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 - $11.16 billion (2002 est.)
GDP - real growth rate:
1.1% (2002 est.)
GDP - per capita:
purchasing power parity - $2,200 (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 59.4%, El Salvador 7.5%, Honduras 4.8% (2002)
Imports:
$1.7 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, raw materials, petroleum products,
consumer goods
Imports - partners:
US 23.7%, Costa Rica 10.3%, Venezuela 10.1%, Guatemala 7.8%, Mexico
6.7%, El Salvador 6%, South Korea 4.6% (2002)
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 - 14.25 (2002), 13.37 (2001), 12.68
(2000), 11.81 (1999), 10.58 (1998)
Fiscal year:
calendar year