In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth.

In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the International Monetary Fund and World Bank Heavily Indebted Poor Countries initiative.

In April 2006, the US-Central America Free Trade Agreement went into effect, expanding export opportunities for Nicaragua's agricultural and manufactured goods.

In October 2007, the IMF approved an additional poverty reduction and growth facility program in support of the government's economic plans.

Following the civil war, Nicaragua began free market reforms, privatizing more than 350 state companies and commencing a general trend of economic growth.

An International Monetary Fund (IMF) program is currently being followed, with the aim of attracting investment, creating jobs, and reducing poverty by opening the economy to foreign trade.

This process was boosted in late 2000 when Nicaragua reached the decision point under the Heavily Indebted Poor Countries (HIPC) debt relief initiative.

In 2005, finance ministers of the leading eight industrialized nations (G8) agreed to forgive some of Nicaragua's foreign debt, as part of the HIPC program.

Opportunities exist for expanded foreign investments in those sectors, as well as in tourism, mining, franchising, and the distribution of imported consumer, manufacturing, and agricultural goods.

From the end of World War II to the early 1960s, the growth and diversification of the agricultural sector drove the nation's economic expansion.

From the early 1960s until the increased fighting in 1977 caused by the Sandinista revolution, agriculture remained a robust and significant part of the economy, although its growth slowed somewhat in comparison with the previous postwar decades.

[20] This section includes transportation, commerce, warehousing, restaurant and hotels, arts and entertainment, health, education, financial and banking services, telecommunications as well as public administration and defense.

Nicaragua has ratified Free Trade Agreements with major markets such as the United States, the Dominican Republic (DR-CAFTA), Taiwan and Mexico, among others.

As evidence of continuous efforts in improving the business climate, Nicaragua has been ranked favorably in a variety of independent evaluations.

Additionally, the country improved in the following categories: ease of doing business, registering property, paying taxes, trading across borders, and enforcing contracts.

A large number of wind turbines have been installed along the SW shore of Lake Nicaragua since, and some geothermal plants have been constructed as well.

[24] Electricity - consumption: 2.929 billion kWh (2006) Electricity - exports: 69.34 million kWh (2006) Electricity - imports: 0 kWh (2006) Agriculture - products: coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans, beef, veal, pork, poultry, dairy products; shrimp, lobsters Exports - commodities: coffee, beef, shrimp, lobster, cotton, tobacco, peanuts, sugar, bananas, gold Imports - commodities: consumer goods, machinery equipment, raw materials, petroleum products Currency: 1 gold Cordoba (C$) = 100 centavos Exchange rates: Córdoba (C$) per US$1 – 17.582 (2006), 16.733 (2005), 15.937 (2004), 15.105 (2003), 14.251 (2002) Price inflation: ^These three form the SSS islands that with the ABC islands comprise the Dutch Caribbean, of which *the BES islands are not direct Kingdom constituents but subsumed with the country of the Netherlands.