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Haiti Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Haiti Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

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. 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. Already the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake inflicted $7.8 billion in damage and caused the country's GDP to contract 5.4% in 2010. Following the earthquake, Haiti received $4.59 billion in internatioonal pledges for reconstruction, which has proceeded slowly. Two-fifths 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 Haiti Economic Lift Program Act (HELP); the apparel sector accounts for about 90% 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 initiative in mid-2009. The remainder of its outstanding external debt was cancelled by donor countries following the 2010 earthquake but has since risen to over $600 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. The MARTELLY administration in 2011 launched a campaign aimed at drawing foreign investment into Haiti as a means for sustainable development.

GDP (purchasing power parity):
$13.13 billion (2012 est.)
country comparison to the world: 146

$12.57 billion (2011 est.)
$11.9 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.895 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.5% (2012 est.)
country comparison to the world: 71

5.6% (2011 est.)
-5.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,300 (2012 est.)
country comparison to the world: 209

$1,300 (2011 est.)
$1,200 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 25.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 19%
services: 55.3% (2012 est.)

Labor force:
4.81 million
country comparison to the world: 79
note: shortage of skilled labor, unskilled labor abundant (2010 est.)
[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%
services: 50.4% (2010)

Unemployment rate:
40.6% (2010 est.)
country comparison to the world: 188
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs
[see also: Unemployment rate country ranks ]

Population below poverty line:
80% (2003 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:
59.2 (2001)
country comparison to the world: 7
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
28% of GDP (2011 est.)
country comparison to the world: 29
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $1.35 billion
[see also: Budget revenues country ranks ]
expenditures: $1.446 billion (2012 est.)

Taxes and other revenues:
17.1% of GDP (2012 est.)
country comparison to the world: 179
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.2% of GDP (2012 est.)
country comparison to the world: 61
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
5.9% (2012 est.)
country comparison to the world: 155

8.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
19.7% (31 December 2012 est.)
country comparison to the world: 71

11.61% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.786 billion (31 December 2011 est.)
country comparison to the world: 132

$1.733 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.43 billion (31 December 2011 est.)
country comparison to the world: 140

$3.298 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.04 billion (31 December 2012 est.)
country comparison to the world: 137

$1.893 billion (31 December 2011 est.)
[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 ]

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

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

Industrial production growth rate:
-4.8% (2010 est.)
country comparison to the world: 161
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$1.509 billion (2012 est.)
country comparison to the world: 129

-$1.728 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$801.7 million (2012 est.)
country comparison to the world: 163

$767.5 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 83.9% (2011)

Imports:
$2.928 billion (2012 est.)
country comparison to the world: 149

$2.985 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Dominican Republic 31.5%, US 25%, Netherlands Antilles 8.6%, China 7.1% (2011)

Reserves of foreign exchange and gold:
$1.307 billion (31 December 2012 est.)
country comparison to the world: 127

$1.195 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$854.7 million (31 December 2012 est.)
country comparison to the world: 161

$674.6 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$753.3 million (31 December 2012 est.)
country comparison to the world: 95

$603.3 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
gourdes (HTG) per US dollar -

40.52 (2012 est.)
40.52 (2011 est.)
39.8 (2010 est.)
42.02 (2009)
39.216 (2008)

Fiscal year:
1 October - 30 September


NOTE: 1) The information regarding Haiti on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2013 information contained here. All suggestions for corrections of any errors about Haiti Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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






This page was last modified 11-Mar-13
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