These are the seven economic activities that lead growth in Nicaragua

The monthly index of economic activity (IMAE) closed last year with an expansion of 4.8 percent, which gives an idea of ​​where the economic growth rate that the Central Bank of Nicaragua is about to make official will be, whose projection has put it at 4. Between 4.5 to 4.5 percent.

On how each of the 16 core activities performed, the report shows that only fishing and aquaculture had a negative result at minus 16.7 percent. This is despite the fact that activity managed to expand 1.4 percent in December, “due to higher production of farmed shrimp and the capture of lobster and other fishing products, especially sea cucumber, crab and crab”. “

In fact, farmed shrimp ended the year with a sharp decline in export earnings. According to data from the Ministry of Development, Industry and Commerce, these shipments declined by -25.9 percent in volume and 33.7 percent in value last year.

fishing and aquaculture

Another product closely related to the IMAE of aquaculture and fishing statistics is lobster, which managed to increase together with the export of whole fish. Lobster volume expanded 34.2 percent and value 3.8 percent. Fish quantity increased by 2.8 percent and value by 3.6 percent.

And although these last two seafood products continue to grow, the truth is that income from shipments of farmed shrimp has a greater impact on activity. The first two together contribute 113.6 million, while shrimp alone produce 110.7 million.

The truth is that difficulties in fishing and aquaculture have been increasing over the years. In 2020, under the full impact of the pandemic, it declined by 5.4 percent; It grew barely 0.5 percent in 2021; The following year it managed to recover 6.3 percent; And in 2023 it showed the worst performance of the period analyzed.

seven fastest growing

this sector is Hotels and Restaurants, the activity that expanded the most, although at a slower pace than in previous years. In December alone, with strong commercial activity, these increased by 19.1 per cent with a cumulative total of 23.1 per cent.

And although the Central Bank does not explain what caused this increase, it would be related to the transit of migrants, many of whom the government classifies as tourists and another part who meet that profile.

The same BCN reported this week that the tourism sector generated $739.2 million for the economy, $143.6 million more than the $595.6 million it received during 2022. Of that amount, BCN does not say where it came from. They generated $333.7 million, after noting that a large portion came from tourists from North America, Central America, Europe, and South America.

was in second place IMAE of Mining and Mine ExploitationWith an increase of 12.7 percent. BCN attributes its expansion (6.7 percent) in December alone to “greater extraction of gold, silver, concrete, quarry stone and crushed stone.”

In the export basket, crude gold contributed $1,129 million after growing 21.7 per cent in value and 6.6 per cent in quantity. The sector has been supported by higher production and better prices internationally.

Others who reported an increase

The last sector was located behind it water and energy With an expansion of 11.7 percent. In December alone it increased by 10.2 percent. “Electric power generation recorded a growth of 10.1 per cent due to higher production of thermoelectric power, isolated systems, wind and biomass. For its part, water supply, sewage, waste management and sanitation activities grew by 10.8 percent,” he indicated.

Furthermore, one of the activities that led to the development isi do business, It increased by 8.5 per cent with a cumulative increase of 7.1 per cent in December. BCN says that wholesale trade and retail trade patterns have increased in the last month of the year itself.

was in sixth place Financial intermediation and related, It grew by only 9.1 per cent in December (cumulative January-December 6.5 per cent) due to growth in total deposits and higher credit disbursements.

It is very close ConstructionWhich managed to reach the top among the seven fastest growing activities in 2023. It increased by 8.1 percent in December (cumulative 6.2 percent in January-December). The construction materials that grew the most were: blocks, pavers, steel, quarry stone, ready-mixed concrete, cement, and others.

other areas

One of the sectors that has strong importance in the formation of GDP is agriculture, which, however, was one of the sectors with the least expansion last year.

Agricultural activity increased by 2.6 percent in December from an annual average of 1.7 percent, as a result of increased cultural work and production in coffee, sugarcane and sesame crops, among other crops.

Although livestock increased by 5.7 percent in December, the period ended with an increase of only 1.5 percent. There was more animal slaughter in the last month of the year and mainly milk production increased.

The textile crisis affected one major sector: the manufacturing industry. This activity declined by 2.6 percent in December, but ended with an increase of 1.8 percent accumulated in January–December).

Major decline in tobacco, textile and harness production in December; However, growth was seen in the production of meat and fish, sugar, beverages, petroleum derivatives, non-metallic products, among other activities, the BCN reports.

(tagstotranslate) development | Economic development

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