Nicaragua/

Nicaragua, the poorest country in Central America and the second poorest in the Hemisphere, has widespread underemployment and poverty. The US-Central America Free Trade Agreement (CAFTA) has been in effect since April 2006 and has expanded export opportunities for many agricultural and manufactured goods. Textiles and apparel account for nearly 60% of Nicaragua’s exports, but increases in the minimum wage during the ORTEGA administration will likely erode its comparative advantage in this industry. ORTEGA’s promotion of mixed business initiatives, owned by the Nicaraguan and Venezuelan state oil firms, together with the weak rule of law, could undermine the investment climate for domestic and international private firms in the near-term. Nicaragua relies on international economic assistance to meet internal- and external-debt financing obligations. Foreign donors have curtailed this funding, however, in response to November 2008 electoral fraud. Managua has an IMF extended Credit Facility program, which could help keep the government’s fiscial deficit on target during the 2011 election year and encourage transparency in the use of Venezuelan off-budget loans and assistance. In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative, however, Managua still struggles with a high public debt burden. Nicaragua is gradually recovering from the global economic crisis as increased exports drove positive growth in 2010. The economy is expected to grow at a rate of about 3% in 2011.

$17.34 billion (2010 est.)

$16.87 billion (2009 est.)

$17.12 billion (2008 est.)

$6.375 billion (2010 est.)

2.8% (2010 est.)

-1.5% (2009 est.)

2.8% (2008 est.)

$2,900 (2010 est.)

$2,900 (2009 est.)

$3,000 (2008 est.)

2.343 million (2010 est.)

8% (2010 est.)

8.2% (2009 est.)

48% (2005)

43.1 (2001)

60.3 (1998)

22.8% of GDP (2010 est.)

78% of GDP (2010 est.)

63% of GDP (2009 est.)

4.7% (2010 est.)

3.7% (2009 est.)

NA% (31 December 2009)

NA% (31 December 2008)

14.04% (31 December 2009 est.)

13.17% (31 December 2008 est.)

$1.273 billion (31 December 2010 est)

$989.5 million (31 December 2009 est)

$2.9 billion (31 December 2010 est.)

$2.586 billion (31 December 2009 est.)

$4.083 billion (31 December 2010 est.)

$4.161 billion (31 December 2009 est.)

$NA

coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters

food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood

1.5% (2010 est.)

3.286 billion kWh (2007 est.)

2.569 billion kWh (2007 est.)

0 kWh (2008 est.)

63.95 million kWh (2007 est.)

0 bbl/day (2008 est.)

29,000 bbl/day (2009 est.)

213 bbl/day (2007 est.)

29,570 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$819 million (2010 est.)

-$841.1 million (2009 est.)

$3.182 billion (2010 est.)

$2.593 billion (2009 est.)

coffee, beef, shrimp and lobster, tobacco, sugar, gold, peanuts; textiles and apparel

US 61.98%, El Salvador 7.74%, Costa Rica 3.67% (2009)

$4.7 billion (2010 est.)

$3.481 billion (2009 est.)

consumer goods, machinery and equipment, raw materials, petroleum products

US 22.63%, Venezuela 12.27%, Mexico 9.05%, Costa Rica 8.66%, China 7.16%, Guatemala 6.59%, El Salvador 5.63% (2009)

$1.58 billion (31 December 2010 est.)

$1.573 billion (31 December 2009 est.)

$4.03 billion (31 December 2010 est.)

$3.633 billion (31 December 2009 est.)

cordobas (NIO) per US dollar - 21.35 (2010), 20.34 (2009), 19.374 (2008), 18.457 (2007), 17.582 (2006)