| Economy | Haiti |
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Economy - overview:
|
Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, and poor access to education for much of the population are among Haiti's most serious disadvantages. Over the longer term, Haiti needs to create jobs for its young workforce and to build institutional capacity. Haiti's economy suffered a severe setback when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas in January 2010. Already the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the damage to Port-au-Prince caused the country's GDP to contract an estimated 5.1% in 2010. Two-thirds of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the legislation until 2020 under the Haitian Economic Lift Act (HELP); the apparel sector accounts for three-quarters of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP and more than twice the earnings from exports. Haiti suffers from a lack of investment, partly because of limited infrastructure and a lack of security. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country (HIPC) initiative in mis-2009. The remainder of its outstanding external debt was cancelled by donor countries in early 2010 but has since risen to about $400 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. |
GDP (purchasing power parity):
|
$12.44 billion (2011 est.)
$11.73 billion (2010 est.)
$12.34 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$1,200 (2011 est.)
$1,200 (2010 est.)
$1,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$7.4 billion (2011 est.) |
GDP - real growth rate:
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6.1% (2011 est.)
-5.4% (2010 est.)
2.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 25%
industry: 16%
services: 59% (2010 est.) |
Investment (gross fixed):
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25% of GDP (2010 est.) |
Population below poverty line:
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80% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 47.7% (2001) |
Distribution of family income - Gini index:
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59.2 (2001) |
Inflation rate (consumer prices):
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9.3% (2011 est.)
5.7% (2010 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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18% (31 December 2011 est.)
17.5% (31 December 2010 est.) |
Stock of money:
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$NA (31 December 2008)
$704.7 million (31 December 2007) |
Stock of money - per capita:
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1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$1.561 billion (31 December 2007) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$1.991 billion (31 December 2011 est.)
$1.728 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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205 USD per capita |
Stock of narrow money:
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$994 million (31 December 2010 est.)
$709.1 million (31 December 2009 est.) |
Stock of broad money:
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$2.945 billion (31 December 2011 est.)
$3.269 billion (31 December 2010 est.) |
Labor force:
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4.81 million
note: shortage of skilled labor, unskilled labor abundant (2010 est.) |
Labor force participation rate:
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49.49 % of population |
Labor force - by occupation:
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agriculture: 38.1%
industry: 11.5%
services: 50.4% (2010) |
Unemployment rate:
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40.6% (2010 est.)
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.485 billion
expenditures: $1.658 billion (2011 est.) |
Budget revenues per capita:
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153 USD per capita |
Taxes and other revenues:
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20.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.3% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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textiles, sugar refining, flour milling, cement, light assembly based on imported parts |
Industrial production growth rate:
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-4.8% (2010 est.) |
Electricity - production:
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650 million kWh (2010 est.) |
Electricity - production per capita:
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67 kWh per capita |
Electricity - consumption:
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309 million kWh (2010 est.) |
Electricity - consumption - per capita:
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32 kWh per capita |
Electricity - exports:
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NA kWh (2010 est.) |
Electricity - imports:
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0 kWh (2010 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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12,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.45 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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13,480 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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coffee, mangoes, sugarcane, rice, corn, sorghum; wood |
Current account balance:
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-$1.206 billion (2011 est.)
-$1.096 billion (2010 est.) |
Current account balance - per capita:
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-124 USD per capita |
Exports:
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$690.3 million (2011 est.)
$536.6 million (2010 est.) |
Exports per capita:
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72 USD per capita |
Exports - commodities:
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apparel, manufactures, oils, cocoa, mangoes, coffee |
Exports - partners:
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US 90.2%, Canada 4%, France 1.5% (2010) |
Imports:
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$3.275 billion (2011 est.)
$2.778 billion (2010 est.) |
Imports per capita:
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337 USD per capita |
Imports - commodities:
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food, manufactured goods, machinery and transport equipment, fuels, raw materials |
Imports - partners:
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US 51%, Dominican Republic 19%, China 11% (2010 est.) |
Reserves of foreign exchange and gold:
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$1.18 billion (31 December 2011 est.)
$1.108 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
122 USD per capita |
Debt - external:
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$630.2 million (31 December 2011 est.)
$504.1 million (31 December 2010 est.) |
Debt - external - per capita:
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65 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
gourde (HTG) |
Exchange rates:
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gourdes (HTG) per US dollar -
39.8 (2011 est.)
39.8 (2010 est.)
42.02 (2009)
39.216 (2008)
37.138 (2007) |
Fiscal year:
|
1 October - 30 September |
|
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