Overview

Nicaragua's gross domestic product (GDP) increased by an estimated 4.6 percent in 2013, due largely to external demand, domestic consumption, an increase in FDI, and remittances. Inflation in 2013 was 5.67 percent. The Central Bank of Nicaragua forecasts GDP growth of 4 to 5 percent in 2014. On April 1, 2006, the United States - Central America - Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force for the United States and Nicaragua. 80 percent of U.S. exports of consumer and industrial goods now enter Nicaragua duty-free, with remaining tariffs to be phased out by 2016. Tariffs on most U.S. agricultural products will be phased out by 2021, with all tariffs eliminated by 2026. The United States is Nicaragua's largest trading partner, the source of roughly a quarter of Nicaragua's imports and the destination for approximately two-thirds of its exports (including free zone exports). U.S. exports to Nicaragua totaled $1.057 billion in 2013, including cereals, donated goods, mechanical machinery, textiles and apparel, oils and fats, medical and dental equipment, electrical machinery, vehicles, and plastics. Nicaraguan exports to the United States were $2.8 billion in 2013, including textiles and apparel, automobile wiring harnesses, coffee, meat, fish, tobacco, gold, fruits, vegetables, and sugar. Other important trading partners for Nicaragua are Venezuela, El Salvador, Costa Rica, Mexico, and the European Union. The Nicaraguan government's investment promotion agency, ProNicaragua, stated that in 2013 foreign investment inflows were $1.36 billion, up from $1.28 billion in 2012. The Economic Commission Latin American and the Caribbean (CEPAL) estimated FDI at $849 million for 2013. ProNicaragua reports gross FDI figures whereas CEPAL reports on a net basis.

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9781502346346

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