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Haiti Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Haiti Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

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, vulnerability to natural disasters, and low levels of education for much of the population are among Haiti's most serious impediments to economic growth. 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. Currently the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake further inflicted $7.8 billion in damage and caused the country's GDP to contract 5.4% in 2010. In 2011, the Haitian economy had begun recovering slowly from the effects of the earthquake. However, two hurricanes adversely affected agricultural output and the slow public capital spending negatively affected the economic recovery in 2012. GDP growth for 2012 was 2.8%, down from 5.6% in 2011. 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 Caribbean Basin Trade Preference Agreement (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE II) Act helped increase apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the CBTPA and HOPE II until 2020 under the Haiti Economic Lift Program (HELP) Act; the apparel sector accounts for about 90% of Haitian exports and nearly one-twentieth of GDP. Remittances are the primary source of foreign exchange, equaling 20% of GDP and representing more than five times the earnings from exports in 2012. Haiti suffers from a lack of investment, partly because of weak infrastructure such as access to electricity. 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 nearly $1 billion. 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. To that end, the MARTELLY government in 2012 created a Commission for Commercial Code Reform, effected reforms to the justice sector, and inaugurated the Caracol industrial park in Haiti's north coast.

GDP (purchasing power parity):
$12.8 billion (2012 est.)
country comparison to the world: 147

$12.45 billion (2011 est.)
$11.79 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.795 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2012 est.)
country comparison to the world: 119

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

GDP - per capita:
$1,200 (2012 est.)
country comparison to the world: 210

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

Gross national saving:
3.7% of GDP (2011 est.)
country comparison to the world: 139

-4.1% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.5%
services: 55.8% (2012 est.)

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

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

Industrial production growth rate:
6.5% (2012 est.)
country comparison to the world: 39
[see also: Industrial production growth rate country ranks ]

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: 189
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 ]

Budget:
revenues: $1.812 billion
[see also: Budget revenues country ranks ]
expenditures: $2.279 billion (2012 est.)

Taxes and other revenues:
23.2% of GDP (2012 est.)
country comparison to the world: 142
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6% of GDP (2012 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
6.3% (2012 est.)
country comparison to the world: 166

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

Commercial bank prime lending rate:
8.93% (31 December 2012 est.)
country comparison to the world: 69

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

Stock of narrow money:
$1.107 billion (31 December 2012 est.)
country comparison to the world: 147

$1.003 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.509 billion (31 October 2012 est.)
country comparison to the world: 139

$3.43 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.515 billion (31 December 2012 est.)
country comparison to the world: 141

$1.268 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 ]

Current account balance:
$-1.358 billion (2012 est.)
country comparison to the world: 125

$-1.785 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$785 million (2012 est.)
country comparison to the world: 165

$768.1 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 81.7% (2012)

Imports:
$2.679 billion (2012 est.)
country comparison to the world: 150

$3.014 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Dominican Republic 34.5%, US 26.2%, Netherlands Antilles 9.4%, China 7% (2012)

Reserves of foreign exchange and gold:
$1.287 billion (31 December 2012 est.)
country comparison to the world: 128

$1.197 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$957.6 million (31 December 2012 est.)
country comparison to the world: 162

$782.9 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$963.1 million (31 December 2012 est.)
country comparison to the world: 99

$784.3 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
gourdes (HTG) per US dollar -

41.95 (2012 est.)
40.52 (2011 est.)
39.8 (2010 est.)
42.02 (2009)
39.216 (2008)


NOTE: 1) The information regarding Haiti on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2014 information contained here. All suggestions for corrections of any errors about Haiti Economy 2014 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






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