Costa Rica Listed Companies

Costa Rica’s stock‑market depth, measured by the number of listed companies, has contracted sharply over the past four decades, falling from an all‑time peak of 31.00 in 1994 to a trough of 8.80 in 2025, the lowest figure recorded in the 37‑year series and placing the country 72nd worldwide. The decline represents a reduction of more than 70 % from the 1994 high and mirrors a broader regional pattern of limited equity‑capital development. By contrast, nearby Bermuda records a slightly higher count of 9.10 listed firms, suggesting that even small economies can sustain marginally larger market listings when regulatory frameworks and investor incentives are more favorable. The early 1990s surge in Costa Rican listings coincided with liberalisation reforms, but subsequent periods of fiscal tightening and modest domestic savings have curbed new issuances. If policy reforms that improve corporate governance and broaden access to capital markets are enacted, the downward trajectory could stabilize or modestly reverse in the coming years.