Economy - overview:
Nicaragua, one of the hemisphere's poorest countries, faces low per capita income, flagging socio-economic indicators, 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, a banking crisis and scandal has shaken the economy. Nicaragua will continue to be dependent on international aid and debt relief under the Heavily Indebted Poor Countries (HIPC) initiative. Donors have made aid conditional on the openness of government financial operation, poverty alleviation, and human rights. Nicaragua met the conditions for additional debt service relief in December 2000. Growth should move up moderately in 2003 because of increased private investment and exports.
GDP:
purchasing power parity - $12.8 billion (2002 est.)
GDP - real growth rate:
2.4% (2002 est.)
GDP - per capita:
purchasing power parity - $2,500 (2002 est.)
GDP - composition by sector:
agriculture: 30%
industry: 26%
services: 44% (2002 est.)
Population below poverty line:
50% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 0.7%
highest 10%: 48.8% (1998)
Distribution of family income - Gini index:
60.3 (1998)
Inflation rate (consumer prices):
3.7% (2002 est.)
Labor force:
1.7 million (1999)
Labor force - by occupation:
services 43%, agriculture 42%, industry 15% (1999 est.)
Unemployment rate:
24% plus considerable underemployment (2002 est.)
Budget:
revenues: $726 million
expenditures: $908 million, including capital expenditures of $NA (2000 est.)
Industries:
food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood
Industrial production growth rate:
4.4% (2000 est.)
Electricity - production:
2.549 billion kWh (2001)
Electricity - production by source:
fossil fuel: 83.9%
hydro: 7.7%
other: 8.4% (2001)
nuclear: 0%
Electricity - consumption:
2.388 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
17 million kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
24,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products
Exports:
$637 million f.o.b. (2002 est.)
Exports - commodities:
coffee, shrimp and lobster, cotton, tobacco, bananas, beef, sugar, gold
Exports - partners:
US 57.7%, Germany 5.3%, Canada 4.2%, Costa Rica 3.3%, Honduras (2001)
Imports:
$1.7 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, raw materials, petroleum products, consumer goods
Imports - partners:
US 27.6%, Costa Rica 10.8%, Guatemala 10.8%, El Salvador 8.3%, Mexico, Venezuela (2001)
Debt - external:
$5.8 billion (2002 est.)
Economic aid - recipient:
Substantial foreign support
Currency:
gold cordoba (NIO)
Currency code:
NIO
Exchange rates:
gold cordobas per US dollar - 14.2513 (2002), 13.3719 (2001), 12.6844 (2000), 11.8092 (1999), 10.5819 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Nicaragua on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Nicaragua Economy 2003 should be addressed to the CIA.
