With + 6 million potential consumers living in Nicaragua, this country is
on an exciting economic growth. The upper-class is growing.
Coffee is one of the most important exports of Nicaragua. Agriculture represents 17% of
GDP, the highest percentage in Central America.
Close to one billion dollars are sent to the country by Nicaraguans living
abroad.
Nicaragua is primarily an agricultural country; agriculture constitutes 60% of its
total exports which annually yield approximately US $300 million.
Soil erosion
and pollution from the heavy use of pesticides have become
serious concerns in the cotton district.
Nicaragua's bananas are grown in
the northwestern part of the country near the port of Corinto; sugarcane is
also grown in the same district.
Nicaragua's
agricultural sector has benefited because of the
country's strong ties to Venezuela. Some of the new export-oriented crops:
peanuts, sesame, melons, and onions.
Mining is becoming a major industry in Nicaragua, while transportation throughout
the nation is often inadequate.
Remittances are equivalent to roughly 15% of the country's gross domestic product.
Land is the traditional basis of wealth in Nicaragua, with great fortunes
coming from the export of staples such as coffee, cotton, beef, and sugar.
Rural
workers are dependent on agricultural wage labor, especially in coffee and cotton.
The urban
lower class is characterized by the informal sector of the
economy. The informal sector consists of small-scale enterprises that utilize
traditional technologies and operate outside the legal regime of labor
protections and taxation.
Like most
Latin American nations Nicaragua is also
characterized by a very small upper-class.
Tourism had become the second largest industry in Nicaragua. The growth in tourism
has also positively affected the agricultural, commercial, and finance
industries, as well as the construction industry.
According to
the TV Noticias news program, the main
attractions in Nicaragua for tourists are the beaches, the scenic routes, the
architecture of cities such as León and Granada, ecotourism, and agritourism
particularly in northern Nicaragua.
Ecotourism aims to be ecologically and socially conscious; it focuses on local
culture, wilderness, and adventure.
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