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 extremely unequal. While the country has made progress toward macroeconomic stabilization over the past few years, a banking crisis and scandal has shaken the economy. Managua 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 improving governability, 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 in 2002 because of increased private investment and recovery in the global economy.

GDP purchasing power parity - $12.3 billion (2001 est.)

GDP - real growth rate 2.5% (2001 est.)

GDP - per capita purchasing power parity - $2,500 (2001 est.)

GDP - composition by sector
agriculture: 33%
industry: 23%
services: 44% (2000)

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) 7.4% (2001 est.)

Labor force 1.7 million (1999)

Labor force - by occupation services 43%, agriculture 42%, industry 15% (1999 est.)

Unemployment rate 23% plus considerable underemployment (2001 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 2.233 billion kWh (2000)

Electricity - production by source
fossil fuel: 81.68%
hydro: 9.4%
other: 8.92% (2000)
nuclear: 0%

Electricity - consumption 2.176 billion kWh (2000)

Electricity - exports 1 million kWh (2000)

Electricity - imports 100 million kWh (2000)

Agriculture - products coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products

Exports $609.5 million (f.o.b., 2001 est.)

Exports - commodities coffee, shrimp and lobster, cotton, tobacco, beef, sugar, bananas; gold

Exports - partners US 57.7%, Germany 5.3%, Canada 4.2%, Costa Rica 3.3%, Honduras 3% (2000)

Imports $1.6 billion (f.o.b., 2001 est.)

Imports - commodities machinery and equipment, raw materials, petroleum products, consumer goods

Imports - partners US 23.9%, Costa Rica 11.4%, Venezuela 9.9%, Guatemala 7.9%, Mexico 5.9% (2000)

Debt - external $6.1 billion (2001 est.)

Economic aid - recipient NA

Currency gold cordoba (NIO)

Currency code NIO

Exchange rates gold cordobas per US dollar - 13.88 (January 2002), 13.37 (2001), 12.69 (2000), 11.81 (1999), 10.58 (1998), 9.45 (1997)

Fiscal year calendar year

NOTE: The information regarding Nicaragua on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nicaragua Economy 2002 information contained here. All suggestions for corrections of any errors about Nicaragua Economy 2002 should be addressed to the CIA.