The Central Bank of Nicaragua released its 2024 gross domestic product (GDP) results, reporting real growth of 3.6% (4.4% in 2023). Nominal GDP reached NIO 721,278.3 million (USD 19,694.0 million), an 11.2% increase from 2023. On the production side, the largest expansions were in construction (18.1%), hotels and restaurants (10.7%), trade (6.2%), financial intermediation and related services (5.7%), transport and communications (4.4%), and water (4.2%), while fishing and aquaculture (-8.7%), mining and quarrying (-0.5%) and agriculture (-0.3%) contracted. On the expenditure side, GDP growth reflected a 13.0 percentage point contribution from domestic demand, supported by final consumption growth of 7.3% and gross fixed capital formation growth of 17.3%, while net external demand subtracted 9.4 percentage points due to imports rising 12.0% and exports falling 4.9%. Household consumption increased 8.6%, linked to higher remittances, increased compensation and greater financing via the financial system, while government final consumption declined 1.2%, driven by a 2.2% fall in collective consumption; investment growth was broad-based across construction (17.7%), machinery and equipment (17.1%) and other investments (15.8%), with public investment up 18.7% and private investment up 16.4%.
Central Bank of Nicaragua 2025-03-19
Central Bank of Nicaragua publishes 2024 GDP results showing 3.6% real growth
The Central Bank of Nicaragua reported a 3.6% real GDP growth for 2024, with nominal GDP reaching NIO 721,278.3 million (USD 19,694.0 million), an 11.2% increase from 2023. Key sector expansions included construction (18.1%) and hotels and restaurants (10.7%), while fishing and aquaculture contracted by 8.7%. GDP growth was driven by a 13.0 percentage point contribution from domestic demand, despite a 9.4 point subtraction from net external demand.