Nicaragua Economy

Is Nicaragua a wealthy 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)	$34,980,000,000 (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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