ogram, Nicaragua has had considerable success in
reducing inflation and obtaining substantial economic aid from abroad.
Annual inflation fell from more than 750% in 1991 to less than 5% in
1992. Inflation rose again to an estimated 20% in 1993, although this
increase was due almost entirely to a large currency devaluation in
January. As of early 1994, the government was close to finalizing an
enhanced structural adjustment facility with the IMF, after the
previous standby facility expired in early 1993. Despite these
successes, achieving overall economic growth in an economy scarred by
misguided economic values and civil war during the 1980s has proved
elusive. Economic growth was flat in 1992 and slightly negative in
1993. Nicaragua's per capita foreign debt is one of the highest in the
world; nonetheless, as of late 1993, Nicaragua was current on its
post-1988 debt as well as on payments to the international financial
institutions. Definition of property rights remains a problem;
ownership disputes over large tracts of land, businesses, and homes
confiscated by the previous government have yet to be resolved.
National product:
GDP - purchasing power equivalent - $6.4 billion (1993 est.)
National product real growth rate:
-0.5% (1993 est.)
National product per capita:
$1,600 (1993 est.)
Inflation rate (consumer prices):
20% (1993 est.)
Unemployment rate:
13%; underemployment 50% (1991)
Budget:
revenues:
$375 million (1992)
expenditures:
$410 million (1992), including capital expenditures of $115 million
(1991 est.)
Exports:
$228 million (f.o.b., 1992)
commodities:
foodstuffs, cotton, coffee, chemicals
partners:
EC 26%, US 26%, Japan, Costa Rica, El Salvador, Mexico (1992)
Imports:
$907 million (c.i.f., 1992)
commodities:
petroleum, food, chemicals, machinery, clothing
partners:
US 26%, Venezuela, Costa Rica, EC, Guatemala (1992)
External debt:
$10.5 billion ( 1992)
Industrial production:
growth rate NA%; accounts for 20-25% of GDP
Electricity:
capacity:
434,000 kW
production:
1.118 billion kWh
consumption per capita:
290 kWh (1992)
Industries:
food processing, chemicals, metal products, textiles, clothing,
petroleum refining and distribution, beverages, footwear
Agriculture:
crops account for about 15% of GDP; export crops - coffee, bananas,
sugarcane, cotton; food crops - rice, corn, cassava, citrus fruit,
beans;