| Economy | Nicaragua |
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Economy - overview:
|
Nicaragua has widespread underemployment and the second lowest per capita income in the Western Hemisphere. 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 recent increases in the minimum wage will likely erode its comparative advantage in this industry. Nicaragua relies on international economic assistance to meet internal- and external-debt financing obligations. In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative, and in October 2007, the IMF approved a new poverty reduction and growth facility (PRGF) program that should create some fiscal space for social spending and investment. The continuity of a relationship with the IMF helps support donor confidence, despite private sector concerns surrounding ORTEGA, which has dampened investment. Economic growth will slow in 2009, due to decreased export demand from the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth - remittances account for almost 15% of GDP. |
GDP (purchasing power parity):
|
$16.83 billion (2008 est.)
$16.37 billion (2007)
$15.77 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$2,900 (2008 est.)
$2,900 (2007 est.)
$2,800 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$6.561 billion (2008 est.) |
GDP - real growth rate:
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2% (2008 est.)
3.8% (2007 est.)
3.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 17%
industry: 26.1%
services: 56.9% (2008 est.) |
Investment (gross fixed):
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32.1% of GDP (2008 est.) |
Population below poverty line:
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48% (2005) |
Household income or consumption by percentage share:
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lowest 10%: 2.2%
highest 10%: 33.8% (2001) |
Distribution of family income - Gini index:
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43.1 (2001) |
Inflation rate (consumer prices):
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20.6% (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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13.04% (31 December 2007) |
Stock of money:
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$465.1 million (31 December 2007) |
Stock of money - per capita:
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79 USD per capita |
Stock of quasi money:
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$1.802 billion (31 December 2007) |
Stock of quasi money - per capita:
|
306 USD per capita |
Stock of domestic credit:
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$4.133 billion (31 December 2007) |
Stock of domestic credit - per capita:
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702 USD per capita |
Labor force:
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2.322 million (2008 est.) |
Labor force participation rate:
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39.41 % of population |
Labor force - by occupation:
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agriculture: 29%
industry: 19%
services: 52% (2006 est.) |
Unemployment rate:
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3.9% plus underemployment of 46.5% (2008 est.) |
Budget:
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revenues: $1.271 billion
expenditures: $1.593 billion (2008 est.) |
Budget revenues per capita:
|
216 USD per capita |
Public debt:
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53.6% of GDP (2008 est.) |
Industries:
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food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood |
Industrial production growth rate:
|
3% (2008 est.) |
Electricity - production:
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3.012 billion kWh (2006 est.) |
Electricity - production per capita:
|
512 kWh per capita |
Electricity - consumption:
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2.413 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
410 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
63.95 million kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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28,880 bbl/day (2006 est.) |
Oil - consumption - per capita:
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1.79 bbl/year per capita |
Oil - exports:
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808.5 bbl/day (2005) |
Oil - imports:
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29,700 bbl/day (2005 est.) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 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:
|
-$1.31 billion (2008 est.) |
Current account balance - per capita:
|
-222 USD per capita |
Exports:
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$3.183 billion f.o.b.; note - includes free trade zones (2008 est.) |
Exports per capita:
|
541 USD per capita |
Exports - commodities:
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coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts |
Exports - partners:
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US 31.7%, El Salvador 14%, Honduras 9.3%, Costa Rica 7.2%, Canada 5.8%, Guatemala 5.5%, Mexico 4.8% (2007) |
Imports:
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$5.279 billion f.o.b. (2008 est.) |
Imports per capita:
|
897 USD per capita |
Imports - commodities:
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consumer goods, machinery and equipment, raw materials, petroleum products |
Imports - partners:
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US 22.5%, Mexico 13.5%, Costa Rica 8.4%, Venezuela 6.4%, Guatemala 6.2%, El Salvador 4.8% (2007) |
Reserves of foreign exchange and gold:
|
$1.035 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
176 USD per capita |
Debt - external:
|
$3.214 billion (31 December 2008 est.) |
Debt - external - per capita:
|
546 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$471 million (2006 est.) |
Economic aid - recipient per capita:
|
80 USD per capita |
Currency (code):
|
gold cordoba (NIO) |
Exchange rates:
|
cordobas (NIO) per US dollar - 19.374 (2008 est.), 18.457 (2007), 17.582 (2006), 16.733 (2005), 15.937 (2004) |
Fiscal year:
|
calendar year |
|
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