Countries
Nicaragua
Key Economic Indicators
$60.23 billion
$8,709
3.59%
4.62%
5.04%
$19.694 billion (2024 est.)
<strong>note:</strong> official data; data cover general government debt and inc
$817.62 million
Economic Overview
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
All Economic Data
Agricultural products
sugarcane, milk, rice, oil palm fruit, maize, plantains, cassava, groundnuts, beans, chicken (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$3.382 billion (2023 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$3.856 billion (2023 est.)
Currency
code:
NIO
name:
Nicaraguan córdoba (NIO) [C$]
Current account balance
$817.62 million
Current account balance 2022:
-$459.6 million (2022 est.)
Current account balance 2023:
$1.465 billion (2023 est.)
Current account balance 2024:
$817.618 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$15.49 billion
Debt - external 2023:
$6.753 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
cordobas (NIO) per US dollar -
Exchange rates 2020:
34.342 (2020 est.)
Exchange rates 2021:
35.171 (2021 est.)
Exchange rates 2022:
35.874 (2022 est.)
Exchange rates 2023:
36.441 (2023 est.)
Exchange rates 2024:
36.624 (2024 est.)
Exports
$7.97 billion
Exports 2022:
$7.87 billion (2022 est.)
Exports 2023:
$8.248 billion (2023 est.)
Exports 2024:
$8.135 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, gold, insulated wire, coffee, beef (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 51%, Mexico 12%, El Salvador 6%, Canada 6%, Switzerland 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.35 billion
GDP - composition, by end use
Exports of goods and services:
40.5% (2024 est.)
Government consumption:
12.3% (2024 est.)
Household consumption:
80.6% (2024 est.)
Imports of goods and services:
-58.1% (2024 est.)
Investment in fixed capital:
22.9% (2024 est.)
Investment in inventories:
1.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
14.4% (2024 est.)
Industry:
27.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
46.8% (2024 est.)
GDP (official exchange rate)
$19.694 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$2,848
Gini Index coefficient - distribution of family income
46.2 (2014)
GNI (gross national income)
$18.71 billion
GNI per capita
$2,510
Gross domestic investment
25 % of GDP
Imports
$11.43 billion
Imports 2022:
$10.213 billion (2022 est.)
Imports 2023:
$10.519 billion (2023 est.)
Imports 2024:
$11.437 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
garments, refined petroleum, crude petroleum, plastic products, fabric (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 24%, China 13%, Mexico 9%, Honduras 9%, Guatemala 8% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
3.6% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood, electric wire harness manufacturing, mining
Inflation rate (consumer prices)
4.62%
Inflation rate (consumer prices) 2022:
10.5% (2022 est.)
Inflation rate (consumer prices) 2023:
8.4% (2023 est.)
Inflation rate (consumer prices) 2024:
4.6% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.225 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.32 million persons
Labor force - by occupation
agriculture:
30.47%
industry:
16.88%
services:
52.65%
Population below poverty line
24.9% (2016 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> official data; data cover general government debt and include debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as retirement, medical care, and unemployment, debt instruments for the social funds are not sold at public auctions; Nicaragua rebased its GDP
Public debt 2017:
33.3% of GDP (2017 est.)
Real GDP (purchasing power parity)
$60.23 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$48.985 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$51.153 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$52.989 billion (2024 est.)
Real GDP growth rate
3.59%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
3.6% (2022 est.)
Real GDP growth rate 2023:
4.4% (2023 est.)
Real GDP growth rate 2024:
3.6% (2024 est.)
Real GDP per capita
$8,709
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$7,300 (2022 est.)
Real GDP per capita 2023:
$7,500 (2023 est.)
Real GDP per capita 2024:
$7,700 (2024 est.)
Remittances
$5.25 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
20.6% of GDP (2022 est.)
Remittances 2023:
26.2% of GDP (2023 est.)
Remittances 2024:
26.6% of GDP (2024 est.)
Reserves of foreign exchange and gold
$6.1 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$4.404 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$5.447 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.105 billion (2024 est.)
Revenue (excl grants)
22 % of GDP
Tax revenue
20 % of GDP
Taxes and other revenues
19.9% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
5.04%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5% (2022 est.)
Unemployment rate 2023:
4.8% (2023 est.)
Unemployment rate 2024:
4.6% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
12% (2024 est.)
Male:
7.8% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
9% (2024 est.)
Economic Rankings
Gini Index
#25
External Debt
#56
Inflation Rate
#68
Reserves
#92
Unemployment Rate
#103
GDP Growth Rate
#113
Imports
#117
GDP (PPP)
#121
Exports
#123
GDP (Nominal)
#128
GDP per Capita
#134
Quick Facts
Industries
food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood, electric wire harness manufacturing, mining
Agricultural products
sugarcane, milk, rice, oil palm fruit, maize, plantains, cassava, groundnuts, beans, chicken (2023)
Labor force
3.225 million (2024 est.)
Exports - partners
USA 51%, Mexico 12%, El Salvador 6%, Canada 6%, Switzerland 4% (2023)
Imports - partners
USA 24%, China 13%, Mexico 9%, Honduras 9%, Guatemala 8% (2023)
Exchange rates
cordobas (NIO) per US dollar -
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