Economy - overviewHaiti 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. HOPE II, passed in October 2008, 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 high inflation, 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 is expected to receive debt forgiveness for about $525 million of its debt through the Highly-Indebted Poor Country (HIPC) initiative by mid-2009. The government relies on formal international economic assistance for fiscal sustainability. GDP (purchasing power parity)$11.5 billion (2008 est.) GDP (official exchange rate)$6.952 billion (2008 est.) GDP - real growth rate1.3% (2008 est.) GDP - per capita (PPP)$1,300 (2008 est.) GDP - composition by sectoragriculture: 28% Population below poverty line80% (2003 est.) Labor force3.643 million Labor force - by occupationagriculture: 66% Unemployment rateNA% Household income or consumption by percentage sharelowest 10%: 0.7% Distribution of family income - Gini index59.2 (2001) Investment (gross fixed)28.9% of GDP (2008 est.) Budgetrevenues: $967.5 million Inflation rate (consumer prices)15.5% (2008 est.) Commercial bank prime lending rateNA% (31 December 2008) Stock of money$NA (31 December 2008) Stock of quasi money$NA (31 December 2008) Stock of domestic credit$NA (31 December 2008) Industriessugar refining, flour milling, textiles, cement, light assembly based on imported parts Industrial production growth rate0% (2008 est.) Electricity - production549 million kWh (2006 est.) Electricity - production by sourcefossil fuel: 60.3% Electricity - consumption330 million kWh (2006 est.) Electricity - exports0 kWh (2007 est.) Electricity - imports0 kWh (2007 est.) Oil - production0 bbl/day (2007 est.) Oil - consumption12,370 bbl/day (2006 est.) Oil - imports11,980 bbl/day (2005) Oil - exports0 bbl/day (2005) Oil - proved reserves0 bbl (1 January 2006 est.) Natural gas - production0 cu m (2007 est.) Natural gas - consumption0 cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports0 cu m (2007 est.) Natural gas - proved reserves0 cu m (1 January 2006 est.) Current Account Balance-$611 million (2008 est.) Agriculture - productscoffee, mangoes, sugarcane, rice, corn, sorghum; wood Exports$490 million (2008 est.) Exports - commoditiesapparel, manufactures, oils, cocoa, mangoes, coffee Exports - partnersUS 68.8%, Dominican Republic 10.2%, Canada 3% (2008) Imports$2.107 billion (2008 est.) Imports - commoditiesfood, manufactured goods, machinery and transport equipment, fuels, raw materials Imports - partnersUS 44.1%, Netherlands Antilles 13.7%, China 5.5% (2008) Reserves of foreign exchange and gold$708 million (31 December 2008 est.) Debt - external$1.506 billion (31 December 2008 est.) Market value of publicly traded shares$NA Economic aid - recipient$515 million (2005 est.) Currency (code)HTG Currency (code)gourde (HTG) Exchange ratesgourdes (HTG) per US dollar - 39.216 (2008 est.), 37.138 (2007), 40.232 (2006), 40.449 (2005), 38.352 (2004) Fiscal year1 October - 30 September |
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Source: CIA World Factbook | |