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LatinNews Daily - 21 March 2022
In brief: Nicaragua’s GDP growth recovers in 2021
*Nicaragua’s central bank (BCN) has released new figures which show that Nicaragua’s GDP grew 10.3% in 2021 – the first year of growth since 2017. The economy contracted 2% in 2020 due to the coronavirus (Covid-19) pandemic and damage caused by hurricanes ‘Eta’ and ‘Iota’. This followed contractions of 3.7% in 2019 and 3.4% in 2018 due to the political crisis which erupted in April 2018, whereby anti-government protests prompted a crackdown by the administration led by President Daniel Ortega on its opponents. Growth in 2021 was driven by mining and quarrying (up 37.9%) followed by construction (+33.4%) and trade (+16.2%). The latest (January 2022) forecast from the United Nations Economic Commission for Latin America and the Caribbean (Eclac) estimates that Nicaragua’s GDP grew by 7.4% in 2021, above the 6.7% average for Central America, and predicted 3.0% GDP growth this year, below the 4.5% average for the sub-region.
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