Honduras Economy - 2024

Economic overview

second-fastest-growing Central American economy; COVID-19 and two hurricanes crippled activity; high poverty and inequality; declining-but-still-high violent crime disruption; systemic corruption; coffee and banana exporter; enormous remittances

Real GDP (purchasing power parity)

$57.273 billion (2021 est.)
$50.894 billion (2020 est.)
$55.905 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

12.53% (2021 est.)
-8.96% (2020 est.)
2.65% (2019 est.)

Real GDP per capita

$5,600 (2021 est.)
$5,000 (2020 est.)
$5,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$25.145 billion (2019 est.)

Inflation rate (consumer prices)

4.48% (2021 est.)
3.47% (2020 est.)
4.37% (2019 est.)

Credit ratings

Moody's rating: B1 (2017)

Standard & Poors rating: BB- (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 14.2% (2017 est.)

industry: 28.8% (2017 est.)

services: 57% (2017 est.)

GDP - composition, by end use

household consumption: 77.7% (2017 est.)

government consumption: 13.8% (2017 est.)

investment in fixed capital: 23.1% (2017 est.)

investment in inventories: 0.7% (2017 est.)

exports of goods and services: 43.6% (2017 est.)

imports of goods and services: -58.9% (2017 est.)

Agricultural products

sugarcane, oil palm fruit, milk, bananas, maize, coffee, melons, oranges, poultry, beans

Industries

sugar processing, coffee, woven and knit apparel, wood products, cigars

Industrial production growth rate

20.05% (2021 est.)

Labor force

4.314 million (2021 est.)

Unemployment rate

8.51% (2021 est.)
8.37% (2020 est.)
5.7% (2019 est.)

note: about one-third of the people are underemployed

Youth unemployment rate (ages 15-24)

total: 15.5% (2021 est.)

male: 11.4%

female: 24.6%

Population below poverty line

48.3% (2018 est.)

Gini Index coefficient - distribution of family income

48.2 (2019 est.)

Average household expenditures

on food: 32.8% of household expenditures (2018 est.)

on alcohol and tobacco: 4.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 38.4% (2014)

Remittances

25.29% of GDP (2021 est.)
23.45% of GDP (2020 est.)
21.53% of GDP (2019 est.)

Budget

revenues: $6.476 billion (2019 est.)

expenditures: $6.454 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

Public debt

39.5% of GDP (2017 est.)
38.5% of GDP (2016 est.)

Taxes and other revenues

14.77% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.222 billion (2021 est.)
$676.895 million (2020 est.)
-$661.552 million (2019 est.)

Exports

$7.941 billion (2021 est.) note: data are in current year dollars
$6.269 billion (2020 est.) note: data are in current year dollars
$7.243 billion (2019 est.)

Exports - partners

United States 53%, El Salvador 8%, Guatemala 5%, Nicaragua 5% (2019)

Exports - commodities

clothing and apparel, coffee, insulated wiring, palm oil, shrimp, gold, bananas (2021)

Imports

$14.495 billion (2021 est.) note: data are in current year dollars
$9.928 billion (2020 est.) note: data are in current year dollars
$11.825 billion (2019 est.)

Imports - partners

United States 42%, China 10%, Guatemala 8%, El Salvador 8%, Mexico 6% (2019)

Imports - commodities

refined petroleum, clothing and apparel, packaged medicines, broadcasting equipment, insulated wiring (2019)

Reserves of foreign exchange and gold

$8.138 billion (31 December 2020 est.)
$5.744 billion (31 December 2019 est.)
$4.769 billion (31 December 2018 est.)

Debt - external

$9.137 billion (2019 est.)
$8.722 billion (2018 est.)

Exchange rates

lempiras (HNL) per US dollar -

Exchange rates:
24.017 (2021 est.)
24.582 (2020 est.)
24.509 (2019 est.)
23.903 (2018 est.)
23.487 (2017 est.)