In October 1992, private banks were allowed to receive short-term deposits and in 1996, to have access to checking and saving accounts. The government's size is being reduced by privatizing state-owned services, transferring labor from the public to the private sector, and the previously mentioned initiative of allowing private banks to have access to both current and saving accounts. Significant tax and constitutional reforms have also being established. Recent reforms allow for an even larger participation of private companies, the ultimate goal being a reduction in the costs of these utilities. Traditionally an agricultural country, industrial output has progressively become one of the major contributors to the productive structure and GDP components, and tourism, one of the country's main revenue generators, particularly since the late eighties, when the country started being known internationally as attractive tourist destination.
Economic indicators demonstrate the results of recent reforms.
New tax collection procedures and the tendency of passive interest rates to steadily decline, indicates that economic activity will reactivate significantly during the rest of 1997. The expected lower fiscal deficit, lower interest rates and the contraction of the aggregate demand, reduced pressure on price levels. Lowers levels of inflation have allowed the Central Bank to decline the devaluation rate. Foreign Trade Costa Rica's productive structure has changed dramatically in the past 15 years. The country is seeing the results of the diversification in the high growth of non-traditional exports and services.