2027 Budget: revenues of 7.7 trillion and fiscal rule at 4.08%

The Executive Branch presented to the Legislative Assembly the Ordinary and Extraordinary Budget Bill of the Republic for the 2027 Economic Year (Bill No. 25754), published in Supplement No. 117 to La Gaceta No. 168 on Monday, September 7, 2026. The initiative is based on articles 176, 177, and 178 of the Political Constitution and articles 8, 36, and 38 of Law 8.131, and constitutes the first budget formulated by the new Administration.

The project incorporates total certified revenues of ₡7,738,811.9 million (13.9% of GDP) and expenditures of ₡12,419,475.6 million, with internal financing of ₡4,680,663.7 million through the issuance of securities. The Comptroller General of the Republic certified the revenues via official letter 11,200 (DFOE-FIP-0310) dated August 24, 2026.

Revenues and tax burden

Total revenues grow by 2.3% compared to the 2026 closing review. 99.9% comes from current revenues, of which tax revenues represent ₡6,847,889.0 million (88.6% of the total), with an estimated tax burden of 12.3% of GDP. The main taxes are:

• Income and Profits Tax: ₡2,605,900.0 million.
• Value Added Tax (VAT): ₡2,455,850.0 million.
• Single Fuel Tax: ₡657,535.0 million.
• Selective Consumption Tax: ₡274,000.0 million.
• Vehicle Property Tax: ₡209,500.0 million.

Compliance with the fiscal rule

The Central Government debt-to-GDP ratio closed 2025 at 60.41%, which places the country in scenario d) of article 11 of Law 9,635. Consequently, the growth of spending subject to the fiscal rule cannot exceed 65% of the average nominal GDP growth of the last four years. With an average of 6.28% for 2022-2025, the maximum authorized rate for 2027 is 4.08%.

Total spending subject to the fiscal rule grows by 1.80% (from ₡8,315,698.2 to ₡8,464,982.7 million) and subject current spending by 2.16% (from ₡7,817,082.9 to ₡7,986,233.2 million), therefore the project verifies compliance with the limits of Title IV of Law 9,635.

Result and debt

The projected primary budgetary result amounts to ₡287,619.2 million (0.52% of GDP), compared to ₡96,410.2 million in 2026. Debt interest reaches ₡2,729,756.6 million, and primary spending stands at ₡7,451,192.7 million. The document also details the active liability management strategy, with swaps and auctions aimed at improving the maturity profile and reducing financial costs.

The publication of this project opens the legislative debate on spending priorities, debt sustainability, and fiscal restraint for the next fiscal year, with a direct impact on citizens, businesses, and the analysis of Costa Rican public finances.

Source: La Gaceta — Official Gazette, Supplement No. 117 to La Gaceta No. 168, September 7, 2026, Legislative Assembly, Projects (official reference: Project No. 25754).