A small village in Nicaragua

Nicaragua Economy

Nicaragua's economy in numbers:

Nominal GDP of USD 15.7 billion in 2022.

GDP per capita of USD 2,373 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 57% of overall GDP, manufacturing 14%, other industrial activity 14%, and agriculture 15%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2021, government consumption 14%, fixed investment 24%, and net exports -13%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 38% of total merchandise exports, mineral fuels 1%, food 46%, ores and metals 1% and agricultural raw materials 1%, with other categories accounting for 13% of the total. In the same period, manufactured products made up 66% of total merchandise imports, mineral fuels 18%, food 14%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 6 billion in 2022, while total imports were USD 9 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.3% in the decade to 2022. To read more about GDP growth in Nicaragua, go to our dedicated page.

Fiscal policy:

Nicaragua's fiscal deficit averaged 1.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.1% in the decade to 2022. For more information on Nicaragua's unemployment click here.

Inflation:

Inflation averaged 5.6% in the decade to 2022. Go to our Nicaragua inflation page for extra insight.

Exchange Rate:

From end-2012 to end-2022 the córdoba weakened by 34% vs the U.S. dollar. For more info on the córdoba, click here.
Annual economic growth decelerated in Q1 due to smaller expansions in private spending and fixed investment and a larger contraction in exports. On the flip side, public consumption bounced back. Shifting to Q2, available data indicates that the economy gained significant strength: Year-on-year economic activity growth accelerated in April–May from Q1 on the back of a rebound in the manufacturing sector and stronger momentum in mining and domestic commerce. Additionally, inflation was slightly lower in Q1 than in Q2, and remittances inflows growth sped up slightly in Q2 relative to the prior quarter, boding well for household consumption. Lastly, in the first two months of the quarter, merchandise exports bounced back on average from Q1’s fall.
Projections out to 2033.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 12 expert analysts.

Want to get insight on the economic outlook for Nicaragua in the coming years? FocusEconomics collects projections out to 2033 on 45 economic indicators for Nicaragua from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Nicaragua economy. To download a sample report on the Nicaragua's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Nicaragua Economic Data

2019 2020 2021 2022 2023
Population (million) 6.6 6.5 6.5 6.6 6.7
GDP (USD bn) 12.7 12.7 14.1 15.6 17.8
GDP per capita (USD) 1,938 1,952 2,163 2,368 2,671
GDP (NIO bn) 421 436 497 561 650
Economic Growth (Nominal GDP, ann. var. %) 2.3 3.5 14.2 12.9 15.7
Economic Growth (GDP, ann. var. %) -2.9 -1.8 10.3 3.8 4.6
Private Consumption (ann. var. %) -1.8 -0.3 8.9 6.0 7.3
Government Consumption (ann. var. %) 1.4 2.4 9.4 -6.5 -3.2
Fixed Investment (ann. var. %) -27.5 10.7 34.0 -4.2 12.1
Exports (G&S, ann. var. %) 6.1 -9.0 18.1 8.6 1.3
Imports (G&S, ann. var. %) -3.8 0.1 21.2 5.0 8.9
Unemployment (% of active population, aop) 5.6 5.0 4.5 3.5 3.4
Fiscal Balance (% of GDP) -1.7 -2.6 -1.5 0.6 2.7
Public Debt (% of GDP) 57.6 65.4 65.9 61.1 56.8
Money (ann. var. of M2 %) 3.2 16.1 11.9 6.6 5.7
Inflation (CPI, ann. var. %, eop) 6.1 2.9 7.2 11.6 5.6
Inflation (CPI, ann. var. %, aop) 5.4 3.7 4.9 10.5 8.4
Average Lending Rate (%, aop) 12.46 11.18 9.62 9.23 9.48
Exchange Rate (NIO per USD, eop) 33.84 34.82 35.52 36.23 36.62
Exchange Rate (NIO per USD, aop) 33.12 34.35 35.17 35.88 36.44
Current Account Balance (USD bn) 0.8 0.5 -0.5 -0.4 1.4
Current Account Balance (% of GDP) 5.9 3.7 -3.8 -2.5 7.7
Merchandise Trade Balance (USD bn) -1.1 -0.9 -1.9 -2.8 -2.7
Merchandise Exports (USD bn) 4.3 4.4 5.6 6.3 6.7
Merchandise Imports (USD bn) 5.4 5.3 7.5 9.1 9.4
Merchandise Exports (ann. var. %) 3.4 1.3 26.8 13.2 6.0
Merchandise Imports (ann. var. %) -7.0 -1.1 40.0 21.8 3.1
Foreign Direct Investment (USD bn) 0.5 0.7 1.2 1.3 1.2
International Reserves (USD bn) 2.4 3.2 4.0 4.4 5.4
International Reserves (months of imports) 5.3 7.2 6.5 5.8 7.0
External Debt (USD bn) 13.6 13.8 14.6 14.9 -
External Debt (% of GDP) 107.2 108.5 103.1 95.0 -

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