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World > North America > Haiti > Economy (Facts)

Haiti - Economy (Facts)
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 - real growth rate: 2.5% (2006 est.)
GDP (purchasing power parity): $14.79 billion (2006 est.)
GDP (official exchange rate): $5.964 billion (2006 est.)
GDP - per capita (PPP): $1,800 (2006 est.)
GDP - composition by sector: agriculture: 28%
industry: 20%
services: 52% (2004 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): 14.4% (2006 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.)
Budget: revenues: $385 million
expenditures: $807.7 million; including capital expenditures of NA (2006 est.)
Industries: sugar refining, flour milling, textiles, cement, light assembly based on imported parts
Industrial production growth rate: NA
Electricity - production: 536.2 million kWh (2004)
Electricity - consumption: 498.6 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
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
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coffee, mangoes, sugarcane, rice, corn, sorghum; wood
Exports: $443.7 million f.o.b. (2006 est.)
Exports - commodities: manufactures, coffee, oils, cocoa, mangoes
Exports - partners: US 80.4%, Dominican Republic 7.7%, Canada 3% (2006)
Imports: $1.721 billion f.o.b. (2006 est.)
Imports - commodities: food, manufactured goods, machinery and transport equipment, fuels, raw materials
Imports - partners: US 46%, Netherlands Antilles 11.8%, China 3.4% (2006)
Debt - external: $1.309 billion (2006 est.)
Economic aid - recipient: $153 million (FY05 est.)
Currency: Haitian Gourde (HTG)
Currency code: HTG
Exchange rates: gourdes per US dollar - 40.232 (2006), 40.449 (2005), 38.352 (2004), 42.367 (2003), 29.251 (2002)
Fiscal year: 1 October - 30 September


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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