Nicaragua has a GDP of $19.7B compared to $86.3B for Panama, ranking 131/197 and 77/197 by economy size, respectively.
Nicaragua has $7.7B in government debt (38.4% of GDP), compared to $48.8B (58.1% of GDP) in Panama.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Nicaragua
|
Panama
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $227,223,322 | $2,980,615,374 | $537,147,100 | $3,163,056,542 |
| 1961 | $244,144,237 | $3,204,094,266 | $599,026,300 | $3,508,670,914 |
| 1962 | $269,283,804 | $3,553,045,711 | $652,120,900 | $3,797,951,597 |
| 1963 | $297,324,163 | $3,939,101,155 | $722,784,500 | $4,122,250,662 |
| 1964 | $347,119,918 | $4,399,916,078 | $776,137,500 | $4,304,954,186 |
| 1965 | $564,290,020 | $4,819,014,941 | $852,485,300 | $4,699,289,550 |
| 1966 | $607,140,010 | $4,978,097,197 | $928,833,000 | $5,055,561,577 |
| 1967 | $657,140,011 | $5,325,046,369 | $1,034,376,400 | $5,487,960,279 |
| 1968 | $692,859,985 | $5,396,559,615 | $1,112,791,100 | $5,870,876,596 |
| 1969 | $750,000,003 | $5,733,181,025 | $1,221,305,700 | $6,366,460,137 |
| 1970 | $778,569,939 | $5,810,798,354 | $1,351,006,400 | $6,809,516,493 |
| 1971 | $828,569,953 | $6,002,831,090 | $1,523,917,200 | $7,464,328,967 |
| 1972 | $878,570,045 | $6,136,137,334 | $1,673,411,700 | $7,806,405,169 |
| 1973 | $1,092,900,015 | $6,529,894,124 | $1,913,793,400 | $8,225,164,958 |
| 1974 | $1,521,400,012 | $7,456,644,457 | $2,188,307,600 | $8,426,543,281 |
| 1975 | $1,581,599,959 | $7,445,217,381 | $2,435,304,100 | $8,573,242,611 |
| 1976 | $1,836,899,999 | $7,833,072,593 | $2,588,106,000 | $8,715,940,922 |
| 1977 | $2,226,999,874 | $8,488,581,747 | $2,738,261,900 | $8,811,295,572 |
| 1978 | $2,127,699,979 | $7,823,178,770 | $3,244,558,600 | $9,674,154,373 |
| 1979 | $1,567,599,982 | $5,751,695,781 | $3,704,551,600 | $10,110,918,361 |
| 1980 | $2,144,300,006 | $6,016,948,592 | $4,614,086,400 | $11,433,879,627 |
| 1981 | $2,474,700,227 | $6,339,655,005 | $5,222,421,500 | $12,486,575,137 |
| 1982 | $2,454,499,872 | $6,287,900,476 | $5,769,767,900 | $13,154,414,169 |
| 1983 | $2,753,100,058 | $6,577,974,632 | $5,923,755,900 | $12,563,601,501 |
| 1984 | $3,117,599,872 | $6,474,957,371 | $6,183,387,100 | $12,904,008,989 |
| 1985 | $2,683,699,935 | $6,210,659,228 | $6,541,517,100 | $13,541,755,263 |
| 1986 | $2,885,799,994 | $6,147,477,622 | $6,797,834,200 | $14,024,896,413 |
| 1987 | $3,851,200,118 | $6,104,054,733 | $6,827,665,300 | $13,771,178,256 |
| 1988 | $2,630,900,096 | $5,344,110,782 | $5,902,783,400 | $11,928,616,118 |
| 1989 | $1,013,184,756 | $5,251,218,576 | $5,918,469,800 | $12,114,970,567 |
| 1990 | $1,009,455,484 | $5,248,461,701 | $6,433,967,000 | $13,096,161,186 |
| 1991 | $1,488,804,124 | $5,238,527,334 | $7,074,675,500 | $14,329,689,364 |
| 1992 | $1,792,800,000 | $5,258,766,205 | $8,042,337,700 | $15,504,964,654 |
| 1993 | $1,756,454,248 | $5,238,102,617 | $8,782,585,400 | $16,350,875,888 |
| 1994 | $3,863,185,119 | $5,412,936,136 | $9,365,289,800 | $16,816,899,903 |
| 1995 | $4,140,470,000 | $5,732,943,937 | $9,573,813,700 | $17,111,477,972 |
| 1996 | $4,308,351,903 | $6,096,657,285 | $9,197,503,300 | $16,124,998,545 |
| 1997 | $4,389,973,490 | $6,338,490,398 | $10,058,854,400 | $17,368,081,133 |
| 1998 | $4,635,347,386 | $6,573,754,971 | $11,019,557,700 | $18,824,824,096 |
| 1999 | $4,856,026,259 | $7,036,282,429 | $11,660,704,800 | $19,805,907,259 |
| 2000 | $5,109,587,050 | $7,324,881,903 | $11,966,497,000 | $20,639,538,981 |
| 2001 | $5,351,752,034 | $7,541,760,192 | $12,252,906,300 | $20,835,595,644 |
| 2002 | $5,223,727,303 | $7,598,620,454 | $12,800,851,300 | $21,358,328,178 |
| 2003 | $5,322,228,351 | $7,790,161,380 | $13,603,456,000 | $22,446,932,329 |
| 2004 | $5,792,932,838 | $8,203,988,040 | $15,100,203,400 | $24,282,115,702 |
| 2005 | $6,321,324,279 | $8,555,315,487 | $16,623,906,700 | $26,291,748,117 |
| 2006 | $6,763,672,381 | $8,910,613,085 | $18,659,721,500 | $28,883,388,489 |
| 2007 | $7,423,375,015 | $9,362,947,173 | $21,717,433,800 | $32,682,439,460 |
| 2008 | $8,496,967,597 | $9,684,631,534 | $25,721,328,000 | $36,015,209,193 |
| 2009 | $8,298,702,489 | $9,365,749,046 | $27,791,215,500 | $36,595,725,406 |
| 2010 | $8,758,602,233 | $9,778,787,862 | $30,231,009,500 | $38,818,327,826 |
| 2011 | $9,774,329,333 | $10,396,483,140 | $35,687,738,300 | $43,441,154,828 |
| 2012 | $10,532,017,232 | $11,071,852,873 | $41,595,439,700 | $47,623,362,287 |
| 2013 | $10,982,988,249 | $11,617,373,487 | $46,949,496,500 | $50,635,232,251 |
| 2014 | $11,880,438,824 | $12,173,318,264 | $51,427,104,900 | $52,977,523,790 |
| 2015 | $12,756,696,261 | $12,756,696,261 | $55,767,806,100 | $55,767,806,100 |
| 2016 | $13,286,093,388 | $13,338,803,114 | $59,760,858,700 | $58,317,491,836 |
| 2017 | $13,785,893,007 | $13,956,550,775 | $64,327,688,800 | $61,667,283,244 |
| 2018 | $13,025,221,974 | $13,487,142,195 | $67,316,471,200 | $64,083,529,549 |
| 2019 | $12,699,023,614 | $13,096,437,236 | $69,778,991,200 | $66,072,084,975 |
| 2020 | $12,726,422,432 | $12,803,529,948 | $57,059,846,500 | $54,297,226,766 |
| 2021 | $14,209,020,362 | $14,142,060,837 | $67,396,392,500 | $63,238,418,925 |
| 2022 | $15,634,572,502 | $14,644,146,346 | $76,276,116,700 | $70,048,985,345 |
| 2023 | $17,805,842,284 | $15,292,551,635 | $83,318,176,900 | $75,232,121,008 |
| 2024 | $19,693,982,968 | $15,841,222,425 | $86,260,400,000 | $77,385,013,513 |
Economic indicators
|
Nicaragua
|
Panama
|
|
|---|---|---|
| Gross domestic product |
$19.7B
2024 |
$86.3B
2024 |
| GDP rank |
131/197
2024 |
77/197
2024 |
| GDP growth |
10.6%
2023-2024 |
3.53%
2023-2024 |
| GDP per capita |
$2,848
2024 |
$19,103
2024 |
| GDP per capita rank |
141/197
2024 |
61/197
2024 |
| GDP per capita, PPP |
$8,709
2024 |
$41,405
2024 |
| Government debt |
$7.7B
2024 |
$48.8B
2024 |
| Debt-to-GDP ratio |
38.4%
2025 |
58.1%
2025 |
| Government debt per person |
$1,114
2024 |
$10,816
2024 |
| Government debt per person rank |
139/185
2024 |
55/185
2024 |
| Average annual personal income after taxes |
$2,445
2025 |
$10,503
2025 |
| Market capitalization of domestic companies | n/a |
$18.3B
2024 |
| Income share by richest 10% |
37.2%
2014 |
37.6%
2024 |
| Income share by poorest 10% |
2%
2014 |
1.2%
2024 |
| Government expenditure, % of GDP |
27.2%
2025 |
21.8%
2025 |
| Consumer prices inflation |
2%
2024-2025 |
0.69%
2023-2024 |
| Central bank interest rate |
6.5%
2024 |
n/a |
| Unemployment rate |
5.2%
2018 |
8.61%
2024 |
| Population |
7079664
|
4614993
|
GDP per capita in Nicaragua vs Panama
Nicaragua's GDP per capita is $2,848, ranking 141/197, compared to $19,103 in Panama, ranking 61/197. Adjusted for purchasing power (GDP per capita PPP), Nicaragua ranks 135th at $8,709, while Panama ranks 55th at $41,405.
| Year | Current $ | |||
|---|---|---|---|---|
|
Nicaragua
|
Panama
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $127.5 | - | $477 | - |
| 1961 | $132.9 | - | $516 | - |
| 1962 | $142.3 | - | $546 | - |
| 1963 | $152.5 | - | $587 | - |
| 1964 | $172.7 | - | $611 | - |
| 1965 | $272.3 | - | $651 | - |
| 1966 | $284 | - | $689 | - |
| 1967 | $297.9 | - | $745 | - |
| 1968 | $304 | - | $778 | - |
| 1969 | $319 | - | $830 | - |
| 1970 | $321 | - | $893 | - |
| 1971 | $331 | - | $979 | - |
| 1972 | $341 | - | $1,046 | - |
| 1973 | $413 | - | $1,164 | - |
| 1974 | $557 | - | $1,296 | - |
| 1975 | $561 | - | $1,406 | - |
| 1976 | $633 | - | $1,457 | - |
| 1977 | $744 | - | $1,503 | - |
| 1978 | $691 | - | $1,738 | - |
| 1979 | $495 | - | $1,938 | - |
| 1980 | $659 | - | $2,357 | - |
| 1981 | $740 | - | $2,605 | - |
| 1982 | $714 | - | $2,811 | - |
| 1983 | $780 | - | $2,819 | - |
| 1984 | $861 | - | $2,875 | - |
| 1985 | $724 | - | $2,972 | - |
| 1986 | $761 | - | $3,019 | - |
| 1987 | $992 | - | $2,966 | - |
| 1988 | $662 | - | $2,509 | - |
| 1989 | $249.2 | - | $2,462 | - |
| 1990 | $242.5 | $1,979 | $2,620 | $5,137 |
| 1991 | $350 | $1,995 | $2,821 | $5,688 |
| 1992 | $411 | $2,003 | $3,140 | $6,165 |
| 1993 | $394 | $1,998 | $3,358 | $6,518 |
| 1994 | $849 | $2,064 | $3,508 | $6,708 |
| 1995 | $892 | $2,187 | $3,514 | $6,828 |
| 1996 | $911 | $2,325 | $3,308 | $6,421 |
| 1997 | $913 | $2,418 | $3,546 | $6,895 |
| 1998 | $949 | $2,497 | $3,808 | $7,408 |
| 1999 | $980 | $2,672 | $3,950 | $7,749 |
| 2000 | $1,017 | $2,806 | $3,975 | $8,097 |
| 2001 | $1,052 | $2,917 | $3,992 | $8,197 |
| 2002 | $1,014 | $2,948 | $4,091 | $8,370 |
| 2003 | $1,021 | $3,046 | $4,265 | $8,801 |
| 2004 | $1,099 | $3,255 | $4,645 | $9,592 |
| 2005 | $1,183 | $3,456 | $5,018 | $10,511 |
| 2006 | $1,248 | $3,658 | $5,529 | $11,685 |
| 2007 | $1,350 | $3,891 | $6,318 | $13,333 |
| 2008 | $1,524 | $4,044 | $7,348 | $14,705 |
| 2009 | $1,467 | $3,880 | $7,797 | $14,766 |
| 2010 | $1,527 | $4,042 | $8,331 | $15,573 |
| 2011 | $1,680 | $4,325 | $9,662 | $17,474 |
| 2012 | $1,785 | $4,508 | $11,065 | $19,473 |
| 2013 | $1,835 | $4,711 | $12,273 | $21,924 |
| 2014 | $1,958 | $5,068 | $13,213 | $24,376 |
| 2015 | $2,074 | $5,449 | $14,083 | $27,245 |
| 2016 | $2,132 | $5,882 | $14,832 | $30,277 |
| 2017 | $2,183 | $6,225 | $15,695 | $33,533 |
| 2018 | $2,035 | $5,935 | $16,151 | $32,464 |
| 2019 | $1,959 | $5,981 | $16,478 | $33,240 |
| 2020 | $1,938 | $6,274 | $13,291 | $27,017 |
| 2021 | $2,138 | $7,119 | $15,510 | $30,933 |
| 2022 | $2,323 | $7,797 | $17,332 | $36,245 |
| 2023 | $2,609 | $8,320 | $18,686 | $39,803 |
| 2024 | $2,848 | $8,709 | $19,103 | $41,405 |
Spending and national debt comparison
In 2024, Nicaragua's government spending was $5.14B, accounting for 27.2% of its GDP, while Panama's spent $19.7B, or 21.8% of GDP.
Debt-to-GDP ratio is 38.4% in Nicaragua and 58.1% in Panama, ranking 140/185 and 91/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Nicaragua
|
Panama
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 11.2% | - | 16.6% | 21% |
| 1961 | 9.93% | - | 18.9% | 20.5% |
| 1962 | 10.6% | - | 16.4% | 19.8% |
| 1963 | 10.5% | - | 19.1% | 22.6% |
| 1964 | 10.2% | - | 14.1% | 20% |
| 1965 | 10.9% | - | 13.2% | 18.7% |
| 1966 | 12.2% | - | 14% | 17.9% |
| 1967 | 12.7% | - | 14.9% | 17.8% |
| 1968 | 10.9% | - | 14.2% | 18% |
| 1969 | 11.1% | - | 20.5% | 23.2% |
| 1970 | 13.2% | 35.4% | 22.4% | 25.7% |
| 1971 | 15.1% | 31.6% | 15% | 26.2% |
| 1972 | 15.1% | 30.2% | 15.6% | 29.5% |
| 1973 | 12.8% | 32.9% | 14.4% | 32.6% |
| 1974 | 15.3% | 40% | 15.3% | 37.6% |
| 1975 | 17.5% | 57.8% | 15.3% | 52.6% |
| 1976 | 16.2% | 59.5% | 15.9% | 69.7% |
| 1977 | 19.9% | 62.7% | 16.9% | 77.7% |
| 1978 | 17.7% | 76.9% | 27.6% | 83.1% |
| 1979 | 20.7% | 116.3% | 35% | 78.9% |
| 1980 | 30.4% | 152.1% | 30.5% | 69.4% |
| 1981 | 39.3% | 149.1% | 30.7% | 68.7% |
| 1982 | 49.4% | 159.1% | 48% | 80.9% |
| 1983 | 33.8% | 211.6% | 44.6% | 86.6% |
| 1984 | 31.9% | 198% | 44% | 82.5% |
| 1985 | 29.9% | 218% | 39.7% | 82.5% |
| 1986 | 26.1% | 159.2% | 38.6% | 84% |
| 1987 | - | 266.6% | 40.1% | 92.2% |
| 1988 | 24.8% | - | 41.8% | 105% |
| 1989 | - | - | 43% | 104.4% |
| 1990 | 28.2% | - | 41.5% | 112.7% |
| 1991 | 16.8% | - | 20.9% | 103.7% |
| 1992 | 18.4% | - | 27.8% | 91.2% |
| 1993 | 18.4% | - | 33.8% | 83.6% |
| 1994 | 18.4% | - | 25.2% | 78.4% |
| 1995 | 17.7% | - | 25.9% | 76.7% |
| 1996 | 18% | - | 21.5% | 65% |
| 1997 | 17.9% | 86.4% | 22.2% | 60.2% |
| 1998 | 18.5% | 86.5% | 23.4% | 58.1% |
| 1999 | 22.1% | 99.8% | 23% | 55.1% |
| 2000 | 20.6% | 95.2% | 22.8% | 53.6% |
| 2001 | 19.2% | 87.5% | 23.4% | 57.8% |
| 2002 | 18.7% | 110.4% | 23.5% | 57% |
| 2003 | 20.9% | 109.5% | 24.2% | 56.5% |
| 2004 | 20.8% | 84% | 23.3% | 58.8% |
| 2005 | 21.3% | 66.6% | 22.4% | 59.3% |
| 2006 | 21.4% | 51.2% | 21.9% | 54.7% |
| 2007 | 21.5% | 30.9% | 21.8% | 47.4% |
| 2008 | 21.9% | 26% | 22.7% | 40% |
| 2009 | 22.7% | 29.3% | 22.7% | 39.1% |
| 2010 | 22.6% | 30.3% | 24.2% | 38.1% |
| 2011 | 23.5% | 28.8% | 23.5% | 35.6% |
| 2012 | 24.1% | 27.9% | 22.8% | 34% |
| 2013 | 24.2% | 28.8% | 23.4% | 33.7% |
| 2014 | 24.6% | 28.7% | 23% | 34.7% |
| 2015 | 25.4% | 28.9% | 21.4% | 34.3% |
| 2016 | 26.8% | 30.9% | 21.3% | 33.6% |
| 2017 | 27.3% | 34.7% | 21.2% | 33.6% |
| 2018 | 27.7% | 39.1% | 21.8% | 35.6% |
| 2019 | 27.7% | 44.2% | 20.7% | 39.9% |
| 2020 | 28.9% | 49.2% | 27.5% | 61.5% |
| 2021 | 30% | 48.4% | 23.8% | 54.4% |
| 2022 | 28.6% | 45.9% | 21.3% | 52.7% |
| 2023 | 26.1% | 42.3% | 21.5% | 51.5% |
| 2024 | 26.1% | 39.1% | 22.8% | 56.6% |
| 2025 | 27.2% | 38.4% | 21.8% | 58.1% |
Government deficit by year
In 2024, Nicaragua's government surplus, the difference between spending and revenue, was $482M, equivalent to 2.45% of GDP. This compares to Panama's deficit of -$6.31B, or -7.32% of GDP.
Over the past 65 years, Nicaragua recorded a fiscal deficit in 45 of those years, while Panama ran a deficit in 57 years. On average, Nicaragua posted an annual deficit equal to -3.25% of GDP, compared to deficit of -3.21% of GDP for Panama.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Nicaragua
|
Panama
|
|
| 1946 | - | -3.19% |
| 1947 | - | -1.94% |
| 1948 | - | -1.21% |
| 1949 | - | -1% |
| 1950 | - | -3.89% |
| 1951 | - | -2.54% |
| 1952 | - | -3.84% |
| 1953 | - | -0.55% |
| 1954 | - | -0.2% |
| 1955 | - | -1.33% |
| 1956 | - | -3.69% |
| 1957 | - | -0.89% |
| 1958 | - | -1.62% |
| 1959 | - | -3.79% |
| 1960 | -1.28% | -3.05% |
| 1961 | 0.04% | -5.45% |
| 1962 | -0.29% | -3.01% |
| 1963 | 0.75% | -6.71% |
| 1964 | 0.2% | -2.51% |
| 1965 | 0.3% | -1.17% |
| 1966 | -1.04% | -1.18% |
| 1967 | -2.11% | -1.97% |
| 1968 | -1.21% | -1.5% |
| 1969 | -1.57% | -7.56% |
| 1970 | -2.69% | -8.02% |
| 1971 | -2.33% | -0.51% |
| 1972 | -2.61% | -1.17% |
| 1973 | 1.21% | -0.01% |
| 1974 | -1.41% | -0.6% |
| 1975 | -3.53% | -0.74% |
| 1976 | -2.2% | -2.65% |
| 1977 | -5.91% | -1.61% |
| 1978 | -4.44% | -5.21% |
| 1979 | -5.89% | -12.1% |
| 1980 | -6.53% | -5.17% |
| 1981 | -10.6% | -6.77% |
| 1982 | -20.2% | -13.3% |
| 1983 | -15.6% | -7.62% |
| 1984 | -11.8% | -7.56% |
| 1985 | -11.3% | -2.57% |
| 1986 | -7.33% | -1% |
| 1987 | -7.33% | -1.7% |
| 1988 | -22.4% | -13.5% |
| 1989 | -9.25% | -13.6% |
| 1990 | -15.2% | -3.65% |
| 1991 | -3.45% | -0.6% |
| 1992 | -3.8% | -2.62% |
| 1993 | -4.66% | -9.4% |
| 1994 | -5.79% | 2.12% |
| 1995 | -4.62% | 2.31% |
| 1996 | -5% | 2.48% |
| 1997 | -3.31% | 1.25% |
| 1998 | -2.88% | -1.11% |
| 1999 | -6.86% | -0.65% |
| 2000 | 2.15% | 2.05% |
| 2001 | 0.34% | -0.42% |
| 2002 | 2.07% | -0.96% |
| 2003 | 1.3% | -2.27% |
| 2004 | 1.69% | -4.33% |
| 2005 | 1.72% | -2.21% |
| 2006 | 1.36% | 0.51% |
| 2007 | 1.88% | 3.12% |
| 2008 | 0.27% | 0.38% |
| 2009 | -0.9% | -0.9% |
| 2010 | 0.69% | -1.68% |
| 2011 | 0.59% | -1.96% |
| 2012 | 0.22% | -1.31% |
| 2013 | -0.3% | -2.38% |
| 2014 | -0.89% | -3.21% |
| 2015 | -1.64% | -2.3% |
| 2016 | -1.92% | -1.89% |
| 2017 | -1.75% | -1.92% |
| 2018 | -4.35% | -2.88% |
| 2019 | -1.12% | -2.89% |
| 2020 | -2.57% | -10.2% |
| 2021 | -1.26% | -6.48% |
| 2022 | 0.65% | -3.98% |
| 2023 | 2.33% | -3.92% |
| 2024 | 2.45% | -7.32% |
| 2025 | 0.86% | -3.95% |
Inflation comparison by year
Over the past 29 years, Nicaragua has recorded an average annual inflation rate of 7.68%, compared with 1.99% in Panama. In 2024, inflation was 2% in Nicaragua and 0.69% in Panama.
| Year | Inflation | ||
|---|---|---|---|
|
Nicaragua
|
Panama
|
Nicaragua
|
Panama
|
| 1996 | 11.7% | 1.26% | |
| 1997 | 9.2% | 1.32% | |
| 1998 | 13% | 0.56% | |
| 1999 | 11.2% | 1.25% | |
| 2000 | 11.5% | 1.5% | |
| 2001 | 7.4% | 0.31% | |
| 2002 | 3.8% | 1.01% | |
| 2003 | 5.3% | 0.39% | |
| 2004 | 8.5% | 0.47% | |
| 2005 | 9.6% | 2.86% | |
| 2006 | 9.1% | 2.46% | |
| 2007 | 11.1% | 4.17% | |
| 2008 | 19.8% | 8.76% | |
| 2009 | 3.7% | 2.41% | |
| 2010 | 5.5% | 3.49% | |
| 2011 | 8.1% | 5.88% | |
| 2012 | 7.2% | 5.7% | |
| 2013 | 7.1% | 4.03% | |
| 2014 | 6% | 2.63% | |
| 2015 | 4% | 0.14% | |
| 2016 | 3.5% | 0.74% | |
| 2017 | 3.9% | 0.88% | |
| 2018 | 4.9% | 0.76% | |
| 2019 | 5.4% | -0.36% | |
| 2020 | 3.7% | -1.55% | |
| 2021 | 4.9% | 1.63% | |
| 2022 | 10.5% | 2.86% | |
| 2023 | 8.4% | 1.49% | |
| 2024 | 4.6% | 0.69% | |
| 2025 | 2% | - | |
Top exports between countries
|
Nicaragua
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $49.4M |
| Processed food, beverages & tobacco | $14.6M |
| Raw agricultural goods | $8.95M |
| Textiles & consumer goods | $8.55M |
| Chemicals & pharma | $4.6M |
| Metals | $1.12M |
| Wood & paper products | $1.11M |
| Animal & marine products | $861K |
| Machinery & equipment | $576K |
| Precious metals & jewellery | $160K |
|
Panama
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $164M |
| Textiles & consumer goods | $123M |
| Chemicals & pharma | $120M |
| Metals | $16.5M |
| Raw materials & minerals | $8.01M |
| Processed food, beverages & tobacco | $7.62M |
| Animal & marine products | $4.48M |
| Wood & paper products | $4.36M |
| Miscellaneous | $3.76M |
| Precious metals & jewellery | $3.72M |
Balance of trade
|
Nicaragua
|
Panama
|
|
|---|---|---|
Current account balance
|
$818M
2024 |
$1.67B
2024 |
| Current account balance ranking |
54/189
2024 |
49/189
2024 |
| Current account balance, % of GDP |
+4.15%
2024 |
+1.94%
2024 |
| Goods imports |
$10.1B
2024 |
$25.1B
2024 |
| Goods exports |
$6.84B
2024 |
$19.1B
2024 |
| Service imports |
$1.31B
2024 |
$5.75B
2024 |
| Service exports |
$1.3B
2024 |
$18.3B
2024 |
| Imports of goods and services, % of GDP |
58.1%
2024 |
43.1%
2023 |
| Exports of goods and services, % of GDP |
40.5%
2024 |
46.5%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Nicaragua
|
Panama
|
|
|---|---|---|
| Economic freedom | 54 | 65.5 |
| Economic freedom ranking | 139/197 | 62/197 |
| Property rights | 28.2 | 56 |
| Government integrity | 13.6 | 37 |
| Judicial effectiveness | 9.1 | 49.4 |
| Tax burden | 77.7 | 86.9 |
| Government spending | 75.9 | 85.2 |
| Fiscal health | 95.8 | 62.4 |
| Business freedom | 55.8 | 73.4 |
| Labor freedom | 47.3 | 60.7 |
| Monetary freedom | 66.4 | 76.4 |
| Trade freedom | 68.2 | 78.6 |
| Investment freedom | 60 | 60 |
| Financial freedom | 50 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Nicaragua is 54, ranking 139/197, compared to 65.5 for Panama, ranking 62/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Nicaragua
|
Panama
|
|
| 1995 | 42.5 | 71.6 |
| 1996 | 54.1 | 71.8 |
| 1997 | 53.3 | 72.4 |
| 1998 | 53.8 | 72.6 |
| 1999 | 54 | 72.6 |
| 2000 | 56.9 | 71.6 |
| 2001 | 58 | 70.6 |
| 2002 | 61.1 | 68.5 |
| 2003 | 62.6 | 68.4 |
| 2004 | 61.4 | 65.3 |
| 2005 | 62.5 | 64.3 |
| 2006 | 63.8 | 65.6 |
| 2007 | 62.7 | 64.6 |
| 2008 | 60.8 | 64.7 |
| 2009 | 59.8 | 64.7 |
| 2010 | 58.3 | 64.8 |
| 2011 | 58.8 | 64.9 |
| 2012 | 57.9 | 65.2 |
| 2013 | 56.6 | 62.5 |
| 2014 | 58.4 | 63.4 |
| 2015 | 57.6 | 64.1 |
| 2016 | 58.6 | 64.8 |
| 2017 | 59.2 | 66.3 |
| 2018 | 58.9 | 67 |
| 2019 | 57.7 | 67.2 |
| 2020 | 57.2 | 67.2 |
| 2021 | 56.3 | 66.2 |
| 2022 | 54.8 | 65.4 |
| 2023 | 54.9 | 63.8 |
| 2024 | 53.4 | 64.1 |
| 2025 | 54 | 65.5 |
More economic indicators
|
Nicaragua
|
Panama
|
|
|---|---|---|
| Services, % of GDP |
46.8%
2024 |
68.8%
2024 |
| Industry, % of GDP |
27.6%
2024 |
26.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
14.4%
2024 |
2.58%
2024 |
|
GNI, Atlas method
|
$17.4B
2024 |
$81.1B
2024 |
| GNI per capita, PPP |
$8,270
2024 |
$39,290
2024 |
| Total reserves including gold |
$6.1B
2024 |
$6.86B
2024 |
| Total reserves ranking |
91/177
2024 |
88/177
2024 |
|
Net foreign direct investment
|
-$1.28B
2024 |
-$2.38B
2024 |
|
Net inflows of foreign direct investment
|
$1.35B
2024 |
$3.24B
2024 |
|
Net outflows of foreign direct investment
|
$73.8M
2024 |
$865M
2024 |
|
Servicing debt to the IMF, % of GNI
|
13.8%
2023 |
n/a |
| Poverty at national poverty lines |
24.9%
2016 |
21.7%
2023 |
|
Gross capital formation, % of GDP
|
24.7%
2024 |
37.7%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.