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Nicaragua Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
6,085,213 (July 2018 est.)GDP (PPP)
$36.4 billion (2017 est.)Textiles and agriculture combined account for nearly 50% of Nicaragua's exports. Beef, coffee, and gold are Nicaragua’s top three export commodities.
GDP growth rate
4.9% (2017 est.)Average GDP growth of less than 5% is insufficient to make a significant difference.
GDP (PPP) per capita
$5,900 (2017 est.)Nicaragua is the poorest country in Central America and the second poorest in the Western Hemisphere.
Local currency
Nicaraguan cordoba (NIO)Weak currency subject to frequent devaluation (though recently more stable than in the past).
Financial stability (Public debt)
33.3% of GDP (2017 est.)Medium.
Inflation
3.9% (2017 est.)Medium.
Language
Spanish (official) 95.3%English and indigenous languages found on the Caribbean coast. In general, low English proficiency (62/100).
Corruption perception index (Source: Transparency International)
152/180Extremely high level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15%Certain items are exempted, including medicine, real estate transfer, sale of used goods, basic food products, credit instruments, tuition, and textbooks and educational supplies.
Corporate Tax
30%The taxpayer is subject to the higher of: 30% of net income 1% to 3% of gross income
Duties
N/AThe following taxes apply to imports, depending on the product: Import Custom Duties (DAI), which are the local tariff liens in the importation of goods agreed to in the Central American Import Tariff. Excise Tax (ISC), which is an indirect tax levied on selective consumption of goods (e.g. tobacco cigarettes). VAT.
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