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Nicaragua / CENTRAL AMERICA

Economy:

Agriculture is the base of Nicaragua's economy. In 1990, around one third of the economically active population engaged in agricultural activities. The principal products are coffee, cotton and bananas. Other agricultural products include rice, sugar, sugarcane, beans and oranges. Nicaragua is also one of the most important cattle-breeding countries in Central America.

The most commercialized seafood are prawns and river crabs.

Other important economic facts:

Poverty level: 50% (in 1999)

GDP: US$2.8 billion (in 2002)

GDP per capita: US$486 (in 2002)

Purchasing power: $12.3 billions (in 2001), per capita $2,500.

Inflation: 7.4% (in 2003)

External debt: US$ 5.7 billion (in 1999)

Real growth rate: 2.5%.

Unemployment: 23%, plus considerable underemployment (est. in 2001)

International Affiliations: Nicaragua is member of United Nations and various other similar organizations. Other institutions with whom Nicaragua cooperates include the The World Bank Group, International Monetary Fund and the World Trade Organization. Nicaragua is a member of the Organization of American States, World Development Bank, Central American Common Market and the Central American Bank of Economic Integration.

Major Industries and Services:

Tourism, coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame seeds, soy, beans, beef, veal, pork, poultry and other diary products, cattle, fish, sugar, meat, bananas, processed food, beverages, footwear, machinery and metal production such as silver, copper, tungsten, lead, zinc and chemicals textiles, clothing, petroleum refining and distribution. Services: Commerce, construction, government, banking, transport and energy.

Major Trading Partners:

Canada, Japan, Germany, Venezuela, USA, Costa Rica, Guatemala and Mexico.

History:

Several indigenous tribes inhabited Nicaraguan territory during pre-Colombian times, such the Nicaraos, Chorotegas, Chontales and Miskitos. Christopher Columbus, during his fourth and final voyage to the Americas, was the first European to reach Nicaraguan soil. Afterwards, many Spanish conquistadors settled the land that is now Nicaragua. Hernández de Córdoba, for which the national currency is named, discovered Lake Nicaragua and founded the cities of Granada and León.

The British arrived in 1625, declaring Nicaragua a British Protectorate and renaming it The Mosquito Kingdom, which extended from Belize to the San Juan River. The British remained until 1894, inhabiting a large portion of the country, principally on the Caribbean coast. Nicaragua belonged to the Spanish Mexican viceroyalty, and later to the Federation of United Central American Provinces. These provinces gained independence from Spain in 1821. Nicaragua achieved full independence in 1838. There have been many different types of presidents and governors, and today a popularly elected conservative government is focused in developing the country's economic and social development.

The origin of the name "Nicaragua:"

The name Nicaragua origins from Nahuatl, an Aztec language. In the beginning the name was used for the land that covers the isthmus between the Pacific Ocean and Lake Nicaragua. The name was taken from Chief Nicarao, who ruled the land when the first Spaniards arrived. Later on, the name was used to name the inhabitants of the territory (the Nicaraguas or Niquiranos).

The linguistic origins of the name Nicaragua come from the Nahuatl "Nic-atl-nahuac," which means "here near the water," and from the phrase "Nic Anahuac," which means "here the Anahuac" or "the Anahuac from here."

Nicaraos came from Mexican territories after the fall of Teotihuacán. Following their priest's (Alfaquíes) advice and according to their traditions, they had to go southwards and not stop until they found a lake with two volcanoes emerging from the water, which is supposed to have been Ometepe Island.

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