Nicaragua Economy

Is Nicaragua a rich country?

Nicaragua, the poorest country in Central America and the second poorest in the Western Hemisphere, has widespread underemployment and poverty. GDP growth of 4.5% in 2017 was insufficient to make a significant difference. Textiles and agriculture combined account for nearly 50% of Nicaragua's exports. Beef, coffee, and gold are Nicaragua’s top three export commodities.

The Dominican Republic-Central America-United States Free Trade Agreement has been in effect since April 2006 and has expanded export opportunities for many Nicaraguan agricultural and manufactured goods.

In 2013, the government granted a 50-year concession with the option for an additional 50 years to a newly formed Chinese-run company to finance and build an inter-oceanic canal and related projects, at an estimated cost of $50 billion. The canal construction has not started.

Nicaragua Economy Data

What is the GDP of Nicaragua?

Currency Name and Code Nicaraguan Cordoba (NIO)
GDP - Gross Domestic Product (PPP) $29,690,000,000 (USD)
GDP - official exchange rate $12,320,000,000 (USD)
GDP - real growth rate 4%
GDP Per Capita $5,000.00 (USD)
GDP by Sector- agriculture 18.1%
GDP by Sector- Industry 22.9%
GDP by Sector- services 58.9%
GDP - composition, by end use household consumption: 82.7%

government consumption: 6.5%

investment in fixed capital: 28.8%

investment in inventories: 0%

exports of goods and services: 40.7%

imports of goods and services: -58.7%
Population Below Poverty Line 48%
Inflation Rate 4.7%
Labor Force 2,320,000
Labor Force By Occupation- agriculture 31%
Labor Force By Occupation- industry 18%
Labor Force By Occupation- services 50%
Unemployment Rate 8%
Unemployment - note underemployment was 46.5% in 2008
Fiscal Year calendar year
Annual Budget $1,421,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -0.3%
Public Debt (% of GDP) 130%
Taxes and other revenues - percent of GDP 25.6%
Major Industries food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood
Industrial Growth Rate 1.5%
Agriculture Products coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products
Exchange Rate per US Dollar gold cordoba (NIO)
Child Labor - % of children ages 5-14 14%
Child Labor - # of children ages 5-14 223,992
Child Labor - note note: data represents children ages 5-17
Commercial Bank Prime Lending Rate 12%

Labor Force by Occupation- As reported by Nicaragua

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