Haiti Economy Profile 2009

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 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.)
$11.35 billion (2007 est.)
$10.98 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$6.952 billion (2008 est.)

GDP - real growth rate

1.3% (2008 est.)
3.4% (2007 est.)
2.3% (2006 est.)

GDP - per capita (PPP)

$1,300 (2008 est.)
$1,300 (2007 est.)
$1,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 28%
industry: 20%
services: 52% (2004 est.)

Population below poverty line

80% (2003 est.)

Labor force

3.643 million
note: shortage of skilled labor, unskilled labor abundant (2007)

Labor force - by occupation

agriculture: 66%
industry: 9%
services: 25% (1995)

Unemployment rate

NA%
note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs

Household income or consumption by percentage share

lowest 10%: 0.7%
highest 10%: 47.7% (2001)

Distribution of family income - Gini index

59.2 (2001)

Investment (gross fixed)

28.9% of GDP (2008 est.)

Budget

revenues: $967.5 million
expenditures: $1.162 billion (2008 est.)

Inflation rate (consumer prices)

15.5% (2008 est.)
8.5% (2007 est.)

Commercial bank prime lending rate

NA% (31 December 2008)
46.99% (31 December 2007)

Stock of money

$NA (31 December 2008)
$704.7 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$1.561 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$1.537 billion (31 December 2007)

Industries

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

Industrial production growth rate

0% (2008 est.)

Electricity - production

549 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 60.3%
hydro: 39.7%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

330 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

12,370 bbl/day (2006 est.)

Oil - imports

11,980 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$611 million (2008 est.)
-$407 million (2007 est.)

Agriculture - products

coffee, mangoes, sugarcane, rice, corn, sorghum; wood

Exports

$490 million (2008 est.)
$522 million (2007 est.)

Exports - commodities

apparel, manufactures, oils, cocoa, mangoes, coffee

Exports - partners

US 68.8%, Dominican Republic 10.2%, Canada 3% (2008)

Imports

$2.107 billion (2008 est.)
$1.618 billion (2007 est.)

Imports - commodities

food, manufactured goods, machinery and transport equipment, fuels, raw materials

Imports - partners

US 44.1%, Netherlands Antilles 13.7%, China 5.5% (2008)

Reserves of foreign exchange and gold

$708 million (31 December 2008 est.)
$555 million (31 December 2007 est.)

Debt - external

$1.506 billion (31 December 2008 est.)
$1.475 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$515 million (2005 est.)

Currency (code)

HTG

Currency (code)

gourde (HTG)

Exchange rates

gourdes (HTG) per US dollar - 39.216 (2008 est.), 37.138 (2007), 40.232 (2006), 40.449 (2005), 38.352 (2004)

Fiscal year

1 October - 30 September