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EconomyEconomy - overview
Nicaragua, the poorest country in Central America and the second poorest in the Hemisphere, has widespread underemployment and poverty. The US-Central America Free Trade Agreement (CAFTA) has been in effect since April 2006 and has expanded export opportunities for many agricultural and manufactured goods. Textiles and apparel account for nearly 60% of Nicaragua's exports, but increases in the minimum wage during the ORTEGA administration will likely erode its comparative advantage in this industry. ORTEGA's promotion of mixed business initiatives, owned by the Nicaraguan and Venezuelan state oil firms, together with the weak rule of law, could undermine the investment climate for domestic and international private firms in the near-term. Nicaragua relies on international economic assistance to meet internal- and external-debt financing obligations. Foreign donors have curtailed this funding, however, in response to November 2008 electoral fraud. In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative. Managua still struggles with a high public debt burden, however, it succeeded in reducing that burden substantially in 2011. The economy grew at a rate of about 4% in 2011. Gdp (purchasing power parity) World Ranking: 130
$19.12 billion (2011 est.)
$18.27 billion (2010 est.) $17.49 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$7.297 billion (2011 est.)
Gdp - real growth rate World Ranking: 77
4.7% (2011 est.)
4.5% (2010 est.) -1.5% (2009 est.) Gdp - per capita (ppp) World Ranking: 170
$3,200 (2011 est.)
$3,100 (2010 est.) $3,000 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 17.4%
Industry 25.7% Services 56.8% (2011 est.) Labor force World Ranking: 104
2.885 million (2011 est.)
Labor force - by occupation
Agriculture 28%
Industry 19% Services 53% (2010 est.) Unemployment rate World Ranking: 83
7.3% (2011 est.)
7.8% (2010 est.) Note Underemployment was 46.5% in 2008 Population below poverty line
46.2% (2005)
Household income or consumption by percentage share
Lowest 10% 1.4%
Highest 10% 41.8% (2005) Distribution of family income - gini index World Ranking: 58
40.5 (2010)
60.3 (1998) Investment (gross fixed) World Ranking: 17
30.9% of GDP (2011 est.)
Budget
Revenues $1.409 billion
Expenditures $1.648 billion (2011 est.) Taxes and other revenues World Ranking: 169
19.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 108
-3.3% of GDP (2011 est.)
Public debt World Ranking: 32
70.5% of GDP (2011 est.)
78.5% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 172
8.1% (2011 est.)
5.5% (2010 est.) Central bank discount rate
3% (31 December 2010 est.)
NA% (31 December 2008) Commercial bank prime lending rate World Ranking: 59
10.54% (31 December 2011 est.)
13.32% (31 December 2010 est.) Stock of narrow money World Ranking: 143
$1.189 billion (31 December 2011 est.) $1.229 billion (31 December 2010 est.) Stock of broad money World Ranking: 139
$3.136 billion (31 December 2011 est.) $2.924 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 119
$4.102 billion (31 December 2011 est.) $4.074 billion (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
Coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters Industries
Food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood Industrial production growth rate World Ranking: 131
1.5% (2010 est.)
Electricity - production World Ranking: 122
3.419 billion kWh (2008 est.)
Electricity - consumption World Ranking: 132
2.646 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
2 million kWh (2009 est.)
Oil - production World Ranking: 112
377.4 bbl/day (2010 est.)
Oil - consumption World Ranking: 114
30,000 bbl/day (2010 est.)
Oil - exports World Ranking: 119
742.1 bbl/day (2009 est.)
Oil - imports World Ranking: 100
30,290 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 173
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 107
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 115
0 cu m (2009 est.)
Natural gas - exports World Ranking: 154
0 cu m (2009 est.)
Natural gas - imports World Ranking: 103
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 110
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 151
-$2.449 billion (2011 est.)
-$1.636 billion (2010 est.) Exports World Ranking: 123
$3.967 billion (2011 est.)
$3.157 billion (2010 est.) Exports - commodities
Coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts; cigars, automobile wiring harnesses, textiles and apparel Exports - partners
US 60.2%, Canada 8.3%, El Salvador 4.6% (2011) Imports World Ranking: 115
$6.466 billion (2011 est.)
$4.792 billion (2010 est.) Imports - commodities
Consumer goods, machinery and equipment, raw materials, petroleum products Imports - partners
US 22%, Venezuela 14.5%, Costa Rica 9%, China 8.8%, Guatemala 8.3%, Mexico 7.2%, El Salvador 5.6%, South Korea 4.1% (2011) Reserves of foreign exchange and gold World Ranking: 121
$1.892 billion (31 December 2011 est.) $1.799 billion (31 December 2010 est.) Debt - external World Ranking: 126
$4.073 billion (31 December 2011 est.) $4.787 billion (31 December 2010 est.) Exchange rates
Cordobas (NIO) per US dollar -
22.424 (2011 est.) 21.356 (2010 est.) 20.34 (2009) 19.374 (2008) 18.457 (2007) Fiscal year
Calendar year
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