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Haiti Economy 2010
http://www.workmall.com/wfb2010/haiti/haiti_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
Haiti is the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty. 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. While the economy has recovered in recent years, registering positive growth since 2005, four tropical storms in 2008 severely damaged the transportation infrastructure and agricultural sector. 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 tariff-free access to the US. A second version of the legislation, passed in October 2008 and dubbed HOPE II, has further improved the export environment for the apparel sector by extending preferences to 2018; the apparel sector accounts for two-thirds of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly a quarter of GDP and more than twice the earnings from exports. Haiti suffers from a lack of investment because of insecurity and limited infrastructure, and a severe trade deficit. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for about $525 million of its debt through the Highly-Indebted Poor Country (HIPC) initiative in 2009. The government relies on formal international economic assistance for fiscal sustainability.

GDP (purchasing power parity):
$11.61 billion (2009 est.)

$11.66 billion (2008 est.)
$11.51 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$6.908 billion (2009 est.)

GDP - real growth rate:
-0.5% (2009 est.)

1.3% (2008 est.)
3.4% (2007 est.)

GDP - per capita (PPP):
$1,300 (2009 est.)

$1,300 (2008 est.)
$1,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 28%
industry: 20%
services: 52% (2004 est.)

Labor force:
3.643 million
note: shortage of skilled labor, unskilled labor abundant (2007)

Labor force - by occupation:
agriculture: 66%
industry: 9%
services: 25% (1995)

Unemployment rate:
NA% est.)
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs

Population below poverty line:
80% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 0.7%
highest 10%: 47.7% (2001)

Distribution of family income - Gini index:
59.2 (2001)

Investment (gross fixed):
28.9% of GDP (2008 est.)

Budget:
revenues: $960.6 million
expenditures: $1.186 billion (2009 est.)

Inflation rate (consumer prices):
0.4% (2009 est.)

15.5% (2008 est.)

Commercial bank prime lending rate:
17.81% (31 December 2008)

46.99% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$704.7 million (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$1.561 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$1.537 billion (31 December 2007)

Market value of publicly traded shares:
$NA

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

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

Industrial production growth rate:
-2% (2009 est.)

Electricity - production:
448 million kWh (2007 est.)

Electricity - consumption:
273 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
12,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
12,280 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-566 million (2009 est.)

$-611 million (2008 est.)

Exports:
$524 million (2009 est.)

$490 million (2008 est.)

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

Exports - partners:
US 70.7%, Dominican Republic 8.9%, Canada 3.1% (2008)

Imports:
$2.023 billion (2009 est.)

$2.107 billion (2008 est.)

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

Imports - partners:
US 34%, Dominican Republic 23.1%, Netherlands Antilles 10.6%, China 4.5% (2008)

Reserves of foreign exchange and gold:
$734 million (31 December 2009 est.)

$708 million (31 December 2008 est.)

Debt - external:
$428 million (31 December 2009 est.)

$1.817 billion (31 December 2008 est.)

Exchange rates:
gourdes (HTG) per US dollar - 41.366 (2009), 39.216 (2008), 37.138 (2007), 40.232 (2006), 40.449 (2005)


NOTE: The information regarding Haiti on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2010 information contained here. All suggestions for corrections of any errors about Haiti Economy 2010 should be addressed to the CIA.



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