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Nicaragua with excellent economic performance in 2011

Nicaragua’s economic activity has shown high growth rates during 2011, according to the latest economic report published by the Central Bank of Nicaragua

 
PRLog - Nov. 4, 2011 - MANAGUA, Nicaragua -- Nicaragua’s economic activity has shown high growth rates during 2011, according to the latest economic report published by the Central Bank of Nicaragua (BCN, for its acronym in Spanish). During the second quarter of 2011, the gross domestic product (GDP) grew 5.2 percent, which represents an increase of 3.1 percentage points when compared to the second quarter of 2010.

BCN projections indicate that the Nicaragua economy will be growing 4 percent by the end of 2011. This projection is based mainly on a series of positive factors that include elevated prices of the country’s main export products, growth of the agribusiness and industrial sectors (including textiles), increase of private investment (national and foreign) and remittances.

In terms of international trade, during the January-August period, Nicaragua’s exports to the world added up to US$1,586 million, a 23.5 percent growth when compared to the same period in 2010. The main export products this year include coffee, gold, meat, beans and peanuts.

Nicaragua’s main export markets during the aforementioned period were United States with 30.9 percent of total exports, followed by Venezuela (11.8 percent), Central America (18.8 percent), Canada (11.4 percent) and Mexico (3.1 percent). These five markets represent nearly 75 percent of Nicaragua’s total exports.

Formal employment has also shown a positive growth trend during 2011. The number of people affiliated to the Nicaraguan Institute of Social Security (INSS, for its acronym in Spanish) registered a 9.4 percent growth during the January-September period, when compared to the same period in 2010. According to figures published by INSS, the number of people affiliated as of September 2011 is 583,896.

Tourism continues to be one of the country’s main economic activities.  In the January-August period, the number of tourist arrivals reached 752,293, a 3.2 percent growth compared to the same period last year. 58 percent of these tourists came from the Central American region and 27.5 from North America. Tourism receipts during this period add up to US$256.7 million, a 19 percent growth compared to the same period last year.

Worldwide, the tourism industry has shown an increase in arrivals, which is consistent with the initial forecast of a 4 or 5 percent growth announced by the World Tourism Organization (WTO) at the beginning of 2011. After a resilient first semester of 2011 (440 million arrivals), the industry’s growth during the rest of the year might be more modest due to signs of a weakening international context, says the WTO.

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PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country.

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