Economy
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Nicaragua remains the second poorest nation in the Western hemisphere with a per capital gross domestic product of $780 and its external debt ratio nearly twice the gross national product.
Unemployment is a pervasive problem. More than half of the adult urban population scrapes by in the informal sector - selling goods at the roadside. High demand for jobs means employers can essentially ignore the minimum wage requirements, especially in the countryside, where agricultural laborers typically earn as little as $1 a day.
Nicaragua has an economy almost entirely based on agricultural export, though in recent years tourism and nontraditional exports have gained in importance.
Agricultural programs started in 2000, helped increase Nicaragua's ability to export beef and milk. Traditional export products include coffee, beef and sugar, followed by bananas, shellfish (especially lobster tails and shrimp), and tobacco. New nontraditional exports are on the rise as well, including sesame, onions, melons and fruit.
Unemployment is a pervasive problem. More than half of the adult urban population scrapes by in the informal sector - selling goods at the roadside. High demand for jobs means employers can essentially ignore the minimum wage requirements, especially in the countryside, where agricultural laborers typically earn as little as $1 a day.
Nicaragua has an economy almost entirely based on agricultural export, though in recent years tourism and nontraditional exports have gained in importance.
Agricultural programs started in 2000, helped increase Nicaragua's ability to export beef and milk. Traditional export products include coffee, beef and sugar, followed by bananas, shellfish (especially lobster tails and shrimp), and tobacco. New nontraditional exports are on the rise as well, including sesame, onions, melons and fruit.