of Central Bank Nicaragua This Friday (03/22/2024) the Central American country's economy grew by 4.6% in 2023, above the Latin American average, although its activities in economic sectors are under economic sanctions. America.
“Economic activity showed dynamism and expansion in its evolution, with GDP (Gross Domestic Product) registering a growth of 4.6 percent in real terms (3.8% in 2022),” the bank said in a statement.
“Most activities showed good performance,” with growth in hotels and restaurants, mining and quarries, power, construction, trade and transport and communications, financial intermediation and the manufacturing industry, the bank said. Also, “Decreases were recorded in agriculture, fishing and aquaculture activities.”
The expansion figure reported by Nicaragua is higher than the average for Latin America and the Caribbean in 2023, estimated by the Economic Commission for Latin America and the Caribbean (ECLAC) at 2.2%. Brazil, the region's largest economy, grew 2.9% and Mexico, the second, grew 3.2%.
The International Monetary Fund (IMF) has warned that Nicaragua's economy is not immune to the influence of negative factors, such as a sharper-than-expected global recession, natural disasters or “severe and widespread international sanctions”.
Washington has placed sanctions on the government Daniel Ortega, whose re-election he considers fraudulent and bans US persons from doing business in Nicaragua's gold industry in 2022 because he considers it a “critical piece” of financing the president. The US has penalized the Nicaraguan sugar industry by withdrawing from regional import quotas in 2023.
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