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 accelerated in Q3 from Q2, chiefly due to a stronger rise in private consumption. That said, fixed investment rose less sharply, and exports contracted more steeply. Heading into Q4, data suggests that momentum then faded. Economic activity growth eased year on year in October–November compared to Q3 on the back of weaker expansions in the agricultural and construction sectors. Remittances inflows growth also softened in October–November relative to the prior quarter, which likely dented households’ purchasing power. In other news, the government recently detained and expelled several Catholic priests. This prompted U.S. Republican legislators to present a bill to toughen economic sanctions on Nicaragua. While such a law is unlikely to be passed in 2024, rising tensions with the U.S. bode poorly for foreign trade and investment.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Nicaragua in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Nicaragua from a panel of 13 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

2018 2019 2020 2021 2022
Population (million) 6.5 6.6 6.5 6.5 6.6
GDP (USD bn) 13.0 12.7 12.7 14.1 15.7
GDP per capita (USD) 2,008 1,938 1,951 2,163 2,372
GDP (NIO bn) 411 421 435 498 562
Economic Growth (Nominal GDP, ann. var. %) -0.8 2.3 3.5 14.3 13.0
Economic Growth (GDP, ann. var. %) -3.4 -2.9 -1.8 10.3 3.8
Private Consumption (ann. var. %) -4.6 -1.8 -0.4 8.7 5.9
Government Consumption (ann. var. %) -2.3 1.4 2.4 9.3 -6.0
Fixed Investment (ann. var. %) -22.0 -27.5 11.1 34.3 -4.2
Exports (G&S, ann. var. %) -1.6 6.1 -9.0 18.1 8.6
Imports (G&S, ann. var. %) -15.1 -3.8 0.1 21.1 5.0
Unemployment (% of active population, aop) 5.4 5.6 5.0 4.5 3.5
Fiscal Balance (% of GDP) -4.0 -1.7 -2.6 -1.5 0.6
Public Debt (% of GDP) 54.4 57.6 65.4 65.9 61.0
Money (ann. var. of M2 %) -19.7 3.2 16.1 11.9 6.6
Inflation (CPI, ann. var. %, eop) 3.9 6.1 2.9 7.2 11.6
Inflation (CPI, ann. var. %, aop) 4.9 5.4 3.7 4.9 10.5
Average Lending Rate (%, aop) 10.90 12.46 11.18 9.62 9.23
Exchange Rate (NIO per USD, eop) 32.33 33.84 34.82 35.52 36.23
Exchange Rate (NIO per USD, aop) 31.55 33.12 34.35 35.17 35.88
Current Account Balance (USD bn) -0.2 0.8 0.5 -0.4 -0.3
Current Account Balance (% of GDP) -1.8 5.9 3.6 -3.1 -1.6
Merchandise Trade Balance (USD bn) -1.6 -1.1 -0.9 -1.9 -2.8
Merchandise Exports (USD bn) 4.2 4.3 4.4 5.6 6.3
Merchandise Imports (USD bn) 5.8 5.4 5.3 7.5 9.1
Merchandise Exports (ann. var. %) 0.4 3.4 1.3 26.8 13.2
Merchandise Imports (ann. var. %) -11.4 -7.0 -1.1 40.0 21.8
Foreign Direct Investment (USD bn) 0.8 0.5 0.7 1.2 1.3
International Reserves (USD bn) 2.3 2.4 3.2 4.0 4.4
International Reserves (months of imports) 4.7 5.3 7.2 6.5 5.8
External Debt (USD bn) 13.0 13.6 13.8 14.6 14.9
External Debt (% of GDP) 99.8 107.2 108.5 103.1 94.9

Free Sample Report

Interested in Nicaragua economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest