| Economy | Nicaragua |
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Economy - 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):
|
$18.77 billion (2011 est.)
$18.05 billion (2010 est.)
$17.24 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$3,200 (2011 est.)
$3,100 (2010 est.)
$3,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$7.1 billion (2011 est.) |
GDP - real growth rate:
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4% (2011 est.)
4.5% (2010 est.)
-1.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 19%
industry: 26.1%
services: 55% (2011 est.) |
Investment (gross fixed):
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28.2% of GDP (2011 est.) |
Population below poverty line:
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48% (2005) |
Household income or consumption by percentage share:
|
lowest 10%: 1.4%
highest 10%: 41.8% (2005) |
Distribution of family income - Gini index:
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43.1 (2001)
60.3 (1998) |
Inflation rate (consumer prices):
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8.4% (2011 est.)
5.5% (2010 est.) |
Central bank discount rate:
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3% (31 December 2010 est.)
NA% (31 December 2008) |
Commercial bank prime lending rate:
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11.5% (31 December 2011 est.)
13.32% (31 December 2010 est.) |
Stock of money:
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$507.5 million (31 December 2008)
$465.1 million (31 December 2007) |
Stock of money - per capita:
|
90 USD per capita |
Stock of quasi money:
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$1.81 billion (31 December 2008)
$1.802 billion (31 December 2007) |
Stock of quasi money - per capita:
|
320 USD per capita |
Stock of domestic credit:
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$4.027 billion (31 December 2011 est.)
$4.003 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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711 USD per capita |
Stock of narrow money:
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$1.406 billion (31 December 2011 est.)
$1.229 billion (31 December 2010 est.) |
Stock of broad money:
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$3.233 billion (31 December 2011 est.)
$2.924 billion (31 December 2010 est.) |
Labor force:
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2.885 million (2011 est.) |
Labor force participation rate:
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50.92 % of population |
Labor force - by occupation:
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agriculture: 28%
industry: 19%
services: 53% (2010 est.) |
Unemployment rate:
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7.3% (2011 est.)
7.8% (2010 est.)
note: underemployment was 46.5% in 2008 |
Unemployment, youth ages 15-24:
|
total: 8.6%
male: 8.1%
female: 9.7% (2006) |
Budget:
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revenues: $2.251 billion
expenditures: $2.308 billion (2011 est.) |
Budget revenues per capita:
|
398 USD per capita |
Taxes and other revenues:
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31.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-0.8% of GDP (2011 est.) |
Public debt:
|
63.6% of GDP (2011 est.)
78% of GDP (2010 est.) |
Industries:
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food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood |
Industrial production growth rate:
|
1.5% (2010 est.) |
Electricity - production:
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3.419 billion kWh (2008 est.) |
Electricity - production per capita:
|
604 kWh per capita |
Electricity - consumption:
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2.646 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
467 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
2 million kWh (2009 est.) |
Oil - production:
|
377.4 bbl/day (2010 est.) |
Oil - production per capita:
|
67 bbl/day per capita |
Oil - consumption:
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30,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.93 bbl/year per capita |
Oil - exports:
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742.1 bbl/day (2009 est.) |
Oil - imports:
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30,290 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters |
Current account balance:
|
-$1.309 billion (2011 est.)
-$963.4 million (2010 est.) |
Current account balance - per capita:
|
-231 USD per capita |
Exports:
|
$4.071 billion (2011 est.)
$3.157 billion (2010 est.) |
Exports per capita:
|
719 USD per capita |
Exports - commodities:
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coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts; textiles and apparel |
Exports - partners:
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US 58.2%, El Salvador 7.7%, Canada 6.4%, Venezuela 4.2% (2010) |
Imports:
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$6.131 billion (2011 est.)
$4.792 billion (2010 est.) |
Imports per capita:
|
1,083 USD per capita |
Imports - commodities:
|
consumer goods, machinery and equipment, raw materials, petroleum products |
Imports - partners:
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US 23.4%, Venezuela 16.7%, Costa Rica 8.8%, China 7.2%, Mexico 6.7%, Guatemala 6%, El Salvador 4.6% (2010) |
Reserves of foreign exchange and gold:
|
$1.85 billion (31 December 2011 est.)
$1.799 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
327 USD per capita |
Debt - external:
|
$5.343 billion (31 December 2011 est.)
$4.739 billion (31 December 2010 est.) |
Debt - external - per capita:
|
943 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
gold cordoba (NIO) |
Exchange rates:
|
cordobas (NIO) per US dollar -
22.45 (2011 est.)
21.36 (2010 est.)
20.34 (2009)
19.374 (2008)
18.457 (2007) |
Fiscal year:
|
calendar year |
|
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