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Haiti Economy 2017
https://theodora.com/wfbcurrent/haiti/haiti_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Haiti Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Currently the poorest country in the Western Hemisphere, with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake further inflicted $7.8 billion in damage and caused the country's GDP to contract. In 2011, GDP growth rose to 5.5% as the Haitian economy began recovering from the earthquake. However, growth slowed in 2015 to 2% as political uncertainty, drought conditions, and the depreciation of the national currency took a toll on investment and economic growth.Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, which remains vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. Poverty, corruption, vulnerability to natural disasters, and low levels of education for much of the population are among Haiti's most serious impediments to economic growth. Remittances are the primary source of foreign exchange, in 2015 equaling over one-fifth of GDP, and nearly double the combined value of Haitian exports and foreign direct investment.US economic engagement under the Caribbean Basin Trade Partnership Act (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement Act (HOPE II) helped increase apparel exports and investment by providing duty-free access to the US. The Haiti Economic Lift Program (HELP) Act of 2010 extended the CBTPA and HOPE II until 2020, while the Trade Preferences Extension Act of 2015 extended trade benefits provided to Haiti in the HOPE and HELP Acts through September 2025. Apparel sector exports in 2015 reached $904 million and account for about 90% of Haitian exports and more than 10% of the GDP.Investment in Haiti is hampered by the difficulty of doing business and weak infrastructure, including access to electricity. Haiti's outstanding external debt was cancelled by donor countries following the 2010 earthquake, but has since risen to nearly $2 billion as of December 2015, the majority of which is owed to Venezuela under the PetroCaribe program. Although the government has increased its revenue collection, it continues to rely on formal international economic assistance for fiscal sustainability, with over 20% of its annual budget coming from foreign aid or direct budget support.

GDP (purchasing power parity):
$19.36 billion (2016 est.) $19.07 billion (2015 est.) $18.85 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 148
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.259 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2016 est.) 1.2% (2015 est.) 2.8% (2014 est.)
country comparison to the world: 155
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,800 (2016 est.) $1,800 (2015 est.) $1,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 209
[see also: GDP - per capita country ranks ]

Gross national saving:
29.9% of GDP (2016 est.) 29.8% of GDP (2015 est.) 24.7% of GDP (2014 est.)
country comparison to the world: 28
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 97.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 0%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 32%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -5.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 14.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -44%
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
note: figure for household consumption also includes government consumption (2016 est.)

GDP - composition, by sector of origin:
agriculture: 21.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.2% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, mangoes, cocoa, sugarcane, rice, corn, sorghum; wood, vetiver

Industries:
textiles, sugar refining, flour milling, cement, light assembly using imported parts

Industrial production growth rate:
0.5% (2016 est.)
country comparison to the world: 165
[see also: Industrial production growth rate country ranks ]

Labor force:
4.594 million
note: shortage of skilled labor, unskilled labor abundant (2014 est.)
country comparison to the world: 88
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 38.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 50.4% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
40.6% (2010 est.)
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs
country comparison to the world: 198
[see also: Unemployment rate country ranks ]

Population below poverty line:
58.5% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 0.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 47.7% (2001)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
60.8 (2012) 59.2 (2001)
country comparison to the world: 5
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.563 billion
[see also: Budget revenues country ranks ]
expenditures: $1.819 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
18.9% of GDP (2016 est.)
country comparison to the world: 163
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.1% of GDP (2016 est.)
country comparison to the world: 109
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.5% of GDP (2015 est.) 26.6% of GDP (2014 est.)
country comparison to the world: 152
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
12.4% (2016 est.) 9% (2015 est.)
country comparison to the world: 210
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
12.9% (31 December 2016 est.) 12.9% (31 December 2015 est.)
country comparison to the world: 60
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$988.3 million (31 December 2016 est.) $1.073 billion (31 December 2015 est.)
country comparison to the world: 153
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.818 billion (31 December 2015 est.) $3.793 billion (31 December 2014 est.)
country comparison to the world: 139
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.61 billion (31 December 2016 est.) $2.404 billion (31 December 2015 est.)
country comparison to the world: 134
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$35 million (2016 est.) -$219 million (2015 est.)
country comparison to the world: 50
[see also: Current account balance country ranks ]

Exports:
$933.2 million (2016 est.) $1.029 billion (2015 est.)
country comparison to the world: 158
[see also: Exports country ranks ]

Exports - commodities:
apparel, manufactures, oils, cocoa, mangoes, coffee

Exports - partners:
US 85.3% (2015)

Imports:
$3.149 billion (2016 est.) $3.445 billion (2015 est.)
country comparison to the world: 137
[see also: Imports country ranks ]

Imports - commodities:
food, manufactured goods, machinery and transport equipment, fuels, raw materials

Imports - partners:
Dominican Republic 35.3%, US 24.5%, Netherlands Antilles 9.4%, China 9.4% (2015)

Reserves of foreign exchange and gold:
$1.936 billion (31 December 2016 est.) $1.919 billion (31 December 2015 est.)
country comparison to the world: 116
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.022 billion (31 December 2016 est.) $1.969 billion (31 December 2015 est.)
country comparison to the world: 151
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.384 billion (31 December 2016 est.) $1.269 billion (31 December 2015 est.)
country comparison to the world: 113
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
gourdes (HTG) per US dollar - 63.16 (2016 est.) 50.71 (2015 est.) 50.71 (2014 est.) 45.22 (2013 est.) 41.95 (2012 est.)


NOTE: The information regarding Haiti on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2017 information contained here. All suggestions for corrections of any errors about Haiti Economy 2017 should be addressed to the CIA.




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