Costa Rican GDP Growth Rate (Q2 YY) 3.4% (Prev. 4.0%)

A deceleration of this size in Costa Rican output is the kind of print that matters mainly through its read-across to the central bank's easing calculus rather than through any direct market footprint, since the colón and local rates trade thinly and offshore participation is limited. In past episodes, sequential slowdowns from an above-trend pace in small open Central American economies have tended to give doves on the board cover to continue or accelerate rate cuts, particularly where disinflation is already established, which has been the regional pattern. The distinction worth drawing is between a growth print that is cooling from strength and one that signals genuine weakness: the former usually delays rather than derails an easing path, the latter steepens it. Worth watching is whether the breakdown shows the deceleration concentrated in domestic demand or in exports and free-zone activity, since the central bank has historically reacted more to the domestic component. The follow-ons are the next policy statement and any revision to the bank's output gap estimates, which is where a print like this gets formalised into the rate path.