| Economy | Honduras |
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Economy - overview:
|
Honduras, the second poorest country in Central America, suffers from extraordinarily unequal distribution of income, as well as high underemployment. While historically dependent on the export of bananas and coffee, Honduras has diversified its export base to include apparel and automobile wire harnessing. Nearly half of Honduras's economic activity is directly tied to the US, with exports to the US accounting for 30% of GDP and remittances for another 20%. The US-Central America Free Trade Agreement (CAFTA) came into force in 2006 and has helped foster foreign direct investment, but physical and political insecurity, as well as crime and perceptions of corruption, may deter potential investors; about 70% of FDI is from US firms. The economy registered sluggish economic growth in 2010, insufficient to improve living standards for the nearly 60% of the population in poverty. The LOBO administration inherited a difficult fiscal position with off-budget debts accrued in previous administrations and government salaries nearly equivalent to tax collections. His government has displayed a commitment to improving tax collection and cutting expenditures, and attracting foreign investment. This enabled Tegucigalpa to secure an IMF Precautionary Stand-By agreement in October 2010. The IMF agreement has helped renew multilateral and bilateral donor confidence in Honduras following the ZELAYA administration's economic mismanagement and the 2009 coup. |
GDP (purchasing power parity):
|
$35.6 billion (2011 est.)
$34.37 billion (2010 est.)
$33.46 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$4,300 (2011 est.)
$4,300 (2010 est.)
$4,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$17.3 billion (2011 est.) |
GDP - real growth rate:
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3.5% (2011 est.)
2.8% (2010 est.)
-2.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 12.6%
industry: 26.3%
services: 61.1% (2011 est.) |
Investment (gross fixed):
|
24.9% of GDP (2011 est.) |
Population below poverty line:
|
65% (2010) |
Household income or consumption by percentage share:
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lowest 10%: 0.6%
highest 10%: 43.8% (2007) |
Distribution of family income - Gini index:
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57.7 (2007)
53.8 (2003) |
Inflation rate (consumer prices):
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7% (2011 est.)
4.7% (2010 est.) |
Central bank discount rate:
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6.25% (31 December 2010 est.)
NA% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
18.1% (31 December 2011 est.)
18.87% (31 December 2010 est.) |
Stock of money:
|
$1.633 billion (31 December 2008)
$1.6 billion (31 December 2007) |
Stock of money - per capita:
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201 USD per capita |
Stock of quasi money:
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$5.574 billion (31 December 2008)
$5.239 billion (31 December 2007) |
Stock of quasi money - per capita:
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685 USD per capita |
Stock of domestic credit:
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$8.853 billion (31 December 2011 est.)
$7.592 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
1,088 USD per capita |
Stock of narrow money:
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$2.291 billion (31 December 2011 est.)
$1.917 billion (31 December 2010 est.) |
Stock of broad money:
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$8.125 billion (31 December 2010 est.)
$7.401 billion (31 December 2009 est.) |
Labor force:
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3.463 million (2011 est.) |
Labor force participation rate:
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42.52 % of population |
Labor force - by occupation:
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agriculture: 39.2%
industry: 20.9%
services: 39.8% (2005 est.) |
Unemployment rate:
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4.8% (2011 est.)
5.1% (2010 est.)
note: about one-third of the people are underemployed |
Unemployment, youth ages 15-24:
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total: 7%
male: 5.2%
female: 11.2% (2005) |
Budget:
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revenues: $3.011 billion
expenditures: $3.696 billion (2011 est.) |
Budget revenues per capita:
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370 USD per capita |
Taxes and other revenues:
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17.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-4% of GDP (2011 est.) |
Public debt:
|
29.6% of GDP (2011 est.)
29.1% of GDP (2010 est.) |
Industries:
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sugar, coffee, woven and knit apparel, wood products, cigars |
Industrial production growth rate:
|
2.4% (2010 est.) |
Electricity - production:
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6.58 billion kWh (2009 est.) |
Electricity - production per capita:
|
809 kWh per capita |
Electricity - consumption:
|
6.54 billion kWh
note: approximately 1.5 billion kWh in transmission and distribution losses (2009 est.) |
Electricity - consumption - per capita:
|
804 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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51,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
2.29 bbl/year per capita |
Oil - exports:
|
5,114 bbl/day (2009 est.) |
Oil - imports:
|
53,630 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
bananas, coffee, citrus, corn, African palm; beef; timber; shrimp, tilapia, lobster |
Current account balance:
|
-$1.248 billion (2011 est.)
-$954.8 million (2010 est.) |
Current account balance - per capita:
|
-153 USD per capita |
Exports:
|
$6.839 billion (2011 est.)
$5.742 billion (2010 est.) |
Exports per capita:
|
840 USD per capita |
Exports - commodities:
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apparel, coffee, shrimp, wire harnesses, cigars, bananas, gold, palm oil, fruit, lobster, lumber |
Exports - partners:
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US 65%, El Salvador 4.4%, Germany 4% (2010) |
Imports:
|
$10.04 billion (2011 est.)
$8.55 billion (2010 est.) |
Imports per capita:
|
1,233 USD per capita |
Imports - commodities:
|
machinery and transport equipment, industrial raw materials, chemical products, fuels, foodstuffs |
Imports - partners:
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US 50.7%, Guatemala 8.2%, Mexico 5.3%, El Salvador 4.8% (2010) |
Reserves of foreign exchange and gold:
|
$3.127 billion (31 December 2011 est.)
$2.702 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
384 USD per capita |
Debt - external:
|
$3.955 billion (31 December 2011 est.)
$3.748 billion (31 December 2010 est.) |
Debt - external - per capita:
|
486 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
lempira (HNL) |
Exchange rates:
|
lempiras (HNL) per US dollar -
18.9 (2011 est.)
18.9 (2010 est.)
18.9 (2009)
18.983 (2008)
18.9 (2007) |
Fiscal year:
|
calendar year |
|
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