wi
w lll be made on
o or ab
a ou
o t Apri
r li 30, 2013
1 on
o ly in boo
o k
o -en
e try form th
t rough
g th
t e fa
f ci
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o The
Dep
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s tior
o y
r Trust Co
C mp
m an
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D C")
" and itis dire
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the Euroclear Sys
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( Eurocle
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a st
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t ea
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a st
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i New
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New York.
Joint Book-Running Managers
Barclays
De
D ut
u sche
h Bank
an Se
S cur
u itie
i s
The dat
a e of
o th
t is Offering Circular is April 23, 2013

Costa Rica

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN
EXAMINATION OF THE REPUBLIC AND THE TERMS AND CONDITIONS OF THE OFFERING,
INCLUDING THE MERITS AND THE RISKS INVOLVED.
You should rely only on the information contained in this document or to which we have referred
you. We have not authorized anyone to provide you with information that is different. This document may
only be used where it is legal to sell these Notes. The information in this document may only be accurate on
the date of this document.
This Offering Circular may only be used for the purposes for which it has been published.
________________
TABLE OF CONTENTS
NOTICE TO INVESTORS .......................................................................................................................................... ii
DEFINED TERMS AND CONVENTIONS ............................................................................................................... iii
FORWARD-LOOKING STATEMENTS ....................................................................................................................iv
ENFORCEMENT OF CIVIL LIABILITIES ................................................................................................................v
SUMMARY ..................................................................................................................................................................1
SELECTED ECONOMIC INDICATORS....................................................................................................................4
THE OFFERING...........................................................................................................................................................6
RISK FACTORS ...........................................................................................................................................................8
USE OF PROCEEDS ..................................................................................................................................................10
REPUBLIC OF COSTA RICA ...................................................................................................................................11
THE COSTA RICAN ECONOMY.............................................................................................................................15
BALANCE OF PAYMENTS AND FOREIGN TRADE............................................................................................35
MONETARY SYSTEM..............................................................................................................................................45
PUBLIC SECTOR FINANCES ..................................................................................................................................63
PUBLIC SECTOR DEBT ...........................................................................................................................................70
TERMS AND CONDITIONS OF THE NOTES ........................................................................................................78
PLAN OF DISTRIBUTION........................................................................................................................................88
BOOK-ENTRY SETTLEMENT AND CLEARANCE ..............................................................................................93
TRANSFER RESTRICTIONS....................................................................................................................................96
TAXATION ................................................................................................................................................................99
VALIDITY OF THE NOTES ...................................................................................................................................103
GENERAL INFORMATION....................................................................................................................................104
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN
APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF
THE NEW HAMPSHIRE REVISED STATUTES WITH THE STATE OF NEW
HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED
OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES
A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY
DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT
MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE OF NEW HAMPSHIRE
HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR
TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT, ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
i

_____________________
NOTICE TO INVESTORS
The Notes will be issued in registered form only. Notes sold in offshore transactions in reliance on
Regulation S under the Securities Act ("Regulation S") will be represented by one or more permanent global notes
in fully registered form without interest coupons (the "Regulation S Global Note") deposited with a custodian for,
and registered in the name of a nominee of, The Depository Trust Company ("DTC") for the respective accounts at
DTC as such subscribers may direct. Notes sold in the United States to qualified institutional buyers (each a
"qualified institutional buyer") as defined in, and in reliance on, Rule 144A under the Securities Act ("Rule 144A")
will be represented by one or more permanent global notes in fully registered form without interest coupons (the
"Restricted Global Note" and, together with the Regulation S Global Note, the "Global Notes") deposited with a
custodian for, and registered in the name of a nominee of, DTC for the respective accounts at DTC as such
subscribers may direct. Beneficial interests of DTC participants (as defined under "Book-Entry Settlement and
Clearance") in the Global Notes will be shown on, and transfers thereof between DTC participants will be effected
only through, records maintained by DTC and its direct and indirect participants, including Euroclear and
Clearstream, if applicable. See "Book-Entry Settlement and Clearance." Except as described herein, definitive Notes
will not be issued in exchange for beneficial interests in the Global Notes. See "Terms and Conditions of the
Notes--Form, Denomination and Title." For restrictions on transfer applicable to the Notes, see "Transfer
Restrictions" and "Plan of Distribution."
The Republic has taken reasonable care to ensure that the information contained in this Offering Circular is
true and correct in all material respects and not misleading as of the date hereof, and that, to the best of the
knowledge and belief of the Republic, there has been no omission of information which, in the context of the issue
of the Notes, would make this document as a whole or any such information misleading in any material respect. The
Republic accepts responsibility accordingly.
This Offering Circular does not constitute an offer by, or an invitation by or on behalf of, the Republic,
Barclays Capital Inc. or Deutsche Bank Securities Inc. (Deutsche Bank Securities Inc., together with Barclays
Capital Inc., the "Initial Purchasers") to subscribe to or purchase any of the Notes. Each recipient of this Offering
Circular shall be deemed to have made its own investigation and appraisal of the financial condition of the Republic.
The distribution of this Offering Circular or any part of it and the offering, possession, sale and delivery of the Notes
in certain jurisdictions may be restricted by law. Persons into whose possession this Offering Circular comes are
required by the Republic and the Initial Purchasers to inform themselves about and to observe any such restrictions.
See "Plan of Distribution" and "Transfer Restrictions" for a description of further restrictions on the offer, sale and
delivery of Notes and on distribution of this Offering Circular and other offering material relating to the Notes.
Each person purchasing Notes pursuant to Rule 144A will be deemed to have:

represented that it is purchasing the Notes for its own account or an account with respect to which it
exercises sole investment discretion and that it or such account is a qualified institutional buyer (as
defined in Rule 144A); and

acknowledged that the Notes have not been and will not be registered under the Securities Act or any
state securities laws and may not be reoffered, resold, pledged or otherwise transferred except as
described under "Transfer Restrictions."
Each purchaser of Notes sold outside the United States in reliance on Regulation S will be deemed to have
represented that it is not purchasing Notes with a view to distribution thereof in the United States. Each person
purchasing Notes pursuant to Rule 144A also acknowledges that:

it has been afforded an opportunity to request from the Republic and to review, and it has received, all
additional information considered by it to be necessary to verify the accuracy of the information
herein;

it has not relied on the Initial Purchasers or any person affiliated with the Initial Purchasers in
connection with its investigation of the accuracy of the information contained in this Offering Circular
or its investment decision; and
ii

no person has been authorized to give any information or to make any representation concerning the
Republic or the Notes other than those contained in this Offering Circular and, if given or made, such
information or representation should not be relied upon as having been authorized by the Republic or
the Initial Purchasers.
IN CONNECTION WITH THIS ISSUE OF NOTES, EACH INITIAL PURCHASER MAY, ITSELF
OR THROUGH ITS AFFILIATES, OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE
OR MAINTAIN THE MARKET PRICE OF THE NOTES AT A LEVEL WHICH MIGHT NOT
OTHERWISE PREVAIL IN THE OPEN MARKET, TO THE EXTENT PERMITTED BY APPLICABLE
LAWS. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
DEFINED TERMS AND CONVENTIONS
All references in this Offering Circular to "Costa Rica" or the "Republic" are to the Republic of Costa Rica
and all references to the "Government" are to the Central Government of Costa Rica.
References to "billions" are to thousands of millions. Certain amounts included in this Offering Circular
have been subject to rounding adjustments; accordingly, figures shown as totals in certain tables may not be an
arithmetic aggregation of the figures which precede or follow them.
·
"Consolidated public sector deficit" means the aggregate of the Government fiscal deficit, the deficit
of the Banco Central de Costa Rica (the "Central Bank"), and the financial results of other
non-financial public sector institutions.
·
"Government fiscal deficit" means the difference between the total expenses incurred by the
Government and the legislative and judicial branches of the Republic and the total revenues received
by the Government.
·
"Value added" in respect to exports means the difference between the value of final goods exported
and the value of the raw materials and intermediate goods used to produce the final goods exported.
·
"Non-traditional products" are products other than coffee, bananas, sugar and beef, and include non-
traditional agricultural products such as vegetables, fruits, roots, medicinal and decorative plants as
well as manufacturing, including light manufacturing and textiles.
·
Measures of distance herein are stated in miles, each of which is equal to approximately 1.609
kilometers. Measures of area herein are stated in square miles, each of which is equal to approximately
2.59 square kilometers, or in hectares, each of which is equal to approximately 2.47 acres.
Presentation of Financial and Economic Information
The fiscal year of the Government commences on January 1 and ends on December 31 of each year.
The Republic's official financial and economic statistics are subject to a three-year review process by the
Central Bank and the Ministerio de Hacienda (the "Ministry of Finance"), during which time such information may
be adjusted or revised. As a result, the information and data contained in this Offering Circular for 2010, 2011 and
2012, and any figures for 2013, must be considered preliminary and subject to further revision. The Government
believes that this process is substantially similar to that undertaken by industrialized nations. The Government does
not expect revisions to be material, although there is no assurance that material changes will not be made.
Certain statistical information reported herein has been derived from official publications of, and
information supplied by, among others, the Central Bank, the Ministry of Finance, the Institute Nacional de
Estadistica y Censos (the "National Institute of Statistics"), the Superintendencia General de Entidades Financieras
(General Superintendency of Financial Institutions, or "SUGEF") and the Superintendencia General de Valores
(Superintendency of Securities, or "SUGEVAL").
iii

Currency of Presentation and Exchange Rate
Unless otherwise specified or the context requires, references to "dollars," "U.S. dollars," "US$" and "$"
are to United States dollars. References herein to "colones" and "¢" are to Costa Rican colones. Translations of
colones to dollars have been made only for the convenience of the reader at various exchange rates and should not
be construed as a representation that the amounts in question have been, could have been or could be converted into
U.S. dollars at any particular rate or at all. Historical amounts translated into U.S. dollars or colones have been
converted at historical average rates of exchange for the periods indicated, unless otherwise stated. References
herein to "real GDP" and to "constant colones" are to constant 1991 colones. The average interbank rate for the sale
of U.S. dollars for colones at the close of business on April 19, 2013 was ¢504.4 = US$1.00, as reported by the
Central Bank.
FORWARD-LOOKING STATEMENTS
This Offering Circular contains certain forward-looking statements (as such term is defined in the
Securities Act) concerning the Republic. These statements are based upon beliefs of certain government officials
and others as well as a number of assumptions and estimates, which are inherently subject to significant
uncertainties, many of which are beyond the control of the Republic. Future events may differ materially from those
expressed or implied by such forward-looking statements. Such forward-looking statements are principally
contained in the sections "Summary," "Republic of Costa Rica," "The Costa Rican Economy," "Balance of
Payments and Foreign Trade," "Monetary System," "Public Sector Finances" and "Public Sector Debt." In addition,
in those and other portions of this Offering Circular, the words "anticipates," "believes," "contemplates,"
"estimates," "expects," "plans," "intends," "projections" and similar expressions, as they relate to the Republic, are
intended to identify forward-looking statements. Such statements reflect the current views of the Republic with
respect to future events and are subject to certain risks, uncertainties and assumptions. The Republic undertakes no
obligation publicly to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise. In light of these risks and uncertainties, there can be no assurances that the events
described or implied in the forward-looking statements contained in this Offering Circular will in fact occur.
iv

ENFORCEMENT OF CIVIL LIABILITIES
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize in the
United States or elsewhere upon judgments against the Republic. To the fullest extent permitted by applicable law,
the Republic will irrevocably submit to the non-exclusive jurisdiction of any New York State or U.S. federal court
sitting in the City of New York, and any appellate court thereof, in any suit, action or proceeding arising out of or
relating to the Notes or the Republic's failure or alleged failure to perform any obligations under the Notes (a
"Related Proceeding," which term shall exclude claims or causes of action arising under the federal securities laws
of the United States or any state securities laws), and the Republic will irrevocably agree that all claims in respect of
any such Related Proceeding may be heard and determined in such New York State or U.S. federal court. The
Republic will irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum
to the maintenance of any Related Proceeding and any objection to any Related Proceeding whether on the grounds
of venue, residence or domicile. To the extent that the Republic has or hereafter may acquire any sovereign or other
immunity from jurisdiction of such courts with respect to a Related Proceeding (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise), the Republic has, to the
fullest extent permitted under applicable law, including the U.S. Foreign Sovereign Immunities Act of 1976, as
amended (the "Immunities Act") irrevocably waived such immunity in respect of any such Related Proceedings;
provided, however, that under the Immunities Act, it may not be possible to enforce in the Republic a judgment
based on such a U.S. judgment, and that under the laws of the Republic, the property and revenues of the Republic
are exempt from attachment or other form of execution before or after judgment. See "Terms and Conditions of the
Notes--Governing Law and Jurisdiction."
Notwithstanding the preceding paragraph, the Republic has not consented to service or waived sovereign
immunity with respect to actions brought against it under the U.S. federal securities laws or any state securities laws.
In the absence of a waiver of immunity by the Republic with respect to such actions, it would not be possible to
obtain a judgment in such an action brought in a U.S. court against the Republic unless such court were to determine
that the Republic is not entitled under the Immunities Act to sovereign immunity with respect to such action.
Further, even if a U.S. judgment could be obtained in any such action under the Immunities Act, it may not be
possible to enforce in the Republic a judgment based on such a U.S. judgment. Execution upon property of the
Republic located in the United States to enforce a U.S. judgment may not be possible except under the limited
circumstances specified in the Immunities Act.
v

SUMMARY
The following summary does not purport to be complete and is qualified in its entirety by, and is subject to,
the detailed information appearing elsewhere in this Offering Circular.
The Republic of Costa Rica
General
Costa Rica, which is located in Central America, is a stable constitutional democracy whose standard of
living ranks among the highest in Latin America. Costa Rica has had uninterrupted democratically elected
governments since 1949. In 2012, Costa Rica's gross domestic product ("GDP") was US$45.0 billion and its GDP
per capita was US$9,665, the highest in Central America according to the International Monetary Fund. In 2011,
Costa Rica's GDP was US$41.0 billion and its GDP per capita was US$8,676. According to the United Nations
Development Program's 2013 Human Development Report, the Republic is ranked fifth in Latin America on the
Human Development Index, a measure of quality of life based on longevity, educational attainment, economic
index, and standard of living.
Costa Rica is geographically located in Central America, bordered by Nicaragua to the north, Panama to
the southeast, the Pacific Ocean to the west, and the Caribbean Sea to the east. The current President of Costa Rica,
Laura Chinchilla Miranda, is serving a four-year term which expires on May 8, 2014. Mrs. Chinchilla Miranda was
elected by popular vote in February 2010. See "Republic of Costa Rica--Government and Political Parties."
Costa Rica's Historical Highlights

Political, economic and social stability. The Government has continued to implement policies
designed to maintain political stability, promote economic growth and advance social
development. As a result of these policies, the country's economy has grown steadily at an
average rate of 5% over the last 10 years, the country has one of the lowest poverty rates in Latin
America at 21.6% of the population, health services have been provided to every citizen, and the
country has experienced uninterrupted democratically elected governments since 1949. As of
2012, approximately 52% of public expenditures were directed to social services.

Proven monetary policy. Since the mid-1980's, Costa Rica has continued to liberalize its
economy. Beginning in 2006, the Central Bank transitioned out of the crawling peg regime and
into a managed floating exchange regime with bands, targeting inflation to be within the Central
Bank's target band of 4.0 to 6.0%.

Sound fiscal performance. In 2004, the Government implemented a fiscal consolidation process
that achieved a decrease of Government debt of 16 percentage points of GDP in 4 years, from 41%
of GDP in 2004 to 25% in 2008. In 2009, Costa Rica implemented an expansionary policy to
mitigate the effects of the global financial crisis. Since 2011, the Government has implemented
strict expenditure restraint policies. Through the combination of its income and expenditure
policies, the Government has contained the fiscal deficit at manageable levels.

Commitment to foreign trade and foreign investment. After the debt crisis in the early 1980s,
Costa Rica transitioned out of the import-substitution growth model into an export-led
development model based on international economic integration, export diversification and
foreign direct investment. These policies have enabled Costa Rica to diversify its trade portfolio
by destination and by products. Today, Costa Rica hosts a number of large international
companies, such as Intel, IBM, Proctor & Gamble, UPS and DHL. Costa Rica's literacy rate,
which is the highest in Central America, strong educational system, strategic geographic location,
and political, economic and social stability contribute to its global competitiveness in international
commerce.

Global pioneer in environmental awareness. Costa Rica is highly committed to sustainable
development, through two main initiatives: (a) becoming a carbon-neutral country by 2021 and (b)
maximizing its energy production through renewable sources. Today, 93% and 78% of electricity
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comes from renewable and hydroelectric sources, respectively, and 25% of the territory in Costa
Rica is environmentally protected areas.

Commitment to education. Since the 19th century, elementary education in Costa Rica has been
mandatory and publicly funded. The Constitution mandates that beginning in 2014 a minimum of
8% of GDP be invested in the education system, an increase from the current requirement of 6%
of GDP. The Government is also focused on improving secondary and tertiary education in order
to enhance the technical skills of the population to match demand for workers in the science and
technology fields.
Economic Performance and Diversification
Costa Rica's real GDP increased at an average annual rate of 3.3% from 2008 to 2012. Real GDP increased
by 4.4% in 2011, and accelerated to 5.1% in 2012, primarily due to an increase in prices of Costa Rican exports.
During the past 25 years Costa Rica has diversified its economy as strong growth in the manufacturing and
tourism sectors has supplemented its historical production of agricultural goods. It has diversified its exports,
attracted investment in high value added manufacturing and promoted tourism based primarily on the country's
environmental diversity. The principal sectors of the Costa Rican economy are industrial manufacturing and high-
technology; wholesale and retail commerce and hotels and restaurants (which includes substantial proceeds from
tourism); agriculture, forestry and fishing; and community, social and personal services.
As a result of diversification, the composition of Costa Rica's exports has changed substantially, with
industrial exports increasing significantly. In 2012, industrial exports (including the value added by exports from
free trade zone and in-bond industries) represented approximately 78% of Costa Rica's total exports, while
agricultural exports represented approximately 22% of total exports. Free trade zone and in-bond industries are
commercial and industrial businesses that are located in designated "free trade" zones and that are entitled to certain
tax, fiscal, tariff and other benefits. In-bond industries are allowed to introduce goods into the country without
paying duties temporarily while the goods are subject to transformation processes, repair, reconstruction,
installation, assembly or incorporation into sets, machinery or transportation equipment and are ultimately exported.
Balance of Payments
At December 31, 2012, Costa Rica's capital account surplus exceeded its current account deficit, resulting
in a US$2.1 billion increase in the Central Bank's net international reserves. Net international reserves of the Central
Bank stood at US$6.9 billion at December 31, 2012, representing the equivalent of approximately 4.6 months of
imports. The increase in the capital account surplus and net international reserves was primarily due to inflows
during the fourth quarter of 2012 resulting from the purchase by foreign investors of colones-denominated debt
instruments and the net proceeds of the Republic's US$1 billion 4.250% Notes due 2023 (the "Notes due 2023") in
November 2012. At December 31, 2011, Costa Rica's capital account surplus exceeded its current account deficit,
resulting in a US$132.4 million increase in the Central Bank's net international reserves, which stood at US$4.8
billion at December 31, 2011, representing approximately 4.5 months of imports.
Historically, Costa Rica was significantly dependent on the export of four traditional agricultural goods:
coffee, bananas, sugar and beef. Today, the country exports over 3,000 different products. The number of
agricultural goods sold abroad, such as watermelons, pineapples, melons, potatoes and ornamental plants, has
increased. In addition, Costa Rica is exporting high-technology products, such as computers, medicines and medical
equipment, and services provided by shared services centers, which together accounted for approximately 38.2% of
Costa Rica's total exports for 2012.
Costa Rica has also diversified the geographic markets to which it exports during the past decade. Its
exports are directed to approximately 130 countries around the world. In 2012, approximately 39.2% of Costa Rica's
exports were sent to the United States, 18.2% to the European Union, 14.0% to Central America, 13.0% to Asia,
6.0% to other Latin American countries and 9.6% to various other countries. Costa Rica's foreign trade depends
largely on the United States, the European Union and other Central American economies, given that approximately
71.5% of its exports go to these areas.
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Monetary Policy
Costa Rica's inflation rate was 13.9% during 2008, primarily as a result of increases in international
commodity prices in the first half of the year. As a result of the slowdown in the Costa Rican economy that occurred
following the global financial crisis that began in the fourth quarter of 2008 and the decrease in commodity prices in
2009, the inflation rate declined to 4.0% in 2009. The inflation rate increased to 5.8% during 2010, primarily due to
the rise in the international prices of oil and food and a rebound of economic activity. The inflation rate decreased to
4.7% during 2011, primarily because of a decline in the international price of oil. In 2012, the inflation rate was at
4.6%, within the Central Bank's target band of 4.0 to 6.0%, primarily due to the actions of the Central Bank aimed
at improving monetary control, the relative stability of the exchange rate and reduced inflationary pressures from
external sources.
Costa Rica's currency, the colón, depreciated by 9% in 2008 to 550.1 colones to US$1.00, primarily due to
the global financial crisis. In 2009, as the global financial crisis intensified, the exchange rate again depreciated by
9% to 558.7 colones to US$1.00. In 2010, the exchange rate appreciated by 8.3% to 525.8 colones to US$1.00,
mainly as a result of the improvement in the financial account of the balance of payments and an increase in foreign
direct investment. In 2011 and 2012, the exchange rate remained relatively stable at an average of 505.7 and 502.9
colones to US$1.00, respectively, close to the lower limit of the exchange-rate target band 500 colones per US$1.00
set by the Central Bank.
Fiscal Policy
At December 31, 2012, the Government's fiscal deficit totaled US$2.0 billion, or 4.4% of GDP. At
December 31, 2012, the Government's fiscal deficit reflected total expenditures of US$8.5 billion and revenues of
US$6.5 billion. As of March 31, 2013, the Government registered a fiscal deficit equal to US$0.7 billion, equivalent
to 1.4% of estimated annual GDP.
The Government's fiscal deficit as of March 31, 2013 reflected total
expenditures of US$2.4 billion and total revenues of US$1.7 billion.
The Government is implementing a comprehensive fiscal strategy to further increase competitiveness,
including: (a) executing strict policies to restrain current expenditures by limiting government hiring and limiting wage
increases to match expected inflation; (b) safeguarding public investment and social spending through productive
investment projects using innovative financing, and enacting measures to maintain current levels of social expenditure;
(c) strengthening the fight against tax evasion, tax elusion and contraband, increasing fiscal transparency and training
judges and prosecutors to better understand and fight tax crimes; (d) expanding financing options for the Government
with the goal of expanding its investor base and lowering borrowing costs; and (e) encouraging a national dialogue with
all stakeholders to reach a consensus on ways to strengthen the finances of the public sector.
Public Debt
Government debt reached US$7.0 billion in 2008 (24.7% of GDP), US$8.2 billion in 2009 (27.2% of GDP),
US$10.9 billion in 2010 (29.2% in 2010), US$12.5 billion in 2011 (30.9% of GDP), and US$15.7 billion in 2012
(35.4% of GDP). Government debt increased from 2008 to 2012 mainly due to an expansion of the fiscal deficit as
the Government pursued an expansionary fiscal policy to mitigate the effects of the global financial crisis that
started in the fourth quarter of 2008 and to support the Government's growth strategy. In addition to the incurrence
of Government debt to finance the fiscal deficit, the increase in Government indebtedness in 2012 compared to 2011
reflected the receipt of proceeds from the issuance by the Republic of its Notes due 2023 in November 2012, which
proceeds have been and will continue to be used during the first half of 2013 to refinance maturities of domestic and
external Government debt. Government debt contributed the largest share to total public sector debt, averaging
65.9% of total debt over the period from 2008 to 2012.
3