Is Costa Rica a developed country?
By the most widely used international benchmark, yes. In July 2025 the World Bank moved Costa Rica from "upper-middle-income" to high-income status, on the strength of an average growth rate near 4.7% over the prior three years. It has been a full member of the OECD (the club of advanced economies) since 2021, and its Human Development Index of 0.833 places it in the "very high" category.
Sources: World Bank 2025 · OECD · UNDP Human Development Report 2023.
This matters for investors because it signals institutional stability, regulatory maturity, and a workforce operating at developed-economy standards, not a low-cost, low-capability profile.
How big is the Costa Rica economy?
Costa Rica runs a services- and advanced-manufacturing-led economy of roughly $95 billion, with growth outpacing most of Latin America.
| Indicator | Value | Year | Source |
|---|---|---|---|
| GDP (nominal) | ~$95.35 B | 2024 | World Bank |
| GDP growth | 4.6% | 2025 | World Bank |
| GDP per capita (nominal) | ~$14,870 | 2024 | World Bank |
| GDP per capita (PPP) | ~$26,970 | 2024 | World Bank |
| GNI per capita (Atlas) | ~$15,620 | 2024 | World Bank |
| Income classification | High-income | 2025 | World Bank |
| Unemployment | 6.3% | Q4 2025 | World Bank |
| OECD member | Since 2021 | N/A | OECD |
| Currency | Costa Rican colón (CRC) | N/A | N/A |
What does Costa Rica export?
Costa Rica's export profile has moved decisively up the value chain. Medical devices are now the country's #1 export, a shift completed in the late 2010s away from agricultural commodities.
- ~$9.2B medical device exports by Oct 2025 (+30% YoY)
- 48% of total goods exports
- #1 medical device exporter per capita (10th largest worldwide)
- 164 products shipped to 88 markets
Source: PROCOMER, 2024–2025.
Beyond life sciences, Costa Rica exports business and IT services, precision components, and high-value agricultural goods (specialty coffee, pineapples, bananas). Its largest trading partner is the United States.
What are Costa Rica's main industries?
| Industry | Role in the economy |
|---|---|
| Life sciences / medical devices | Top export sector; 600+ multinationals in free zones |
| Advanced manufacturing | Precision components, electronics |
| Corporate & IT services | Back-office, shared services, software (US/European firms) |
| Tourism | Major foreign-exchange earner |
| Agriculture (high-value) | Specialty coffee, pineapple, banana |
Source: PROCOMER / CINDE, 2024–2025.
Anchor multinationals span medtech and services: Boston Scientific, Medtronic, Hologic, Intel, Microsoft, Amazon, Bank of America, and Equifax among them.
What natural resources and energy does Costa Rica offer?
Costa Rica's defining resource advantage is clean, stable electricity. In 2025 the country generated 98.6% of its electricity from renewable sources, a structural advantage for companies with ESG mandates.
- Hydropower ~76%
- Wind ~12%
- Geothermal ~11%
- Solar + biomass <1%
Source: ICE (Grupo ICE), 2025.
The renewable matrix is backed by five sources (water, geothermal, wind, biomass, solar), giving resilience against any single point of failure. Beyond energy, Costa Rica's "resources" are increasingly human: a bilingual, STEM-heavy talent base concentrated around its free-zone clusters.
What is the cost and quality of talent?
Costa Rica competes on value, not lowest price. Wages reflect a skilled, developed-economy workforce rather than a bargain-labor market.
- Average gross salary: ~$1,500/month (2024).
- Demand for STEM and bilingual professionals is rising, pushing wages up as North American multinationals expand.
Source: INEC, 2024.
How does Costa Rica compare to other nearshore economies?
| Dimension | Costa Rica | Mexico | Colombia |
|---|---|---|---|
| Income classification | High-income | Upper-middle income | Upper-middle income |
| Renewable electricity | ~98.6% | ~18.8% | ~70% |
| Corporate tax, free zone regime | 0% (8 years, Ley N.º 7210) | 30% (no equivalent regime) | 20% (export income only) |
| Top FDI sector | Life sciences | Manufacturing (54% of FDI) | Financial & business services |
| Political stability (World Bank) | 1.18 · rank 19/194 | −0.72 · rank 154/194 | −0.97 · rank 162/194 |
Sources: World Bank (income classification FY26; Worldwide Governance Indicators 2024, scale −2.5 to 2.5) · ICE, SENER, IEA · CINDE, Secretaría de Economía, Banco de la República (2024) · PwC, Chambers.
See the full Costa Rica vs Mexico vs Colombia comparison in our Nearshoring guide
The numbers are strong. The execution capability is the real story.
Costa Rica's macro data is the floor, not the pitch. See how companies turn this foundation into running operations.