Haiti Economy 2007

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 agriculture sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. A macroeconomic program developed in 2005 with the help of the International Monetary Fund helped the economy grow 1.8% in 2006, the highest growth rate since 1999. Haiti suffers from higher inflation than similar low-income countries, a lack of investment, and a severe trade deficit. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. The government relies on formal international economic assistance for fiscal sustainability. In 2006, Haiti held a successful donors conference in which the total aid pledged exceeded Haiti's request. Remittances are the primary source of foreign exchange, equaling nearly a quarter of GDP.

GDP (purchasing power parity):
$14.76 billion (2006 est.)

GDP (official exchange rate):
$5.953 billion (2006 est.)

GDP - real growth rate:
2.3% (2006 est.)

GDP - per capita (PPP):
$1,800 (2006 est.)

GDP - composition by sector:
agriculture: 28%
industry: 20%
services: 52% (2004 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% (1995)

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% (2001)

Inflation rate (consumer prices):
13.1% (2006 est.)

Investment (gross fixed):
28.9% of GDP (2006 est.)

Budget:
revenues: $658 million
expenditures: $726.9 million (2006 est.)

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:
NA%

Electricity - production:
535 million kWh (2005)

Electricity - consumption:
322 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
11,600 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-1 million (2006 est.)

Exports:
$494 million f.o.b. (2006 est.)

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

Exports - partners:
US 80%, Dominican Republic 7.6%, Canada 3% (2006)

Imports:
$1.548 billion f.o.b. (2006 est.)

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

Imports - partners:
US 46.5%, Netherlands Antilles 11.9%, Brazil 3.8% (2006)

Economic aid - recipient:
$515 million (2005 est.)

Reserves of foreign exchange and gold:
$253.9 million (2006 est.)

Debt - external:
$1.312 billion (2006 est.)

Market value of publicly traded shares:
$NA

Currency (code):
gourde (HTG)

Exchange rates:
gourdes per US dollar - 40.232 (2006), 40.449 (2005), 38.352 (2004), 42.367 (2003), 29.251 (2002)