Agricultural products are staples of the Nicaraguan economy. Chief commodities include shrimp, beef, lobster, sugar, tobacco and coffee. Gold is another significant commodity exported from the country. These items have experienced trade increases throughout the world since the signing of the Central American Trade Agreement (CAFTA) in 2006.
In fact, Nicaragua's GDP real growth rate has reached 4.7 percent, which is 3 percent greater than the United States. Such increases have benefited hundreds of related industries and created a more stable financial environment in Nicaragua.
In Latin America and the Caribbean, Nicaragua ranks highly as a country of business opportunity. According to the Doing Business 2013 report, business and economy in Nicaragua is rising. This boom is mainly due to two factors Â trading across borders and business start-up costs.
Trading Across Borders
This category measures the procedures and costs required to export and import shipments of goods into Nicaragua. In comparison to most Latin American and Caribbean countries, Nicaragua enjoys an average of $128 less in export procedure fees. Import fees are nearly $368 less than Latin American and Caribbean countries. The duration of imports and exports are between 20 to 21 days, which is mainly due to document preparation. Most exports are shipped to Venezuela, Mexico, Canada and the United States.
These numbers show that the Nicaraguan economy is continuing to best neighboring developing countries. Therefore, immigration is soaring at record rates. Expatriates are discovering ways to thrive in various business ventures that are interrelated with local industries. Privatization of the local industry has created strong business foundations and lowered the costs of operation. Consequently, many American and European immigrants enjoy highly affordable lifestyles in Nicaragua.
Business Start-up Costs
In 2011, Nicaragua experienced a growth of 5,314 new limited liability companies, just over 6 percent of business. Owners find that the opportunity to enter into business is more relaxed in Nicaragua than in nearby competing countries. By comparison, it takes on average 14 fewer days to open a business in Nicaragua and takes one less procedure. Business venture growth is also a product of first-world countries recognizing the quality of Nicaraguan products.
The relaxed atmosphere of Nicaragua attracts settlers from all over the world. Home and business owners will find an ample supply of workers for various services. Additionally, residential prices and taxes are much lower than in most expatriate homelands.