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Haiti Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Haiti Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
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. Poverty, corruption, vulnerability to natural disasters, and low levels of education for much of the population represent some of the most serious impediments to Haiti’s economic growth. Remittances are the primary source of foreign exchange, equivalent to more than a quarter of GDP, and nearly double the combined value of Haitian exports and foreign direct investment.Currently the poorest country in the Western Hemisphere, with close to 60% of the population living under the national poverty line, Haiti’s GDP growth rose to 5.5% in 2011 as the Haitian economy began recovering from the devastating January 2010 earthquake that destroyed much of its capital city, Port-au-Prince, and neighboring areas. However, growth slowed to below 2% in 2015 and 2016 as political uncertainty, drought conditions, decreasing foreign aid, and the depreciation of the national currency took a toll on investment and economic growth. Hurricane Matthew, the fiercest Caribbean storm in nearly a decade, made landfall in Haiti on 4 October 2016, with 140 mile-per-hour winds, creating a new humanitarian emergency. An estimated 2.1 million people were affected by the category 4 storm, which caused extensive damage to crops, houses, livestock, and infrastructure across Haiti’s southern peninsula.US economic engagement under the Caribbean Basin Trade Partnership Act (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement Act (HOPE II) have contributed to an increase in 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 2016 reached approximately $850 million and account for over 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 $2.6 billion as of December 2017, 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):
$19.88 billion (2017 est.) $19.69 billion (2016 est.) $19.41 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 149

GDP (official exchange rate):
$8.36 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2017 est.) 1.4% (2016 est.) 1.2% (2015 est.)
country comparison to the world: 186
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,800 (2017 est.) $1,800 (2016 est.) $1,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 214

Gross national saving:
28.2% of GDP (2017 est.) 29.3% of GDP (2016 est.) 29.3% of GDP (2015 est.)
country comparison to the world: 33
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 99.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 32.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -60.3%
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
note: figure for household consumption also includes government consumption (2017 est.)

GDP - composition, by sector of origin:
agriculture: 21.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.3% (2017 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:
4% (2017 est.)
country comparison to the world: 67
[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: 89
[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: 212
[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)

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: $1.58 billion
[see also: Budget - revenues country ranks ]
expenditures: $2.251 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
18.9% of GDP (2017 est.)
country comparison to the world: 162
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8% of GDP (2017 est.)
country comparison to the world: 197
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33.5% of GDP (2016 est.) 30.2% of GDP (2015 est.)
country comparison to the world: 149
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
14.7% (2017 est.) 13.4% (2016 est.)
country comparison to the world: 212
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
14% (31 December 2017 est.) 13.23% (31 December 2016 est.)
country comparison to the world: 50
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.258 billion (31 December 2017 est.) $1.049 billion (31 December 2016 est.)
country comparison to the world: 150
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.155 billion (31 December 2017 est.) $1.742 billion (31 December 2016 est.)
country comparison to the world: 155
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.178 billion (31 December 2017 est.) $2.253 billion (31 December 2016 est.)
country comparison to the world: 138
[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:
-$91 million (2017 est.) -$72 million (2016 est.)
country comparison to the world: 78
[see also: Current account balance country ranks ]

Exports:
$960.1 million (2017 est.) $995 million (2016 est.)
country comparison to the world: 161
[see also: Exports country ranks ]

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

Exports - partners:
US 80.8%, Dominican Republic 5.1% (2016)

Imports:
$3.621 billion (2017 est.) $3.183 billion (2016 est.)
country comparison to the world: 136
[see also: Imports country ranks ]

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

Imports - partners:
US 19.3%, China 18.9%, Netherlands Antilles 18.1%, Indonesia 6.5%, Colombia 4.8% (2016)

Reserves of foreign exchange and gold:
$2.044 billion (31 December 2017 est.) $2.11 billion (31 December 2016 est.)
country comparison to the world: 119
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.607 billion (31 December 2017 est.) $2.17 billion (31 December 2016 est.)
country comparison to the world: 148
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.46 billion (31 December 2017 est.) $1.37 billion (31 December 2016 est.)
country comparison to the world: 117
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
gourdes (HTG) per US dollar - 65.21 (2017 est.) 63.34 (2016 est.) 63.34 (2015 est.) 50.71 (2014 est.) 45.22 (2013 est.)


NOTE: 1) The information regarding Haiti on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2018 information contained here. All suggestions for corrections of any errors about Haiti Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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