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.
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% |