LatinNews Daily - 04 April 2023

In brief: Nicaragua hails further economic recovery in 2022

*Nicaragua’s central bank (BCN) has released new figures which show that Nicaragua’s GDP grew 3.8% in 2022. This follows growth of 10.3% in 2021 which followed three years of consecutive contractions: -1.8% in 2020 (due to the coronavirus [Covid-19] pandemic and impact of hurricanes ‘Eta’ and ‘Iota’), -2.9% in 2019 and -3.4% in 2018. The latter two years of contraction owed to the impact of the political crisis which erupted in April 2018, resulting in a major government crackdown. Sectors to register the highest growth in 2022 were hotels & restaurants (29.0%) and transport & communications (8.4%) while construction posted the biggest decline (-12.2%). The BCN is forecasting that Nicaragua’s GDP will grow between 3%-4% in 2023.

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