LatinNews Daily - 13 September 2021

In brief: Nicaragua’s central bank raises growth forecast

* The president of Nicaragua’s central bank (BCN), Ovidio Reyes, has said that the BCN is forecasting that the country’s GDP will grow between 5-7% in 2021, up from its previous forecast of 4-6%. He said that the revision was based on the fact that Nicaragua’s GDP grew 16.7% in the second quarter of 2021 year-on-year, after 3.8% year-on-year growth in the first quarter. He cited as areas which registered particularly strong growth in the second quarter: exploitation of mining & quarries (up 91%); hotels & restaurants (52%); the manufacturing industry (35%); construction (31.7%); trade (28%); and fishing & aquiculture (27.7%). Nicaragua’s GDP contracted 2% in 2020 - the third consecutive year of contraction after declines of 3.7% in 2019 and 3.4% in 2018 as a result of the political crisis stemming from the government led by President Daniel Ortega’s crackdown on its opponents, which began in April 2018. The 2020 contraction owes to the impact of the coronavirus (Covid-19) pandemic and damage caused by hurricanes ‘Eta’ and ‘Iota’ which struck in November 2020.

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