Nicaragua - Economy
How is the economy of Nicaragua? Based on the information we have, Nicaragua has a low-income Central American economy; until 2018, nearly 20 years of sustained GDP growth; recent struggles due to COVID-19, political instability, and hurricanes; significant remittances; increasing poverty and food scarcity since 2005; sanctions limit investment. Key agricultural products in this country include: sugarcane, milk, rice, oil palm fruit, maize, plantains, cassava, groundnuts, beans, coffee (2022).
More about the economy of Nicaragua
| Labor force | 3.189 million (2022 est.) |
|---|---|
| Industrial production growth rate | 1.39% (2022 est.) |
| Industries | food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood, electric wire harness manufacturing, mining |
| Population below poverty line | 24.9% (2016 est.) |
| Taxes and other revenues | 19.81% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | cordobas (NIO) per US dollar - |
| Exchange rates 2022 | 35.874 (2022 est.) |
| Exchange rates 2021 | 35.171 (2021 est.) |
| Exchange rates 2020 | 34.342 (2020 est.) |
| Exchange rates 2019 | 33.122 (2019 est.) |
| Exchange rates 2018 | 31.553 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $11.674 billion (2019 est.) |
| Debt - external 2018 | $11.771 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $4.404 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $4.047 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $3.212 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$215.895 million (2022 est.) |
| Current account balance 2021 | -$438.479 million (2021 est.) |
| Current account balance 2020 | $456.1 million (2020 est.) |
| Public debt | |
| Public debt 2017 | 33.3% of GDP (2017 est.) |
| Public debt 2016 | 31.2% of GDP (2016 est.) |
| Budget | |
| Revenues | $3.452 billion (2019 est.) |
| Expenditures | $3.511 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | -2% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 20.59% of GDP (2022 est.) |
| Remittances 2021 | 15.2% of GDP (2021 est.) |
| Remittances 2020 | 14.63% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 2% |
| Highest 10% | 37.2% (2014 est.) |
| Imports | |
| Imports 2022 | $10.213 billion (2022 est.) |
| Imports 2021 | $8.342 billion (2021 est.) |
| Imports 2020 | $5.952 billion (2020 est.) |
| Imports (partners) | US 26%, China 11%, Honduras 10%, Guatemala 9%, Mexico 9% (2022) |
| Comodities Imports force | garments, refined petroleum, fabric, plastic products, crude petroleum (2022) |
| Exports | |
| Imports 2022 | $10.213 billion (2022 est.) |
| Imports 2021 | $8.342 billion (2021 est.) |
| Imports 2020 | $5.952 billion (2020 est.) |
| Exports (partners) | US 52%, Mexico 12%, Honduras 7%, El Salvador 6%, Costa Rica 3% (2022) |
| Comodities Exports force | garments, gold, coffee, insulated wire, beef (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $40.456 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $38.994 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $35.337 billion (2020 est.) |
| GDP (official exchange rate) | $15.672 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $5,800 (2022 est.) |
| Real GDP per capita 2021 | $5,700 (2021 est.) |
| Real GDP per capita 2020 | $5,200 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 15.5% (2017 est.) |
| Industry | 24.4% (2017 est.) |
| Services | 60% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 69.9% (2017 est.) |
| Government consumption | 15.3% (2017 est.) |
| Investment in fixed capital | 28.1% (2017 est.) |
| Investment in inventories | 1.7% (2017 est.) |
| Exports of goods and services | 41.2% (2017 est.) |
| Imports of goods and services | -55.4% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 4.99% (2022 est.) |
| Unemployment rate 2021 | 6.27% (2021 est.) |
| Unemployment rate 2020 | 6.28% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 11.6% (2021 est.) |
| Male | 10.2% |
| Female | 15.5% |
All Important Facts about Nicaragua
Want to know more about Nicaragua? Check all different factbooks for Nicaragua below.
