The sectors that have been affected the most are trade and agriculture, as opposed to the construction sector, which has shown an upturn and is expected to show further growth in the remainder of the year.
In the public sector, the growth rate has reduced from 5% to 2%, while in the private sector, it fell from 4% to 3% in the last nine months.
The reasons for the slowdown in formal contracts are varied, and depend on the sector under analysis.
In the case of agriculture, for example, businessmen from this sector argue that exchange rate appreciation has been affected significantly, which has forced them to hire fewer staff for their companies.
Trade, meanwhile, has been affected by a decline in sales, which have reduced hiring prospects.
An article in nacion.com states: "According to a survey of 620 businesses, prepared by the consulting firm Manpower, published yesterday, for the fourth quarter of 2011, 25% of Costa Rican employers expect to increase their workforce, 6% expect to reduce to 68% expected no change. "
Source: Nacion.com
More on this topic
August 2009
Human Resources companies report a 50% decrease in middle management hiring.
Eric Quesada Ramírez, Manpower's regional director, said that salaries have also been affected.
"Where companies offered a monthly salary of $1.000 for management services, they are now offering $700", told Quesada to Elsalvador.com. "If the worker wants more than these $700, then the company looks for another candidate".
July 2010
Despite a mild recovery in some sectors, the economy has shredded 5.000 jobs in the first four months of the year.
Carlos Acevedo, president of the Central Bank of El Salvador (BCR), noted that the figure is an improvement when compared to the same period of 2009, when the economy lost 40,000 jobs.
July 2010
The latest business survey carried out by Asies reveals that expectations of a recovery in the second half of 2010 have been postponed to 2011.
In the previous survey from the Association for Investigation and Social Studies (ASIES) the perception was that the Guatemalan economy would recover in the last six months of this year.
September 2011
Layoffs in the textile industry have been announced after projections of a 10% decline in its exports.
The industry is feeling the impact of the economic recession with a decline in orders from its main market, the U.S., said the president of the Honduran Maquila Association, Daniel Facussé.
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