Nicaragua:
Economy

Pages for other countries and territories

Other pages in this profile of Nicaragua:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Nicaragua has widespread underemployment, one of the highest degrees of income inequality in the world, and the third lowest per capita income in the Western Hemisphere. While the country has progressed toward macroeconomic stability in the past few years, annual GDP growth has been far too low to meet the country's needs, forcing the country to rely on international economic assistance to meet fiscal and 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 fiscal space for social spending and investment. The continuity of a relationship with the IMF reinforces donor confidence, despite private sector concerns surrounding ORTEGA, which has dampened investment. 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. Energy shortages fueled by high oil prices, however, are a serious bottleneck to growth.
GDP (purchasing power parity)	Definition - World rank and map $15.84 billion (2007 est.)
GDP (official exchange rate)	Definition $5.723 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 3.8% (2007 est.)
GDP - per capita	Definition - World rank and map $2,600 (2007 est.)
GDP - composition by sector	Definition agriculture: 17.1% industry: 25.9% services: 57% (2007 est.)
Labor force	Definition 2.262 million (2007 est.)
Labor force - by occupation	Definition agriculture: 29% industry: 19% services: 52% (2006 est.)
Unemployment rate	Definition - World rank and map 3.6% plus underemployment of 46.5% (2007 est.)
Population below poverty line	Definition 48% (2005)
Household income or consumption by percentage share	Definition lowest 10%: 2.2% highest 10%: 33.8% (2001)
Distribution of family income - Gini index	Definition - World rank and map 43.1 (2001)
Inflation rate (consumer prices)	Definition - World rank and map 11.1% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 28.9% of GDP (2007 est.)
Budget	Definition revenues: $1.115 billion expenditures: $1.291 billion (2007 est.)
Public debt	Definition - World rank and map 63% of GDP (2007 est.)
Agriculture - products	Definition coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters
Industries	Definition food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood
Industrial production growth rate	Definition - World rank and map 3% (2007 est.)
Electricity - production	Definition - World rank and map 2.778 billion kWh (2006)
Electricity - consumption	Definition - World rank and map 2.929 billion kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 506.3 kWh (2006)
Electricity - exports	Definition 8 million kWh (2005)
Electricity - imports	Definition 69.34 million kWh (2006)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 28,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 4.8 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 1,397 bbl/day (2004)
Oil - imports	Definition - World rank and map 15,560 bbl/day (2005 est.)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$989 million (2007 est.)
Exports	Definition - World rank and map $2.235 billion f.o.b.; note - includes free trade zones (2007 est.)
Exports - commodities	Definition coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts
Exports - partners	Definition US 60.7%, El Salvador 7.6%, Honduras 4.2% (2006)
Imports	Definition - World rank and map $3.935 billion f.o.b. (2007 est.)
Imports - commodities	Definition consumer goods, machinery and equipment, raw materials, petroleum products
Imports - partners	Definition US 19.4%, Mexico 14.2%, Venezuela 9.3%, Costa Rica 7%, Guatemala 5.5%, China 4.7% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $1.103 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $3.335 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $471 million (2006 est.)
Currency (code)	Definition gold cordoba (NIO)
Exchange rates	Definition gold cordobas per US dollar - 18.457 (2007), 17.582 (2006), 16.733 (2005), 15.937 (2004), 15.105 (2003)
Fiscal year	Definition calendar year

Nicaragua: Economy

Nicaragua:
Economy