Nicaragua, Central America's Top Economy in 2011

WASHINGTON, DC, February 08, 2012 (Press-News.org) The Central Bank of Nicaragua (BCN, for its acronym in Spanish), in a recently published report, stated that the country's gross domestic product (GDP) increased by 4.7 percent in 2011, the highest growth rate in the Central American region and well above the Latin America and the Caribbean average of 4.3 percent.

Following Nicaragua's growth in 2011 were Costa Rica with a 3.8 percent GDP growth, Guatemala with 3.3 percent, Honduras with 3.2 percent and El Salvador with 1.4 percent. This is the second consecutive year in which Nicaragua leads the region in terms of GDP growth.

BCN indicated that in 2011 Nicaraguan exports reached US$2,264 million, increasing by 22.3 percent when compared to 2012, which was the highest growth rate in FOB exports in the region. The country's main export products (in terms of volume) were sugar, beef, coffee, peanuts, dairy and black beans.

Within the free zone sector, the country's vibrant apparel industry also demonstrated positive tendencies during 2011. By November 2011, Nicaragua was the 11th largest worldwide apparel supplier to the U.S. in volume and the 12th largest in value, thus becoming an important player in the global textile and apparel industry.

According to the U.S. Department of Commerce, Office of Textiles and Apparel (OTEXA), when comparing the January-November period between 2011 and 2010, general imports to the U.S. from Nicaragua grew by 37.6 percent (in value) reaching US$1,280 million and 17.8 percent (in volume) reaching 389 million square meters.

Additionally, according to preliminary official data, tourism figures in Nicaragua increased over four percent during 2011, with more than 1.06 million visitors, establishing a new historic record in tourism arrivals. Tourism revenues reached approximately US$363 million in 2011, an 18 percent increase compared to the US$308 reached in 2010.

The Central Bank's projected data demonstrates that 2012 will continue to show successful economic figures with Nicaragua's GDP expected to grow between 3.5 and 4 percent.

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. For further information, please contact us at (505) 2270-6400 or http://pronicaragua.org.