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World > North America > Nicaragua > Economy (Facts)

Nicaragua - Economy (Facts)
Economy - overview: Nicaragua has widespread underemployment and the third lowest per capita income in the Western Hemisphere. Distribution of income is one of the most unequal on the globe. While the country has progressed toward macroeconomic stability in the past few years, GDP annual 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. Nicaragua qualified in early 2004 for some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative and in November 2006 obtained over $800 million in debt relief from the Inter-American Development Bank. In October 2005, Nicaragua ratified the US-Central America Free Trade Agreement (CAFTA), which will provide an opportunity for Nicaragua to attract investment, create jobs, and deepen economic development. Energy shortages, however, are a serious bottleneck to growth.
GDP - real growth rate: 3.7% (2006 est.)
GDP (purchasing power parity): $17.33 billion (2006 est.)
GDP (official exchange rate): $4.871 billion (2006 est.)
GDP - per capita (PPP): $3,100 (2006 est.)
GDP - composition by sector: agriculture: 17.3%
industry: 25.8%
services: 56.8% (2006 est.)
Population below poverty line: 48% (2005)
Household income or consumption by percentage share: lowest 10%: 1.2%
highest 10%: 45% (2001)
Inflation rate (consumer prices): 9.4% (2006 est.)
Labor force: 2.261 million (2006 est.)
Labor force - by occupation: agriculture: 29%
industry: 19%
services: 52% (2006 est.)
Unemployment rate: 3.8% plus underemployment of 46.5% (2006 est.)
Budget: revenues: $1.1 billion
expenditures: $1.3 billion; including capital expenditures of NA (2006 est.)
Industries: food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood
Industrial production growth rate: 2.4% (2005 est.)
Electricity - production: 2.778 billion kWh (2006)
Electricity - consumption: 2.929 billion kWh (2006)
Electricity - exports: 0 kWh (2006)
Electricity - imports: 69.34 million kWh (2006)
Oil - production: 14,300 bbl/day (2005 est.)
Oil - consumption: 25,200 bbl/day (2005 est.)
Oil - exports: 1,397 bbl/day (2004)
Oil - imports: 15,560 bbl/day (2005 est.)
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters
Exports: $1.714 billion f.o.b.; note - includes free trade zones (2006 est.)
Exports - commodities: coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts
Exports - partners: US 66.1%, El Salvador 7%, Honduras 3.9% (2006)
Imports: $3.202 billion f.o.b. (2006 est.)
Imports - commodities: consumer goods, machinery and equipment, raw materials, petroleum products
Imports - partners: US 22.6%, Venezuela 10.6%, Costa Rica 7.8%, Mexico 7.3%, Guatemala 6.1%, China 4.9%, El Salvador 4.4% (2006)
Debt - external: $3.763 billion (2006 est.)
Economic aid - recipient: $471 million (2006 est.)
Currency: Nicaraguan Cordoba Oro (NIO)
Currency code: NIO
Exchange rates: gold cordobas per US dollar - 17.582 (2006), 16.733 (2005), 15.937 (2004), 15.105 (2003), 14.251 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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