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Haiti Economy 2016
https://allcountries.org/world_fact_book_2016/haiti/haiti_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Haiti Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

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. In 2011, the Haitian economy began recovering from the earthquake. However, two hurricanes adversely affected agricultural output and the low public capital spending slowed the recovery in 2012. 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 one-fifth 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. Haiti's outstanding external debt was cancelled by donor countries following the 2010 earthquake, but has since risen to $1.43 billion as of December 2014. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources.

GDP (purchasing power parity):
$19.02 billion (2015 est.) $18.56 billion (2014 est.) $18.06 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 147
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.797 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2015 est.) 2.8% (2014 est.) 4.2% (2013 est.)
country comparison to the world: 121
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,800 (2015 est.) $1,800 (2014 est.) $1,700 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 210
[see also: GDP - per capita country ranks ]

Gross national saving:
21.5% of GDP (2015 est.) 24.8% of GDP (2014 est.) 23.7% of GDP (2013 est.)
country comparison to the world: 72
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 103.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 0%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -5.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 14%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.1%
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
note: figure for household consumption also includes government consumption (2015 est.)

GDP - composition, by sector of origin:
agriculture: 23.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.3% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
5% (2015 est.)
country comparison to the world: 34
[see also: Industrial production growth rate country ranks ]

Labor force:
4.81 million
note: shortage of skilled labor, unskilled labor abundant (2010 est.)
country comparison to the world: 86
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 50.4% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
40.6% (2010 est.)
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs
country comparison to the world: 197
[see also: Unemployment rate country ranks ]

Population below poverty line:
58.5% (2012 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
59.2 (2001)
country comparison to the world: 8
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.814 billion
[see also: Budget revenues country ranks ]
expenditures: $2.135 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
20.6% of GDP (2015 est.)
country comparison to the world: 154
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.7% of GDP (2015 est.)
country comparison to the world: 137
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
5.5% (2015 est.) 4.6% (2014 est.)
country comparison to the world: 180
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
12.3% (31 December 2015 est.) 10.8% (31 December 2014 est.)
country comparison to the world: 64
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.112 billion (31 December 2015 est.) $1.092 billion (31 December 2014 est.)
country comparison to the world: 150
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.509 billion (31 October 2012 est.) $3.43 billion (31 December 2011 est.)
country comparison to the world: 143
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.302 billion (31 December 2015 est.) $2.175 billion (31 December 2014 est.)
country comparison to the world: 135
[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:
-$382 million (2015 est.) -$552 million (2014 est.)
country comparison to the world: 91
[see also: Current account balance country ranks ]

Exports:
$955.2 million (2015 est.) $917.7 million (2014 est.)
country comparison to the world: 161
[see also: Exports country ranks ]

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

Exports - partners:
US 83.2% (2014)

Imports:
$3.22 billion (2015 est.) $3.392 billion (2014 est.)
country comparison to the world: 141
[see also: Imports country ranks ]

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

Imports - partners:
Dominican Republic 29.2%, US 23.8%, Algeria 11.7%, Netherlands Antilles 7.8%, China 7.3% (2014)

Reserves of foreign exchange and gold:
$1.803 billion (31 December 2015 est.) $1.99 billion (31 December 2014 est.)
country comparison to the world: 122
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.366 billion (31 December 2014 est.) $1.271 billion (31 December 2013 est.)
country comparison to the world: 157
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.299 billion (31 December 2015 est.) $1.185 billion (31 December 2014 est.)
country comparison to the world: 109
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
gourdes (HTG) per US dollar - 47.63 (2015 est.) 45.22 (2014 est.) 45.22 (2013 est.) 41.95 (2012 est.) 40.52 (2011 est.)


NOTE: The information regarding Haiti on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Haiti Economy 2016 information contained here. All suggestions for corrections of any errors about Haiti Economy 2016 should be addressed to the CIA.




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