GENERAL INFORMATION ON NICARAGUA
Index
|
YEAR 2023
|
|||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Territorial Extension
|
130,373.47 square kilometers
|
||||||||||||||||||||||||||||
|
Population
|
6,733,763 habitants
|
||||||||||||||||||||||||||||
|
Economically Active Population
|
53.8% of the total population
|
||||||||||||||||||||||||||||
|
Urban population
|
57.6%
|
||||||||||||||||||||||||||||
|
Occupancy rate
|
65.90%
|
||||||||||||||||||||||||||||
|
GDP
|
US$ 15.671.6
|
||||||||||||||||||||||||||||
|
GDP Per Cápita
|
US$ 2.327.3
|
||||||||||||||||||||||||||||
|
Currency
|
Córdoba (C$ 36.4719 x US$ 1.00 as of July 31, 2023)
|
||||||||||||||||||||||||||||
|
Annual inflation
|
11.6%
|
||||||||||||||||||||||||||||
|
Annual devaluation
|
2.0%
|
||||||||||||||||||||||||||||
|
Traditional exports
|
US$ 3.878.9 millon
|
||||||||||||||||||||||||||||
|
Free zone exports
|
US$ 3.852.0 millon
|
||||||||||||||||||||||||||||
|
Family remittances
|
US$ 3.224.9 millon
|
||||||||||||||||||||||||||||
|
Political System
|
Republican Democracy
|
||||||||||||||||||||||||||||
|
Form of Government
|
Presidential
|
||||||||||||||||||||||||||||
|
Political-Administrative Division
|
15 departments and 2 autonomous regions
|
||||||||||||||||||||||||||||
|
President
|
Daniel Ortega Saavedra
|
||||||||||||||||||||||||||||
|
Minimum salary
|
|||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Agricultural
|
US$ 142.56
|
||||||||||||||||||||||||||||
|
Manufacturing Industry
|
US$ 191.69
|
||||||||||||||||||||||||||||
|
Electricity, gas and water, commerce,
restaurant and hotels, transportation, storage
and communications
|
US$ 261.49
|
||||||||||||||||||||||||||||
|
Construction, financial and insurance establishments
|
US$ 319.04
|
||||||||||||||||||||||||||||
|
Free Zone
|
US$ 222.18
|
||||||||||||||||||||||||||||
|
Average Cost of Energy ($ / kWH)
|
US$ 0.1915
|
||||||||||||||||||||||||||||
PRINCIPAL MACROECONOMIC INDICATORS BEHAVIOR
|
Years
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
|---|---|---|---|---|---|---|
|
Economic Activity
|
||||||
|
GDP at constant prices (annual percentual variation)
|
4.6
|
(3.4)
|
(2.9)
|
(1.8)
|
10.3
|
3.8
|
|
GDP per capita (annual percentual variation)
|
2.7
|
(6.5)
|
(3.5)
|
(1.2)
|
10.4
|
9.6
|
|
Affiliation to Nicaraguan Social Security Institute (Average annual percentual variation)
|
6.6
|
(10.5)
|
(10.2)
|
(2.8)
|
6
|
4
|
|
Open Unemployment (Annual Average)
|
3.7
|
5.5
|
5.4
|
5.0
|
4.5
|
3.5
|
EXCHANGE RATE AGAINST THE DOLLAR
The exchange policy established by the Central Bank consists of a scheduled annual slide of 2% of the value of the Córdoba against the dollar. Pursuant to this policy, the official exchange rate on March 1, 2023 was C$ 36.3211 córdobas per dollar and it is scheduled to close on December 31, 2023 at C$36.6243 per $1 US.
However, the Central Bank has announced a change in this policy for 2024 and there will no more devaluation of the Córdoba, but a fixed exchange rate to the dollar.
The government affirms that there is sufficient monetary stability, which is reflected in a series of macroeconomic indicators and it is a reality that the black-market exchange rate has remained controlled, below the official exchange rate, so that from 2024 the exchange policy will remain with a fixed exchange rate.
FREE CURRENCY CONVERTIBILITY
In Nicaragua the system of free convertibility of the currency operates. There are no restrictions to buy or sell dollars, there is exchange freedom. Leases, remittances, loan payments, income, are allowed freely through private financial institutions.
FREE REPATRIATION OF CURRENCY
The Nicaraguan financial system is integrated into the international financial system. There is free repatriation of foreign currency, businessmen can repatriate dividends, pay international loans or make purchases abroad for goods and services, without any type of restriction, within the framework of compliance with the measures recommended by the Financial Action Task Force (FATF or GAFI) for the control and prevention of money laundering.
The go-to law firm to do business in Nicaragua
Links of interest
Contact
-
Traffic lights at Plaza el Sol
2 blocks south, 1 block east
Colonial Los Robles, Managua