Economy Of Nicaragua
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Economy overview
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Nicaragua, one of the hemisphere's poorest countries, faces low per capita income, massive unemployment, and huge external debt. Distribution of income is one of the most unequal on the globe. While the country has made progress toward macroeconomic stability over the past few years, GDP annual growth of 1.5% - 2.5% has been far too low to meet the country's need. Nicaragua will continue to be dependent on international aid and debt relief under the Heavily Indebted Poor Countries (HIPC) initiative. Nicaragua has undertaken significant economic reforms that are expected to help the country qualify for more than $4 billion in debt relief under HIPC in early 2004. Donors have made aid conditional on the openness of government financial operation, poverty alleviation, and human rights. A three-year poverty reduction and growth plan, agreed to with the IMF in December 2002, guides economic policy.
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GDP
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purchasing power parity - $11.6 billion (2004 est.)
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GDP - real growth rate
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2.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,300 (2004 est.)
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GDP - composition by sector
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agriculture: 28.9%
industry: 25.4%
services: 45.7% (2004 est.)
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Investment gross fixed
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28.1% of GDP (2004 est.)
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Population below poverty line
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50% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: 0.7%
highest 10%: 48.8% (1998)
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Distribution of family income - Gini index
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60.3 (1998)
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Inflation rate consumer prices
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5.3% (2004 est.)
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Labor force
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1.91 million (2004 est.)
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Labor force by occupation
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agriculture 42%, industry 15%, services 43% (1999 est.)
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Unemployment rate
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22% plus considerable underemployment (2004 est.)
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Budget
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revenues: $672.5 million
expenditures: $954.9 million, including capital expenditures of $NA (2004 est.)
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Public debt
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125.3% of GDP (2004 est.)
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Agriculture products
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coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products
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Industries
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food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood
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Industrial production growth rate
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4.4% (2000 est.)
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Electricity production
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2.549 billion kWh (2001)
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Electricity production by source
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fossil fuel: 83.9%
hydro: 7.7%
other: 8.4% (2001)
nuclear: 0%
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Electricity consumption
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2.388 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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17 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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24,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-859 million (2004 est.)
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Exports
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$632 million f.o.b. (2004 est.)
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Exports commodities
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coffee, shrimp and lobster, cotton, tobacco, bananas, beef, sugar, gold
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Exports partners
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US 35.9%, El Salvador 17.2%, Costa Rica 8.1%, Honduras 7.3%, Mexico 4.6%, Guatemala 4.3% (2003)
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Imports
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$1.658 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, raw materials, petroleum products, consumer goods
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Imports partners
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US 24.9%, Venezuela 9.7%, Costa Rica 9%, Mexico 8.4%, Guatemala 7.3%, El Salvador 4.9%, Japan 4.3% (2003)
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Reserves of foreign exchange gold
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$502 million (2004 est.)
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Debt external
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$5.833 billion (2004 est.)
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Economic aid recipient
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Substantial foreign support (2001)
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Currency
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gold cordoba (NIO)
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Currency code
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NIO
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Exchange rates
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gold cordobas per US dollar - 14.2513 (2003), 14.2513 (2002), 13.3719 (2001), 12.6844 (2000), 11.8092 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Spanish Translation .
This information was reproduced in part from the CIA World Fact book.
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