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 3.264 million (2023 est.)
Industrial production growth rate 6.07% (2023 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 19.84% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency cordobas (NIO) per US dollar -
Exchange rates 2023 36.441 (2023 est.)
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.)
Debt - external
Debt - external 2022 $6.106 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $5.447 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $4.404 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $4.047 billion (2021 est.)
Current account balance
Current account balance 2023 $1.381 billion (2023 est.)
Current account balance 2022 -$386.9 million (2022 est.)
Current account balance 2021 -$540.879 million (2021 est.)
Public debt
Public debt 2017 33.3% of GDP (2017 est.)
Budget
Revenues $3.396 billion (2022 est.)
Expenditures $2.609 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 26.18% of GDP (2023 est.)
Remittances 2022 20.62% of GDP (2022 est.)
Remittances 2021 15.2% of GDP (2021 est.)
Household income
Lowest 10% 2% (2014 est.)
Highest 10% 37.2% (2014 est.)
Imports
Imports 2023 $10.517 billion (2023 est.)
Imports 2022 $10.212 billion (2022 est.)
Imports 2021 $8.342 billion (2021 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 2023 $10.517 billion (2023 est.)
Imports 2022 $10.212 billion (2022 est.)
Imports 2021 $8.342 billion (2021 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) 2023 $51.088 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $48.856 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $47.089 billion (2021 est.)
GDP (official exchange rate) $17.829 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $7,300 (2023 est.)
Real GDP per capita 2022 $7,000 (2022 est.)
Real GDP per capita 2021 $6,900 (2021 est.)
GDP - composition, by sector of origin
Agriculture 15.3% (2023 est.)
Industry 27.3% (2023 est.)
Services 46.3% (2023 est.)
GDP - composition, by end use
Household consumption 78.1% (2023 est.)
Government consumption 12.2% (2023 est.)
Investment in fixed capital 21.2% (2023 est.)
Investment in inventories 1.8% (2023 est.)
Exports of goods and services 45.8% (2023 est.)
Imports of goods and services -59.1% (2023 est.)
Unemployment rate
Unemployment rate 2023 4.8% (2023 est.)
Unemployment rate 2022 4.98% (2022 est.)
Unemployment rate 2021 6.06% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 9.5% (2023 est.)
Male 8.3% (2023 est.)
Female 12.6% (2023 est.)
All Important Facts about Nicaragua

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Nicaragua is found in Central America