In Costa Rica, as of 2024, the average monthly household income was higher for employed individuals receiving their salary from work was approximately 746,553 Costa Rican colones.

Costa Rica is the country with the highest minimum monthly wage in Latin America. According to the minimum salary established by law as of January 2024, workers in the Central American country enjoy a basic monthly wage of over 687 U.S. dollars, an increase of 1.83 percent compared to the previous year and over 100 U.S. dollars more than the second place, Uruguay. On the other side of the spectrum is Venezuela, where employees are only guaranteed by law a minimum salary of 130 bolívares or little more than three dollars per month. Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 25 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2020, the average net monthly salary in Mexico was barely higher than Chile's minimum wage in 2021. What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work at least two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

Wages in Costa Rica increased to 789033.40 CRC/Month in November from 757591.10 CRC/Month in October of 2024. This dataset provides - Costa Rica Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Uruguay was the Latin American country with the highest average monthly salary as of 2024, with a net value of around 1,088 U.S. dollars per month, followed by Costa Rica, with 947 U.S. dollars per month. Employment development areas in Latin America Following the recuperation in this sector after the job losses endured throughout the COVID-19 pandemic, the unemployment rate persists in its endeavor to stabilize. Informal employment remains as the predominant actor across most Latin American countries, serving as a primary avenue for economic sustenance. Notably, the construction sector has experienced substantial growth, outpacing other relevant industries like tourism and hospitality. Poverty Throughout the past two decades, poverty levels in Latin America remain unchanged. Honduras takes the lead as the country bearing the highest poverty rate, with nearly half of its population dwelling in these circumstances. Across the region, the prevalent delineation is that of individuals classified within the non-extreme and lower-middle poverty strata, characterized by modest income levels.

In Costa Rica, as of 2024, the average monthly household income reached the highest value in the Central region of the Central American country, amounting to 1,295,755 Costa Rican colones.

The national gross income per capita in Costa Rica increased by 930 U.S. dollars (+7.2 percent) in 2023 in comparison to the previous year. Therefore, the national gross income in Costa Rica reached a peak in 2023 with 13,850 U.S. dollars. Gross national income (GNI) per capita is the total value of money received by a country, from both domestic or foreign sources, divided by the midyear population. The World Bank uses a conversion system known as the Atlas method, which implements a price adjusted, three year moving average, smoothing out fluctuations in exchange rates.Find more statistics on other topics about Costa Rica with key insights such as share of value added by the services industry to gross domestic product, value added by the agriculture, forestry, and fishing sector to the gross domestic product, and value added to gross domestic product by the manufacturing sector.

Costa Rica CR: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data was reported at 70.742 % in 2023. This records an increase from the previous number of 70.284 % for 2022. Costa Rica CR: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data is updated yearly, averaging 71.911 % from Dec 1991 (Median) to 2023, with 33 observations. The data reached an all-time high of 75.744 % in 2009 and a record low of 67.353 % in 2013. Costa Rica CR: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Costa Rica – Table CR.World Bank.WDI: Employment and Unemployment. Wage and salaried workers (employees) are those workers who hold the type of jobs defined as 'paid employment jobs,' where the incumbents hold explicit (written or oral) or implicit employment contracts that give them a basic remuneration that is not directly dependent upon the revenue of the unit for which they work.;International Labour Organization. “ILO modelled estimates database” ILOSTAT. Accessed January 07, 2025. https://ilostat.ilo.org/data/.;Weighted average;

Costa Rica CR: GDP: USD: Net Income from Abroad data was reported at -6.020 USD bn in 2023. This records a decrease from the previous number of -4.951 USD bn for 2022. Costa Rica CR: GDP: USD: Net Income from Abroad data is updated yearly, averaging -283.150 USD mn from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of -4.756 USD mn in 1960 and a record low of -6.020 USD bn in 2023. Costa Rica CR: GDP: USD: Net Income from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Costa Rica – Table CR.World Bank.WDI: Gross Domestic Product: Nominal. Net primary income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). Data are in current U.S. dollars.;World Bank national accounts data, and OECD National Accounts data files.;;

In 2024, Costa Rica scored 0.68 in the gender gap index area of economic participation and opportunity. This means that women are 32 percent less likely to have equal economic participation and opportunities than men. That year, the country scored 0.67 in estimated earned income, which shows that, on average, women in Costa Rica only earn 67 percent of the income earned by men.

Costa Rica CR: All Education Staff Compensation: Primary: % of Total Expenditure in Primary Public Institutions data was reported at 75.393 % in 2016. This records an increase from the previous number of 71.801 % for 2015. Costa Rica CR: All Education Staff Compensation: Primary: % of Total Expenditure in Primary Public Institutions data is updated yearly, averaging 74.800 % from Dec 2006 (Median) to 2016, with 11 observations. The data reached an all-time high of 85.824 % in 2006 and a record low of 70.070 % in 2010. Costa Rica CR: All Education Staff Compensation: Primary: % of Total Expenditure in Primary Public Institutions data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Costa Rica – Table CR.World Bank.WDI: Social: Education Statistics. All staff (teacher and non-teachers) compensation is expressed as a percentage of direct expenditure in public educational institutions (instructional and non-instructional) of the specified level of education. Financial aid to students and other transfers are excluded from direct expenditure. Staff compensation includes salaries, contributions by employers for staff retirement programs, and other allowances and benefits.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

In 2023, four Caribbean nations were the countries with the highest gross national income per capita in Latin America and the Caribbean. On average, the national gross income amounted to around 31,990 U.S. dollars per person in the Bahamas, an island country which also had one of the highest gross domestic product per capita in this region. Outside the Caribbean Excluding the Caribbean, the economies with the highest national income per capita are generally located in South America, with the exceptions of Panama, Costa Rica and Mexico. Guyana leads among continental states with a national income of around 20.360 U.S. dollars per person. Gross national income (GNI) is the aggregated sum of the value added by residents in an economy, plus net taxes (minus subsidies) and net receipts of primary income from abroad. The biggest economies Brazil and Mexico are still miles ahead in the race for the biggest economy of Latin America. As of 2023, both nations exceeded the two trillion U.S. dollars mark in their Gross Domestic Product (GDP). While Argentina's GDP, third place, slightly surpassed the 600 billion U.S. dollars. Nonetheless, both nations also ranked as the most populated by far in the region.