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Denny's
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For other uses, see Dennys (disambiguation).
Denny's Corporation
The 2002-present logo
Trading name
Denny's
Formerly
Danny's Donuts
Type
Public
Traded as
NASDAQ: DENN
Russell 2000 Component
Industry
Restaurants
Genre
Family dining
Founded
1953; 65 years ago (1953) (as Danny's Donuts)
Lakewood, California, U.S.
Founders
Harold Butler
Richard Jezak.
Headquarters
Spartanburg, South Carolina, U.S.
Number of locations
1,700[1]
Revenue
US$ $506.95 million (2016)
Operating income
US$46.99 million (2016)
Net income
US$19.4 million (2016)
Total assets
US$306.15 million (2016)
Total equity
US$(-71.11) million (2016)
Website
www.dennys.com
Denny's (also known as Denny's Diner on some of the locations' signage) is a table service diner-style restaurant chain. It operates over 1,600 restaurants in the United States (including Puerto Rico and Guam), Canada, United Kingdom, Mexico, Dominican Republic, El Salvador, Curaçao, Costa Rica, Guatemala, Honduras, Japan (transliterated as デニーズ Denīzu), New Zealand, Qatar, Philippines and United Arab Emirates.
Originally opened as a coffee shop under the name Danny’s Donuts, Denny's is now known for always being open, serving breakfast, lunch, and dinner around the clock. Denny's does not close on holidays and nights, except where required by law. Many of the restaurants are located in proximity to freeway exits, bars, and in service areas. Denny's started franchising in 1963, and most Denny's restaurants are now franchisee-owned.[2]
Contents
1 History
1.1 The Denny's Diner prototype
1.2 Domestic and international growth
2 Health inspection records
3 Animal welfare efforts
4 Controversies
4.1 Discrimination
4.2 Sudden closures
5 See also
6 References
7 External links
History[edit]
Very first Denny's located in Lakewood California, 1953.
Denny's was founded by Harold Butler and Richard Jezak, who opened Danny's Donuts in Lakewood, California in 1953.[2] In 1956, a year after Jezak's departure from the then-6-store chain, Butler changed the concept, shifting it from a donut shop to a coffee shop with store #8. Danny's Donuts was renamed Danny's Coffee Shops and changed its operation to 24 hours. In 1959, to avoid confusion with Los Angeles restaurant chain Coffee Dan's, Butler changed the name from Danny's Coffee Shops to Denny's Coffee Shops. In 1961, Denny's Coffee Shops was renamed Denny's.[2] The business continued to expand, and by 1981, there were over 1,000 restaurants in all 50 U.S. states. The company absorbed many of the old Sambo's restaurants and used their mid-century design in some of their restaurants. In 1977, Denny's introduced the still-popular Grand Slam breakfast. In 1994, Denny's became the largest corporate sponsor of Save the Children, a national charity. All but six Denny's closed for the first time ever on Christmas 1988; many of the restaurants were built without locks, and some had reportedly lost their keys.[3]
Denny's main offices were located in La Mirada, California, until 1989. At that time, the office was first moved to Irvine, California and subsequently moved to the Spartanburg, South Carolina, headquarters of the parent company Trans World Corporation (TW Corporation) that acquired Denny's in 1987. In 1992, private equity firm, Kohlberg Kravis Roberts acquired a 47% interest in TW Corporation, later known as The Flagstar Companies, and encouraged the company to sell non-core businesses.[4] Eventually, Denny's operations dominated the parent company to such an extent that The Flagstar Companies changed its name again to Denny's Corporation. It now trades on the NASDAQ under the symbol DENN.
From 1990 through 1993, Denny's offered a free meal to anyone on his/her birthday. The offer included a limited number of meal options from a special birthday menu. The promotion began in the 1990s; though occasionally individual franchises had offered it before that time. Because too many people went to Denny's more than once on their birthdays, the management had to restrict the rules to only one meal per person, per birthday, only on the actual birthday, with proof of legal birth date required, such as a driver's license, other photo ID, or a birth certificate. Since 2009, the restaurant chain has offered a free Birthday Build-Your-Own Slam on the customer's birthday. .
In 1994, Denny's began renovating its stores, with a lighter color scheme; select locations also began serving Baskin-Robbins ice cream for a short time. Houston, Texas, was the test market for the chain-wide renovation.[5]
The Denny's Diner prototype[edit]
Denny's corporate headquarters in downtown Spartanburg, South Carolina
Denny's Diner in Bangor, Maine, inspired by 1950s culture
A Denny's in Ontario, California
This newer Denny's off Interstate 35 north of Laredo, Texas, handles a considerable trucker clientele.
A Halloween pancake at a Denny's in Tokyo
Some Denny's restaurants employ the "diner" concept, using modular buildings that resemble classic 1950s diners. In May 1997, the first Denny's Classic Diner was opened in Fort Myers, Florida. The diner concept was created by Ron, Marcia, Marc, and Todd York, the principals of Denny's Franchisee SWFRI, Inc. Today,[when?] there are about 40 Denny's Diners in the United States. Additionally, there are several diners that resemble the modular buildings but are actually stick construction.[citation needed]
Domestic and international growth[edit]
In July 2010, Denny's presence in the United States saw a major expansion when Pilot Flying J started opening Denny's locations inside their Flying J-branded truck stop locations.[6] 123 Pilot Flying J conversions were eventually completed.[7]
As of the end of 2011, there were a total of 1,685 Denny's restaurants. While the company owns and operates some restaurants, the majority are operated through a franchising model. 1,593 of Denny's 1,685 restaurants are located in the 50 U.S. states (including the District of Columbia), 11 in Puerto Rico, two in Guam, one in Chile, 60 in Canada, five in Mexico, three in Costa Rica, two in Honduras, one in El Salvador, one in United Kingdom and eight in New Zealand. There is also a Denny's attached to the Holiday Beach Hotel in Otrabanda, Willemstad, Curaçao.[8] Along with the regular Denny's menu, the Curaçao restaurant offers a selection of local ("kriyoyo") dishes. This is also true of the two locations in Guam, which have a separate "Only on Guam"[9] menu featuring Chamorro-style dishes. There are also about 578 Denny's restaurants in Japan operated independently under a license by a subsidiary of Seven & I Holdings[10] since 1984.[11] At least five restaurants are planned to be opened in Poland starting in 2016.[citation needed]
In June 2012, Denny's opened a location in the Las Américas International Airport, its first location in an airport and its first in the Dominican Republic.[12][13] In July 2012, Denny's announced it had signed an agreement with a franchisee to open 50 restaurants in southern China over 15 years, beginning in 2013. This makes it Denny's largest international development deal at that time.[14][15]
On August 29, 2014, Denny's opened its first location in New York City, with some patrons waiting as long as two hours before its official opening to eat there. Located in Lower Manhattan, the location is designed to be more upscale than the typical Denny's, serves alcohol, and offers a location-exclusive $300 Grand Cru Slam, which is the typical Grand Slam Breakfast served with a bottle of Dom Pérignon.[16][17]
In November 2017, it was announced that Denny's was to open its first UK restaurant in Swansea in December 2017 as part of Parc Tawe's 15 million redevelopment scheme, occupying a 4,000 sq ft unit.[18] The restaurant opened its doors on Christmas day 2017 for the homeless people in the city of Swansea, although the official opening to the general public was on December 27th.
Health inspection records[edit]
In October 2004, Dateline NBC aired a segment titled "Dirty Dining", in which the 10 most popular family and casual dining chains in the United States were examined: Applebee's, Bob Evans, Chili's, Denny's, IHOP, Outback Steakhouse, Red Lobster, Ruby Tuesday, TGI Friday's, and Waffle House. As part of the segment, the producers examined the health inspection records for 100 restaurants over 15 months and totaled all of the critical violations, or violations that can result in adverse effects to the customers' health. Denny's had the fewest violations, averaging fewer than one violation per restaurant. Denny's attributes this relative success to its adherence to the principles of Hazard Analysis and Critical Control Points.[19]
Animal welfare efforts[edit]
Denny's works with the Humane Society of the United States to address animal welfare issues.
In 2008, Denny's began switching to cage-free eggs.
In 2012, the company announced that it will work with its suppliers to move away from the practice of keeping pigs in gestation crates.[20]
Controversies[edit]
Discrimination[edit]
Denny's has been involved in a series of discrimination lawsuits involving food servers denying or providing inferior service to racial minorities, especially black customers.[21]
In 1994, Denny's settled a class action lawsuit filed by black customers who had been refused service, forced to wait longer, or pay more than white customers. The $54.4 million settlement was the largest to date under federal public-accommodations laws established thirty years earlier.[22]
In 1995, a black Denny's customer in Sacramento, California was told that he and his friends had to pay up front at the counter upon ordering their meals. He questioned the waitress: "We asked the waitress about it and she said some black guys had been in earlier who made a scene and walked out without paying their bill. So the manager now wanted all blacks to pay up front."[23]
A 1993 incident occurred when six black United States Secret Service agents visited a Denny’s restaurant in Annapolis, Maryland. They were forced to wait an hour for service while their white companions were seated immediately.[24][25]
In San Jose, California, in 1994, several black teenagers were refused service unless they agreed to pay in advance.[26][27]
In 1997, six Asian-American students from Syracuse University visited a local Denny’s restaurant late at night. They waited for more than half an hour as white patrons were regularly served, seated, and offered more helpings. They complained to management and to their server but were forced to leave the establishment by two security guards called by Denny’s management. Then, according to the students, a group of white men came out of Denny's, attacked them[28] and shouted racial epithets. Several of the students were beaten into unconsciousness.[29][30]
After the $54.4 million settlement, Denny's created a racial sensitivity training program for all employees. Denny's has also made efforts at improving its public relations image by featuring African-Americans in their commercials, including one featuring Sherman Hemsley and Isabel Sanford, actors from the popular The Jeffersons television series.[31][32] In 2001, Denny's was chosen by Fortune magazine as the "Best Company for Minorities."[33] In 2006 and 2007, Denny's topped Black Enterprise's "Best 40 Companies for Diversity."[34]
In 2014, a Denny's location in Deming, New Mexico became subjected to a discrimination claim by an LGBT group, alleging that wait staff used homophobic slurs and refused to serve a group of gay, lesbian, and transgender customers who were attending a gay pride celebration. One year later, Denny's agreed to donate $13,000 to Deming Pride, pay $3,250 to a female customer who was subjected to the abusive behavior by wait staff, as well as retrain employees regarding discrimination policies.[35]
In 2017, staff at a Denny's in Vancouver were accused of making an Indigenous woman pay for her meal before it was served.[36] After the customer left, restaurant staff called police to report the incident, alleging that the patron had a sharp-metal object in their pocket.[37] Denny's Canada responded stating that the company was conducting an internal review regarding the incident.
Sudden closures[edit]
In June 2017, eight Denny's locations in Colorado, including Colorado Springs and Pueblo, abruptly shut down due to a franchise owner failing to pay nearly $200,000 in back taxes as well as over $30,000 in sales tax from the previous year. In addition, several employees claimed there were issues with accounts not being paid, bounced checks and paychecks not arriving on time. As a result of the seizure of the eight Denny's locations by the IRS, numerous employees were left without employment, and claimed that no advanced warning was given regarding the sudden closures. The franchise owner responsible for the closures immediately fled the state of Colorado.[38][39]
See also[edit]
List of pancake houses
References[edit]
Jump up ^ "Denny's Corporation to Present at the Oppenheimer 11th Annual Consumer Conference". Ir.dennys.com. Archived from the original on July 11, 2012. Retrieved January 6, 2012.
^ Jump up to: a b c "Home Page - Denny's". Dennys.com. Archived from the original on August 21, 2015. Retrieved August 26, 2015.
Jump up ^ "Diner Chain Has to Buy Locks for First Holiday Closing". The New York Times. Associated Press. December 20, 1988.
Jump up ^ "Kohlberg, Kravis Plans Stake in TW". The New York Times. June 26, 1992.
Jump up ^ "Restaurant testing new look, menu". The Galveston Daily News. Associated Press. March 13, 1994. p. 23. Retrieved September 19, 2014 – via Newspapers.com. (Subscription required (help)).
Jump up ^ Fox, Geoff (November 4, 2009). "Denny's to open at Flying J in Pasco". Tampa Tribune. Archived from the original on October 7, 2012.
Jump up ^ Miller, John C. "To Our Valued Shareholders". Denny's Corporation 2011 Annual Report. Denny's Corporation. Retrieved June 8, 2012. [dead link]
Jump up ^ "Denny's Corporation 2011 Annual Report". Denny's Corporation. Retrieved June 8, 2012. [dead link]
Jump up ^ "Denny's Guam franchise web site". Denny's of Guam. Archived from the original on August 1, 2015. Retrieved August 26, 2015.
Jump up ^ "Denny's Chain in Japan". Wall Street Journal. May 10, 1973. p. 4. (Subscription required (help)). Alternate Link via ProQuest.
Jump up ^ "Denny's Says Rights To Its Name in Japan Sold for $25.5 Million". Wall Street Journal. November 14, 1984. p. 1. (Subscription required (help)). Alternate Link via ProQuest.
Jump up ^ "Denny's Enters Dominican Republic". Yahoo! Finance. Zacks Equity Research. June 27, 2012. Retrieved July 10, 2012.
Jump up ^ "Denny's Comes to the Dominican Republic". Fox News Channel. June 28, 2012.
Jump up ^ Jones, Kristin (July 9, 2012). "Denny's Plans China Expansion in 50-Restaurant Deal". The Wall Street Journal. Retrieved July 10, 2012. (Subscription required (help)). [dead link]
Jump up ^ "Denny's to open 50 restaurants in China". New York Daily News. July 11, 2012.
Jump up ^ Tepper, Rachel (August 29, 2014). "We Went to America's First 'Fancy Denny's'". Yahoo! News. Archived from the original on August 30, 2014.
Jump up ^ Preston, Marguerite (August 27, 2014). "Denny's Makes Its Very Fancy New York Debut on Friday". Eater NY. Retrieved August 26, 2015.
Jump up ^ "American Diner Denny's Chooses Swansea to Open Its First UK Restaurant". commercialpeople.com. 22 November 2017. Retrieved 13 February 2018.
Jump up ^ Thompson, Lea (October 3, 2004). "How safe are your favorite restaurants?". MSNBC. Retrieved January 6, 2012.
Jump up ^ West, Anna (May 15, 2012). "Denny's Moves to End Gestation Crate Pig Confinement in Its Supply Chain" (Press release). The Humane Society of the United States. Retrieved June 13, 2012.
Jump up ^ "Denny's Restaurants Hit With Discrimination Suit". Jet. April 12, 1993. pp. 4–5. Retrieved January 6, 2012 – via Google News Archive.
Jump up ^ "In a Surprising Act of Redemption, Denny's Becomes a Leader in Diversity". Washington Informer. January 20, 1999. Retrieved January 6, 2012 – via HighBeam Research. (Subscription required (help)).
Jump up ^ Ferraro, Cathleen (December 12, 1995). "Denny's Settles Two Race Suits Sacramentans Share In $46 Million Deal". Sacramento Bee. p. F1. Retrieved August 26, 2015 – via NewsBank. (Subscription required (help)).
Jump up ^ "Secret Service accusing Denny's of discrimination". The Robesonian. May 24, 1993. p. A3. Retrieved January 6, 2012 – via Google News Archive.
Jump up ^ Fletcher, Michael A. (May 25, 1994). "6 black Secret Service agents to share in settlement of Denny's bias suit". Baltimore Sun. Retrieved January 31, 2014.
Jump up ^ Labaton, Stephen (May 25, 1994). "Denny's Restaurants to Pay $54 Million in Race Bias Suits". New York Times. Retrieved May 1, 2010.
Jump up ^ "Boston.com Local Search - Boston Globe Archives". Docs.newsbank.com. Archived from the original on July 8, 2012. Retrieved August 26, 2015.
Jump up ^ "Syracuse U. Students Fault Police on Denny's". New York Times. August 22, 1997.
Jump up ^ Harlan, Heather (August 22, 1997). "Federal Investigation Finds Fault at Denny's". AsianWeek.
Jump up ^ "Bias Alleged at N.Y. Denny's". Washington Post. August 22, 1997. Retrieved January 6, 2012.
Jump up ^ "'The Jeffersons' come back for another Denny's round". Tampa Bay Business Journal. September 28, 2001.
Jump up ^ "Sherman Hemsley and Isabel Sanford". Nation's Restaurant News. September 19, 2001. Archived from the original on September 30, 2007 – via Access My Library.
Jump up ^ Dinsmore, Christopher (October 11, 1998). "High Marks for Diversity Fortune's List Of Companies With Best Marks for Hiring And Promoting Minorities Includes Area Shipbuilder". Virginian-Pilot. p. D1. Retrieved August 26, 2015 – via NewsBank. (Subscription required (help)).
Jump up ^ "Awards & Recognition". Denny's Diversity Speaks. Denny's. Archived from the original on September 18, 2011. Retrieved June 14, 2012.
Jump up ^ Ramirez, Chris & Reed, Elizabeth (June 16, 2015). "LGBT group resolves discrimination complaint with NM Denny's". KOB Eyewitness News 4 Albuquerque. Archived from the original on June 20, 2015. Retrieved June 16, 2015.
Jump up ^ "'Treated like a criminal': Yukon Indigenous woman accuses Vancouver Denny's of racism". CBC News. 21 November 2017. Retrieved 21 November 2017.
Jump up ^ Strapagiel, Lauren (21 November 2017). "This Indigenous Couple Says A Denny's Employee Asked Them To Pay For Their Meals Upfront". BuzzFeed Canada. Retrieved 21 November 2017.
Jump up ^ Morrison, Holly (June 6, 2017). "Employees: 8 Denny's locations shut down after lack of paid taxes". KRDO News 13 Colorado Springs. Retrieved June 6, 2017.
Jump up ^ Laden, Rich; Bodine, Seth (June 6, 2017). "State seizes Denny's restaurants in Colorado Springs for back taxes". Colorado Springs Gazette. Retrieved June 6, 2017.
External links[edit]
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Denny's official website
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text:
Economy of Costa Rica
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Economy of Costa Rica
San José
Currency
Costa Rican colón
Fiscal year
calendar year
Trade organizations
CAFTA
Statistics
GDP
US$57.4 billion (2016)[1]
GDP by sector
agriculture: 5.5% industry: 18.6% services: 75.9% (2016 estimate)[2]
Inflation (CPI)
0.7% (2016)
Population below poverty line
20.5% (2017 est.)[3]
Gini coefficient
47.9 (1992-2007)
Labor force
2.336 million (2016)[4]
Unemployment
8.2% (2016)[5]
Main industries
medical instruments, tourism, microprocessors, food processing, textiles and clothing, construction materials, fertilizer, plastic products (2012)
Ease-of-doing-business rank
61st (2018)[6]
External
Exports
US$12.6 billion (2015)
Export goods
medical instruments, bananas, tropical fruits, integrated circuits, orthopaedic appliances (2015)[7]
Main export partners
United States $4.29bn
Guatemala $496m
Netherlands $537m
Panama 535m
Nicaragua $4.96m (2015 est.)[8]
Imports
US$15.1 billion (2015)
Import goods
refined petroleum, automobiles, raw materials, consumer goods, capital equipment, construction materials (2015)
Main import partners
United States $6.06bn
China $1.92bn
Mexico $1.14bn
Japan $410m
Guatemala $409m (2015 est.).)[9]
Public finances
Public debt
$22.648 bn (2015)[10]
45% of GDP (2016)[11]
Revenues
US$7.197 billion (2013)
Expenses
US$9.621 billion (2013)
Credit rating
BB- per Standard & Poor's (2017)[12]
Foreign reserves
US$7.5 billion (31 December 2013)

All values, unless otherwise stated, are in US dollars.
The economy of Costa Rica has been very stable for some years now, with continuing growth in the GDP (Gross Domestic Product) and moderate inflation, though with a high unemployment rate: 8.2% in 2016.[13] The economy emerged from recession in 1997 and has shown strong aggregate growth since then.[14][15] The estimated GDP for 2017 is US$61.5 billion, up significantly from the US$52.6 billion in 2015[16] while the estimated 2017 per capita (purchasing power parity) is US$12,382.[17]
Inflation remained around 4% to 5% per annum for several years up to 2015 but then dropped to 0.7% in 2016; it was expected to rise to a still moderate 2.8% by the end of 2017[18] In 2017, Costa Rica has one of the highest standards of living in Central America[19] in spite of the high poverty level, which dropped by 1.2% in 2017 to 20.5% thanks to reducing inflation and benefits offered by the government.[20][21] The estimated unemployment level in 2017 is 8.1%, roughly the same as in 2016.[22]
The country has evolved from an economy that once depended solely on agriculture, to one that is more diverse, based on tourism, electronics and medical components exports, medical manufacturing and IT services.[23][24] Corporate services for foreign companies employ some 3% of the workforce.[25] Of the GDP, 5.5% is generated by agriculture, 18.6% by industry and 75.9% by services (2016).[17] Agriculture employs 12.9% of the labor force, industry 18.57%, services 69.02% (2016)[26] Many foreign companies operate in the various Free-trade zones.[27] In 2015, exports totalled US$12.6 billion while imports totalled US$15 billion for a trade deficit of US$2.39 billion.[28]
The growing debt and budget deficit are the country's primary concerns.[29] By August 2017, Costa Rica was having difficulty paying its obligations and the President promised dramatic changes to handle the "liquidity crisis".[30][31] Other challenges facing Costa in its attempts to increase the economy by foreign investment include a poor infrastructure and a need to improve public sector efficiency.[32][33]
Contents
[hide]
1 Public debt and deficit
1.1 Liquidity crisis
2 Other challenges
3 Natural resources
4 Tourism
5 Agriculture
6 Exports, jobs, and energy
7 Infrastructure
8 Foreign trade
9 Statistics
10 External links
11 References
Public debt and deficit[edit]
One of the country's major concerns is the level of the public debt, especially as a percentage of the GDP (Gross Domestic Product), increasing from 29.8% in 2011 to 40.8% in 2015 and to 45% in 2016.[34] [35][36] The total debt in 2015 was $22.648 billion, up by nearly $3 billion from 2014. On a per capita basis, the debt was $4,711 per person.[37] Costa Rica had a formal line of credit with the World Bank valued at US$947 million in April 2014, of which US$645 million had been accessed and US$600 million remained outstanding.[38]
In a June 2017 report, the International Monetary Fund stated that annual growth was just over 4% with moderate inflation. The report added that "financial system appears sound, and credit growth continues to be consistent with healthy financial deepening and macroeconomic trends. The agency noted that the fiscal deficit remains high and public debt continues to rise rapidly despite the authorities’ deepened consolidation efforts in 2016. Recent advances in fiscal consolidation have been partly reversed and political consensus on a comprehensive fiscal package remains elusive".[39][40]
The IMF also expressed concern about increasing deficits, public debt and the heavy dollarization of bank assets and liabilities, warning that in tighter-than-expected global financial conditions these aspects would "seriously undermine investor confidence". The group also recommended taking steps to reduce pension benefits and increase the amount of contribution by the public and increasing the cost effectiveness of the education system.[41][42]
The country's credit rating was reduced by Moody's Investors Service in early 2017 to Ba2 from Ba1, with a negative outlook on the rating. The agency particularly cited the "rising government debt burden and persistently high fiscal deficit, which was 5.2% of GDP in 2016". Moody's was also concerned about the "lack of political consensus to implement measures to reduce the fiscal deficit [which] will result in further pressure on the government's debt ratios".[43] In late July 2017, the Central Bank estimated the budget deficit at 6.1 percent of the country's GDP. A 2017 study by the Organisation for Economic Co-operation and Development warned that reducing the foreign debt must be a very high priority for the government. Other fiscal reforms were also recommended to moderate the budget deficit.[44]
In 2014, President Solís presented a budget with an increase in spending of 19% for 2015, an increase of 0.5% for 2016 and an increase of 12% for 2017.[45] When the 2017 budget was finally proposed, it totaled US$15.9 billion. Debt payments account for one-third of that amount. Of greater concern is the fact that a full 46% of the budget will require financing, a step that will increase the debt owed to foreign entities.[46] In late July 2017, the Central Bank estimated the budget deficit at 6.1 percent of the country's GDP.[47]
Liquidity crisis[edit]
In early August 2017, President Luis Guillermo Solís promised admitted that the country was facing a "liquidity crisis", an inability to pay all of its obligations and to guarantee the essential services. To address this issue, he promised that a higher VAT and higher income tax rates were being considered by his government. Such steps are essential, Solís told the nation.[48] "Despite all the public calls and efforts we have made since the start of my administration to contain spending and increase revenues, there is still a gap that we must close with fresh resources," he said. The crisis was occurring in spite of growth, low inflation and continued moderate interest rates, Solís concluded.[49]
Solís explained that the Treasury will prioritize payments on the public debt first, then salaries, and then pensions. The subsequent priorities include transfers to institutions "according to their social urgency." All other payments will be made only if funds are available.[50]
Other challenges[edit]
A 2016 report by the U.S. government report identifies other challenges facing Costa Rica as it works to expand its economy by working with potential foreign investors:[51]
The ports, roads, water systems would benefit from major upgrading. Attempts by the China to invest in upgrading such aspects were "stalled by bureaucratic and legal concerns".
The bureaucracy is "often slow and cumbersome".
The country needs even more workers who are fluent in English and languages such as Portuguese, Mandarin and French. It would also benefit from more graduates in Science, Technology, Engineering and Math (STEM) programs.
Some sectors are controlled by a state monopoly which excludes competiton but in other respects, "Costa Rican laws, regulations and practices are generally transparent and foster competition".
The country has been slow in completing environmental impact assessments which have caused delays in projects being completed.
Product registration is a slow process, although this may improve with digitization.
In spite of government attempts at improving the enforcement of intellectual property laws, this aspect remains a concern.[52]
Natural resources[edit]
See also: Ecotourism in Costa Rica
Costa Rica's rainfall, its well-educated population, and its location in the Central American isthmus, which provides easy access to North and South American markets and direct ocean access to the European and Asian Continents. Costa Rica has two seasons, both of which have their own agricultural resources: the tropical wet and dry seasons. One-fourth of Costa Rica's land is dedicated to national forests, often adjoining beaches, which has made the country a popular destination for affluent retirees and ecotourists.
A full 10.27% of the country is protected as national parks while an additional 17% is set aside for reserves, wildlife refuges and protected zones. Costa Rica has over 50 wildlife refuges, 32 major national parks, more than 12 forest reserves and a few biological reserves.[53]
Because of ocean access, 23.7% of Costa Ricas people fish and trade their catches to fish companies; this is viewed as "small scale artisanal coastal" fishing and is most common in the Gulf of Nicoya. Costa Rica also charges licensing fees for commercial fishing fleets[54][55] that are taking tuna, sardines, banga mary, mahi-mahi, red tilapia, shrimp, red snapper, other snappers, shark, marlin and sailfish.[56] In mid 2017, the country was planning to ban large-scale commercial fishing off the southern Pacific Coast in an area nearly a million acres in size. The bill in congress was intended to "protect the extraordinary marine and coastal resources" from "indiscriminate and unsustainable commercial fishing." [57]
Sport fishing is an important part of the tourism industry; species include marlin, sailfish, dorado, tarpon, snook, rooster fish, wahoo, tuna, mackerel, snapper and rainbow bass.[58][59]
In terms of the 2012 Environmental Performance Index ranking, Costa Rica is 5th in the world, and first among the Americas.[60] The World Economic Forum’s 2017 Travel & Tourism Competitiveness Report ranked Costa Rica as third of 136 countries based on natural resources, the number of World Heritage natural sites, protected areas and species as well as eco tourism.[61]
Tourism[edit]
Ecotourism is key in Costa Rica's tourism industry. Shown Savegre River, Talamanca.
Main article: Tourism in Costa Rica
With a $1.92-billion-a-year tourism industry, Costa Rica was the most visited nation in the Central American region, with 2.42 million foreign visitors in 2013.[62] By 2016, 2.6 million tourists visited Costa Rica. The Tourism Board estimates that this sector's spending in the country represented over US$3.4 billion, or about 5.8% of the GDP.[63] The World Travel & Tourism Council's estimates indicate a direct contribution to the 2016 GDP of 5.1% and 110,000 direct jobs in Costa Rica; the total number of jobs indirectly supported by tourism was 271,000.[64]
Ecotourism is extremely popular with the many tourists visiting the extensive national parks and protected areas around the country. Costa Rica was a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism.[65] Other important market segments are adventure, sun and beaches. Most of the tourists come from the U.S. and Canada (46%), and the EU (16%),[66] the prime market travelers in the world, which translates into a relatively high expenditure per tourist of $1000 per trip.
In the 2008 Travel and Tourism Competitiveness Index (TTCI), Costa Rica reached the 44th place in the world ranking, being the first among Latin American countries, and second if the Caribbean is included.[67] Just considering the subindex measuring human, cultural, and natural resources, Costa Rica ranks in the 24th place at a worldwide level, and 7th when considering just the natural resources criteria. The TTCI report also notes Costa Rica's main weaknesses, ground transport infrastructure (ranked 113th), and safety and security (ranked 128th).[68] [69]
The online travel magazine Travelzoo rated Costa Rica as one of five “Wow Deal Destinations for 2012”. The magazine Travel Weekly named Costa Rica the best destination in Central and South America in 2011.[70] In 2017, the country was nominated in the following categories in the World Travel Awards: Mexico & Central America's Leading Beach Destination, Mexico & Central America's Leading Destination and Mexico & Central America's Leading Tourist Board.[71]
Agriculture[edit]
Main article: Agriculture in Costa Rica
Costa Rica's economy was historically based on agriculture, and this has had a large cultural impact through the years. Costa Rica's main cash crops, both historically and up to modern times, were Coffee and Bananas. Coffee, especially, had much cultural and political importance during the 1800s, being the crop that brought a newfound wealth to the nation's elite. But this crop has decreased in value to the point where it added only 2.5% to the 2013 exports of the country.[72]
Agriculture also plays an important part in the country’s gross domestic product (GDP). It makes up about 6.5% of Costa Rica’s GDP, and employs 12.9% of the labor force (2016). By comparison, 18.57% work in industry and 69.02 percent in the services sector.[73]
Depending on location and altitude, many regions differ in agricultural crops and techniques. The main agricultural exports from the country include: bananas, pineapples (the second highest export, with over 50% share of the world market,[74] other tropical fruits, coffee (much of it grown in the Valle Central or Meseta Central)[75], sugar, rice, palm oil, vegetables, tropical fruits, ornamental plants, corn, and potatoes.
Livestock activity consists of cattle, pigs and horses, as well as poultry. Meat and dairy produce are leading exports according to one source,[76] but both were not in the top 10 categories of 2013.[72]
The combined export value of forest products and textiles in 2013 did not exceed that of either chemical products or plastics.[72]
Exports, jobs, and energy[edit]
A proportional representation of Costa Rica's exports.
This Intel microprocessor facility in Costa Rica is responsible for 25% of exports and 4.9% of Costa Rica's GDP.
Mere decades ago, Costa Rica was known principally as a producer of bananas and coffee. Even though bananas, pineapple, sugar, coffee, lumber, wood products and beef are still important exports, in recent times medical instruments,[77] electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism are now the prime exports. High levels of education and fluency in English among its residents make the country an attractive investing location.[78]
In 2015 the following were the major export products (US$): Medical Instruments ($2B), Bananas ($1.24B), Tropical Fruits ($1.22B), Integrated Circuits ($841M) and Orthopedic Appliances ($555M). The total exports in 2015 were US$12.6 billion, down from $18.9B in 2010; bananas and medical instruments were the two largest sectors. Total imports in 2015 were $15B, up from $13.8B in 2010; this resulted in a trade deficit.[79]
Over the years, Costa Rica successfully attracted important investments by such companies as Intel Corporation, Procter & Gamble, Abbott Laboratories and Baxter Healthcare. Manufacturing and industry's contribution to GDP overtook agriculture over the course of the 1990s, led by foreign investment in Costa Rica's Free Trade Zones (FTZ) where companies benefit from investment and tax incentives. Companies in such zones must export at least 50% of their services.[80] Well over half of that type of investment has come from the U.S.[81] According to the government, the zones supported over 82 thousand direct jobs and 43 thousand indirect jobs in 2015; direct employment grew 5% over 2014. The average wages in the FTZ increased by 7% and were 1.8 times greater than the average for private enterprise work in the rest of the country.[82] Companies with facilities in the America Free Zone in Heredia, for example, include Dell, HP, Bayer, Bosch, DHL, IBM and Okay Industries.[83][84]
In 2006 Intel's microprocessor facility alone was responsible for 20% of Costa Rican exports and 4.9% of the country's GDP.[85][86] In 2014, Intel announced it would end manufacturing in Costa Rica and lay off 1,500 staff but agreed to maintain at least 1,200 employees. The facility continued as a test and design center with approximately 1,600 remaining staff.[87] In 2017, Intel had 2000 employees in the country, and was operating a facility which assembles, tests and distributes processors[88] and a Global Innovation Center, both in Heredia.[89][90]
The fastest growing aspect of the economy is the provision of corporate services for foreign companies which in 2016 employed approximately 54,000 people in a country with a workforce under 342,000; that was up from 52,400 the previous year. For example, Amazon.com employs some 5,000 people. Many work in the free-trade areas such as Zona Franca America and earn roughly double the national average for service work. This sector generated US$4.6 billion in 2016, nearly as much as tourism.[91]
In 2013, the total FDI stock in Costa Rica amounted to about 40 percent of GDP, of which investments from the United States accounted for 64 percent, followed by the United Kingdom and Spain with 6 percent each.[92] Costa Rica’s outward foreign direct investment stock is small, at about 3 percent of GDP as of 2011, and mainly concentrated in Central America (about 57 percent of the total outward direct investment stock).[92]
Tourism is an important part of the economy, with the number of visitors increasing from 780,000 in 1996, to 1 million in 1999, and to 2.089 million foreign visitors in 2008, allowing the country to earn $2.144-billion in that year.[93] By 2016, 2.6 million tourists visited Costa Rica, spending roughly US$3.4 billion.[94] Tourism directly supported 110,000 jobs and indirectly supported 271,000 in 2016.[95]
Costa Rica has not discovered sources of fossil fuels—apart from minor coal deposits—but its mountainous terrain and abundant rainfall have permitted the construction of a dozen hydroelectric power plants, making it self-sufficient in all energy needs, except for refined petroleum. In 2017, Costa Rica was considering the export of electricity to neighbouring countries.[96] Mild climate and trade winds make neither heating nor cooling necessary, particularly in the highland cities and towns where some 90% of the population lives. Renewable energy in Costa Rica is the norm. In 2016, 98.1 per cent of the country’s electricity came from green sources: hydro generating stations, geothermal plants, wind turbines, solar panels and biomass plants.[97]
Infrastructure[edit]
Costa Rica's infrastructure has suffered from a lack of maintenance and new investment. [98] The country has an extensive road system of more than 30,000 kilometers, although much of it is in disrepair; this also applies to ports, railways and water delivery systems.[99] According to a 2016 U.S. government report, investment from China which attempted to improve the infrastructure found the "projects stalled by bureaucratic and legal concerns".[100][101]
Most parts of the country are accessible by road. The main highland cities in the country's Central Valley are connected by paved all-weather roads with the Atlantic and Pacific coasts and by the Pan American Highway with Nicaragua and Panama, the neighboring countries to the North and the South. Costa Rica's ports are struggling to keep pace with growing trade. They have insufficient capacity, and their equipment is in poor condition. The railroad didn't function for several years, until recent government effort to reactivate it for city transportation. An August 2016 OECD report provided this summary: "The road network is extensive but of poor quality, railways are in disrepair and only slowly being reactivated after having been shut down in the 1990s, seaports quality and capacity are deficient. Internal transportation overly relies on private road vehicles as the public transport system, especially railways, is inadequate."[102]
In a June 2017 interview, President Luis Guillermo Solís said that private sector investment would be required to solve the problems. "Of course Costa Rica’s infrastructure deficit is a challenge that outlasts any one government and I hope that we have created the foundations for future administrations to continue building. I have just enacted a law to facilitate Public Private Partnerships, which are the ideal way to develop projects that are too large for the government to undertake. For example the new airport that we are building to serve the capital city will cost $2 billion, so it will need private-sector involvement. There is also the potential for a ‘dry canal’ linking sea ports on our Atlantic and Caribbean Coasts that could need up to $16 billion of investment."[103]
The government hopes to bring foreign investment, technology, and management into the telecommunications and electrical power sectors, which are monopolies of the state. ICE (Instituto Costarricense de Electricidad) has the monopoly on telecommunications, internet and electricity services. Some limited competition is allowed. In 2011, two new private companies began offering cellular phone service and others offer voice communication over internet connections (VOIP) for overseas calls.[104]
According to transparency.org, Costa Rica had a reputation as one of the most stable, prosperous, and among the least corrupt in Latin America in 2007.[105] However, in fall 2004, three former Costa Rican presidents, José María Figueres, Miguel Angel Rodríguez, and Rafael Angel Calderon, were investigated on corruption charges related to the issuance of government contracts. After extensive legal proceedings Calderon and Rodriguez were sentenced; however, the inquiry on Figueres was dismissed and he was not charged.[106]
More recently, Costa Rica reached 40th place in 2015, with a score of 55 on the Perception of Corruption scale; this is better than the global average. Countries with the lowest perceived corruption rated 90 on the scale.[107] In late May 2017, the country Costa Rica applied to become a member of the OECD Anti-Bribery Convention, to be effective in July 2017.[108][109]
Foreign trade[edit]
Costa Rica's Free Trade Agreements.
Costa Rica has sought to widen its economic and trade ties, both within and outside the region. Costa Rica signed a bilateral trade agreement with Mexico in 1994, which was later amended to cover a wider range of products. Costa Rica joined other Central American countries, plus the Dominican Republic, in establishing a Trade and Investment Council with the United States in March 1998, which later became the Dominican Republic–Central America Free Trade Agreement. Costa Rica has bilateral free trade agreements with the following countries and blocs which took effect on (see date):
Canada (November 1, 2002)[110]
Chile (February 15, 2002)
China (August 1, 2011).
Caribbean Community (CARICOM)¨ (November 15, 2002)
Dominican Republic (March 7, 2002)
El Salvador Customs union, (1963, re-launched on October 29, 1993)
European Union (October 1, 2013)
Guatemala Customs union, (1963, re-launched on October 29, 1993)
Honduras Customs union, (1963, re-launched on October 29, 1993)
Mexico (January 1, 1995)
Nicaragua Customs union, (1963, re-launched on October 29, 1993)
Panama (July 31, 1973, renegotiated and expanded for January 1, 2009)
Perú (June 1, 2013)
United States (January 1, 2009, CAFTA-DR)[111]
Singapore (April 6, 2010)
European Free Trade Association (2013)[112]
Colombia (September 2016)[113]
There are no significant trade barriers that would affect imports and the country has been lowering its tariffs in accordance with other Central American countries.[114] Costa Rica also is a member of the Cairns Group,[115] an organization of agricultural exporting countries that are seeking access to more markets to increase the exports of agricultural products. Opponents of free agricultural trade have sometimes attempted to block imports of products already grown in Costa Rica, including rice, potatoes, and onions.[116] By 2015, Costa Rica's agricultural exports totalled US$2.7 billion.[117]
In 2015, the top export destinations for all types of products were the United States (US$4.29 billion), Guatemala ($587 million), the Netherlands ($537 million), Panama ($535 million) and Nicaragua ($496 million). The top import origins were the United States ($6.06 billion), China ($1.92 billion), Mexico ($1.14 billion), Japan ($410 million) and Guatemala ($409 million). The most significant products imported were Refined Petroleum (8.41% of the total imports) and Automobiles (4.68%). Total imports in 2015 were US$15 billion, somewhat higher then the total exports of a US$12.6 billion, for a negative trade balance of US$2.39 billion.[118]
Statistics[edit]
Poás Volcano Crater is one of Costa Rica's main tourist attractions.
GDP: US$61.5 billion (2017 estimate)
GDP real growth rate: 4.3% (2017 estimate)
GDP per capita: purchasing power parity: $12,382 (2017 estimate)[119]
GDP composition by sector: agriculture: 5.5% (2016 estimate) Bananas, pineapples, coffee, beef, sugarcane, rice, corn, dairy products, vegetables, timber, fruits and ornamental plants. industry: 18.6% (2016 estimate) Electronic components, food processing, textiles and apparel, construction materials, cement, fertilizer. services: 75.9% (2016 estimate) Hotels, restaurants, tourist services, banks, call centers and insurance.[120]
Government bond ratings: (January 2017) Standard & Poor's: BB-; Moody's: Ba2[121][122]
Budget deficit: 6.1 percent of the GDP[123]
Population below poverty line: 20.5% (2017)[124]
Household income or consumption by percentage share: lowest 10%: 1.2% highest 10%: 39.5% (2009 est.)
Inflation rate (consumer prices): 2.6% (2017 estimate)[125]
Labor force: 2.295 million (2016) Note: 15 and older, excluding Nicaraguans living in the country[126]
Labor force by occupation: agriculture 12.9%, industry 18.57%, services 69.02% (2016)[127]
Unemployment rate: 8.1% (2017 estimate)[128]
Budget: US15.9 billion (2017 proposed) Note: 46% will require financing[129]
Industries: microprocessors, food processing, textiles and clothing, construction materials, fertilizer, plastic products
Industrial production growth rate: 4.3% (2013)
Electricity production: 9.473 billion kWh (2010)
Electricity production by source: 98.1% from "green sources" (2016)[130]
Agriculture products: bananas, pineapples, other tropical fruits, coffee, palm oil, sugar, corn, rice, beans, potatoes, beef, timber
Exports: US$12.6 billion (2015)[131]
Major export commodities: Medical Instruments ($2B), Bananas ($1.24B), Tropical Fruits ($1.22B), Integrated Circuits ($841M) and Orthopedic Appliances ($555M).[132]
Export partners (2016): United States ($4.29B), Guatemala ($587M), the Netherlands ($537M), Panama ($535M), Nicaragua ($496M)[133]
Imports: US $15.1 billion (2015)[134]
Major import commodities: Refined Petroleum ($1.26B), Cars ($702M), Packaged Medicaments ($455M), Broadcasting Equipment ($374M) and Computers ($281M).[135]
Origin of imports (2016): United States ($6.06B), China ($1.92B), Mexico ($1.14B), Japan ($410M) and Guatemala ($409M).[136]
External debt: US$26.2 billion (January 2016)
Economic aid - recipient: $107.1 million (1995)
Currency: 1 Costa Rican colon (₡) = 100 centimos
Exchange rates: Costa Rican colones (₡) per US$1 – 526.46 (March 27, 2015), US$1 – 600 (late May 2017), US$1 – 563 (end of July 2017)[137] [138][139]
Fiscal year: October 1 – September 30
External links[edit]
World Bank Summary Trade Statistics Costa Rica
Tariffs applied by Costa Rica as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements.
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Jump up ^ http://www.sportfishingmag.com/fishing-travel-costa-rica-new-marine-reserve
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Jump up ^ Yale Center for Environmental Law & Policy / Center for International Earth Science Information Network at Columbia University. "2010 EPI Rankings". Archived from the original on 2012-05-05. Retrieved 2012-01-25.
Jump up ^ http://news.co.cr/costa-rica-third-country-natural-resources/60393/
Jump up ^ "Costa Rica registró la llegada de más de 2,4 millones de turistas en 2013" (in Spanish). Nación. 2014-01-16. Retrieved 2014-01-16.
Jump up ^ http://news.co.cr/tourism-represents-large-gdp-costa-rica/62237/
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Jump up ^ Honey, Martha (1999). "Ecotourism and Sustainable Development: Who Owns Paradise?". Island Press; 1 edition, Washington, D.C.: 5. ISBN 1-55963-582-7. ...during the 1980s, ...the country transform itself from a low-key destination for nature lovers into the foremost ecotourism destination in the Americas.
Jump up ^ "Informe de Encuestas IV Trimestre 2006. Aeropuerto Internacional Juan Santamaria" (in Spanish). Instituto Costarricense de Turismo. 2006. Retrieved 2008-06-06. 2006 Annual Survey from the Costa Rican Board of Tourism (ICT)
Jump up ^ Jennifer Blanke and Thea Chiesa, Editors (2008). "The Travel & Tourism Competitiveness Report 2008" (PDF). World Economic Forum, Geneva, Switzerland. CS1 maint: Extra text: authors list (link)
Jump up ^ "País segundo en competitividad turística en América Latina" (in Spanish). La Nación. 2008-03-06. Retrieved 2007-03-16.
Jump up ^ "Podemos ser aún mejores" (in Spanish). La Nación. 2008-03-08. Retrieved 2007-03-16.
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^ Jump up to: a b c inec.go.cr: "Estadisticas de Comercio Exterior, 2013
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Jump up ^ http://www.americafreezone.com/v2/?q=en
Jump up ^ http://www.cinde.org/en/news/videos/okay-industries-expands-operation-in-costa-rica-and-reinvests-us-2-million
Jump up ^ "Intel supone el 4,9 por ciento del PIB de Costa Rica" (in Spanish). El Economista. 2006-10-06. Retrieved 2008-04-13.
Jump up ^ "Intel fabrica el procesador "más veloz del mundo" en Costa Rica" (in Spanish). La Vanguardia. 2007-11-13. Retrieved 2008-04-13.
Jump up ^ "Intel closes Costa Rica operation, cuts 1,500 jobs". 2014-04-08.
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Jump up ^ https://www.intel.com/content/www/us/en/corporate-responsibility/intel-in-costa-rica.html
Jump up ^ http://www.seattletimes.com/business/amazon/amazon-invests-in-costa-rica-as-it-carves-itself-a-profitable-niche-in-the-world-economy/
^ Jump up to: a b imf.org: "Costa Rica: Selected Issues - IMF Country Report No. 13/80" Mar 2013
Jump up ^ Hassel Fallas (2007-12-19). "País cierra el año con llegada de 1,9 millones de turistas" (in Spanish). La Nación. Retrieved 2008-04-13. Translation: Country closes year with the arrival of 1,9 million tourists
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Jump up ^ https://www.wttc.org/-/media/files/reports/economic-impact-research/countries-2017/costarica2017.pdf
Jump up ^ https://www.theguardian.com/world/2017/jan/05/costa-rica-renewable-energy-oil-cars
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Jump up ^ http://www.infrastructure-intelligence.com/article/aug-2016/infrastructure-costa-rica%E2%80%99s-achilles%E2%80%99-heel
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Jump up ^ Transparency International. "Global Corruption Report 2007". Retrieved 2008-03-11. Costa Rica ranks 3rd among Latin American countries, and the 55th position worldwide.
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Jump up ^ http://cairnsgroup.org/Pages/Introduction.aspx
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Jump up ^ https://www.moodys.com/research/Moodys-downgrades-Costa-Ricas-government-bond-rating-to-Ba2-continued--PR_361770
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Jump up ^ http://costa-rica-guide.com/practical/money/good-bad-exchange-rates/
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