Haiti Economy - 2005

Economy - overview:
In this poorest country in the Western Hemisphere, 80% of the population lives in abject poverty, and natural disasters frequently sweep the nation. Two-thirds of all Haitians depend on the agriculture sector, which consists mainly of small-scale subsistence farming. Following legislative elections in May 2000, fraught with irregularities, international donors - including the US and EU - suspended almost all aid to Haiti. The economy shrank an estimated 1.2% in 2001, 0.9% in 2002, grew 0.4% in 2003, and shrank by 3.5% in 2004. Suspended aid and loan disbursements totaled more than $500 million at the start of 2003. Haiti also suffers from rampant inflation, a lack of investment, and a severe trade deficit. In early 2005 Haiti paid its arrears to the World Bank, paving the way to reengagement with the Bank. The resumption of aid flows from all donors is alleviating but not ending the nation's bitter economic problems. Civil strife in 2004 combined with extensive damage from flooding in southern Haiti in May 2004 and Tropical Storm Jeanne in northwestern Haiti in September 2004 further impoverished Haiti.

GDP:
purchasing power parity - $12.05 billion (2004 est.)

GDP - real growth rate:
-3.5% (2004 est.)

GDP - per capita:
purchasing power parity - $1,500 (2004 est.)

GDP - composition by sector:
agriculture: 30%
industry: 20%
services: 50% (2001 est.)

Labor force:
3.6 million
note: shortage of skilled labor, unskilled labor abundant (1995)

Labor force - by occupation:
agriculture 66%, industry 9%, services 25%

Unemployment rate:
widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs (2002 est.)

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

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
22% (2004 est.)

Budget:
revenues: $330.2 million
expenditures: $529.6 million, including capital expenditures of NA (2004 est.)

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

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

Industrial production growth rate:
NA

Electricity - production:
618 million kWh (2002)

Electricity - consumption:
574.7 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
11,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Current account balance:
$-27.63 million (2004 est.)

Exports:
$338.1 million f.o.b. (2004 est.)

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

Exports - partners:
US 81.8%, Dominican Republic 7.2%, Canada 4.2% (2004)

Imports:
$1.085 billion f.o.b. (2004 est.)

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

Imports - partners:
US 52.9%, Dominican Republic 6%, Japan 2.9% (2004)

Reserves of foreign exchange and gold:
$80.64 million (2004 est.)

Debt - external:
$1.2 billion (2004 est.)

Economic aid - recipient:
$150 million (FY04 est.)

Currency (code):
gourde (HTG)

Exchange rates:
gourdes per US dollar - 38.352 (2004), 42.367 (2003), 29.251 (2002), 24.429 (2001), 21.171 (2000)