Private demand alone expanded 7.7 per cent in the first half of the year due, in part, to increases in remittances from abroad, consumer credit and employment.
Nicaragua’s Gross Domestic Product (GDP) expanded in the first half of this year 4.7 percent, according to the Central Bank. In the second quarter alone, the economy moved 4.4 percent, driven by electricity, mining and quarrying, hotels and restaurants, trade, transport and communications and financial intermediation and related services.
On the spending side, the Gross Domestic Product is being driven by growth in consumption and fixed investment. The performance of both indicators cushioned the fall in exports of goods and services, as well as growth in imports, the latter often subtracts growth.
Key sectors related to agricultural production showed mixed performance. Agriculture, which has a significant weight in the formation of growth, grew only 1.4 per cent in the semester, due to greater work and production in sugarcane, corn, soy, peanut, tobacco, among other products.
But fishing and aquaculture fell 8.1 percent in the semester, due to lower crop shrimp production, and a decrease in scale catch, sea shrimp and lobster.
Against the contrary, forestry and wood extraction grew 1.7 percent in the semester, due to more extraction of wooden trunks and increases in forest plantations.
Mines and construction
Precious metal production continues to drive the economy. The exploitation of mines and quarries grew 9.4 percent in June after reporting further extraction of gold, silver, sand, quarry stone, concrete, crushed stone, carbonate, toba, salt and pumice stone in the second quarter.
On the other hand, the construction recorded the semester closed with an expansion of 7.9 percent, after more buildings were reported in the second quarter in the private and public area. In the private sector there was greater area actually built in the trade and service destinations; and decreases in residential and industrial buildings, according to the NCB.
For its part, in public construction there was growth in non-residential buildings and civil engineering works, he said.
Contributions from other sectors
In the electricity sector, which is among the leading growths of the semester, it increased 11.4 percent higher generation of hydroelectric power, thermoelectric power, by isolated system and biomass.
Another key sector was trade, with 7.9 percent growth in the semester, as a result of wholesale and retail trade growth.
Meanwhile, hotels and restaurants grew 13.9 percent in the semester, due to the increased demand for such services.
One sector that is experiencing difficulties growing is the manufacturing industry by only expanding 0.2 percent in the semester. This behaviour was the result of the increased production of sugar, beverages, textiles and petroleum products, mainly; however, there was a decrease in the production of tobacco, dairy, and harnesses, among others.
And finally, financial intermediation services closed the semester with an increase of 5.7 percent due to the increase in the credit portfolio and the increased collection of deposits, both in foreign and domestic wcurrencies.
Consumption grows
On the other hand, consumption grew 6.5 per cent in the semester, due to increases in private and public consumption. Private demand alone expanded 7.7 per cent in the first half of the year due, in part, to increases in remittances from abroad, consumer credit and employment.
In contrast, gfovernment consumption reported a 0.8 percent decrease in the semester, as a result of the growth of 4 percent in collective consumption and a decrease of 1.8 percent in individual consumption, the NCB says.
On the other hand, private fixed investment is growing 14.1 percent in the semester, as a result of growth in machinery and equipment and other investments; and decrease in construction.
Exports of goods and services fall 4.5 percent in the semester. Among the products that lasted the activity are shipments of coffee, dairy, drinks and harnesses, among others. For
their part, shipments of sugar, textiles and non-metallic ones increased, among others.
The export of services resulted in a decrease in communication, overseas purchases by non-residents, insurance services and government administrative services, among others.
While the import of goods and services reported a six-monthly increase of 13.4 percent in theNicaragua’s GDP grows 7.7% in the first half
Private demand alone expanded 7.7 per cent in the first half of the year due, in part, to increases in remittances from abroad, consumer credit and employment.
Nicaragua’s Gross Domestic Product (GDP) expanded in the first half of this year 4.7 percent, according to the Central Bank. In the second quarter alone, the economy moved 4.4 percent, driven by electricity, mining and quarrying, hotels and restaurants, trade, transport and communications and financial intermediation and related services.
On the spending side, the Gross Domestic Product is being driven by growth in consumption and fixed investment. The performance of both indicators cushioned the fall in exports of goods and services, as well as growth in imports, the latter often subtracts growth.
Key sectors related to agricultural production showed mixed performance. Agriculture, which has a significant weight in the formation of growth, grew only 1.4 per cent in the semester, due to greater work and production in sugarcane, corn, soy, peanut, tobacco, among other products.
But fishing and aquaculture fell 8.1 percent in the semester, due to lower crop shrimp production, and a decrease in scale catch, sea shrimp and lobster.
Against the contrary, forestry and wood extraction grew 1.7 percent in the semester, due to more extraction of wooden trunks and increases in forest plantations.
Mines and construction
Precious metal production continues to drive the economy. The exploitation of mines and quarries grew 9.4 percent in June after reporting further extraction of gold, silver, sand, quarry stone, concrete, crushed stone, carbonate, toba, salt and pumice stone in the second quarter.
On the other hand, the construction recorded the semester closed with an expansion of 7.9 percent, after more buildings were reported in the second quarter in the private and public area. In the private sector there was greater area actually built in the trade and service destinations; and decreases in residential and industrial buildings, according to the NCB.
For its part, in public construction there was growth in non-residential buildings and civil engineering works, he said.
Contributions from other sectors
In the electricity sector, which is among the leading growths of the semester, it increased 11.4 percent higher generation of hydroelectric power, thermoelectric power, by isolated system and biomass.
Another key sector was trade, with 7.9 percent growth in the semester, as a result of wholesale and retail trade growth.
Meanwhile, hotels and restaurants grew 13.9 percent in the semester, due to the increased demand for such services.
One sector that is experiencing difficulties growing is the manufacturing industry by only expanding 0.2 percent in the semester. This behaviour was the result of the increased production of sugar, beverages, textiles and petroleum products, mainly; however, there was a decrease in the production of tobacco, dairy, and harnesses, among others.
And finally, financial intermediation services closed the semester with an increase of 5.7 percent due to the increase in the credit portfolio and the increased collection of deposits, both in foreign and domestic wcurrencies.
Consumption grows
On the other hand, consumption grew 6.5 per cent in the semester, due to increases in private and public consumption. Private demand alone expanded 7.7 per cent in the first half of the year due, in part, to increases in remittances from abroad, consumer credit and employment.
In contrast, gfovernment consumption reported a 0.8 percent decrease in the semester, as a result of the growth of 4 percent in collective consumption and a decrease of 1.8 percent in individual consumption, the NCB says.
On the other hand, private fixed investment is growing 14.1 percent in the semester, as a result of growth in machinery and equipment and other investments; and decrease in construction.
Exports of goods and services fall 4.5 percent in the semester. Among the products that lasted the activity are shipments of coffee, dairy, drinks and harnesses, among others. For semester. In goods, growth was observed in the import of meat and fish products, beverages, tobacco, textiles, chemicals, metal and non-metallic products and machinery and transport equipment, among others.
However, fewer basic grains, petroleum derivatives, are being brought, among others. Meanwhile, services recorded growth in leisure, cultural and sports services, overseas purchases by residents, government administrative services, transport services, among others.