Nicaragua's Macroeconomic Analysis:
Nominal GDP of USD 15.7 billion in 2022.
Nominal GDP of USD 17.8 billion in 2023.
GDP per capita of USD 2,671 compared to the global average of USD 10,589.
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.
Average real GDP growth of 3.1% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Nicaragua
Annual GDP growth slowed in Q2 as private spending and fixed investment decelerated. Shifting to Q3, available data indicates that the economy lost further traction. Economic activity growth softened in July–August relative to Q2 due to a sharp drop in mining output and slowdowns in the agricultural and domestic trade sectors. Remittance inflows rose at a slower pace in Q3 compared to Q2, likely dampening private spending. In politics, in November, Parliament passed a major constitutional reform to promote Vice President Rosario Murillo to copresident along with her husband, President Daniel Ortega; to remove the separation of power between government branches; and to erase municipal autonomy and eliminate referendums. These amendments are set to take effect in early 2025, in order to protect the current authoritarian regime from likely increased pressure under Trump’s administration.Nicaragua Economic Forecasts
Projections out to 2034.45 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 11 expert analysts.
Want to get insight on the economic outlook for Nicaragua in the coming years? FocusEconomics collects projections out to 2034 on 45 economic indicators for Nicaragua from a panel of 11 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.