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World > North America > Honduras > Economy (Notes)

Honduras - Economy (Notes)


ECONOMY
Honduras is one of the poorest and least developed countries in Latin America, with nearly two-thirds of Hondurans living in poverty. Although historically dependent on exports of coffee and bananas, the economy has diversified over the past 20 years with the development of non-traditional exports such as oriental vegetables, cultivated shrimp, melons, and tourism, and the establishment of a growing maquila industry (primarily assembly of apparel for re-export). The maquila industry employs approximately 130,000 Hondurans. Honduras also has extensive forest, marine, and mineral resources, although widespread slash-and-burn agricultural methods and illegal logging continue to destroy Honduran forests. Family remittances from Hondurans living abroad (mostly in the United States) have risen significantly, to an estimated $2.3 billion in 2006, which represents 15% of the country's foreign exchange earnings and over 20% of its GDP.


The exchange rate through the first quarter of 2007 was 18.89 Honduran Lempira to the dollar, a slight devaluation from the 2005 rate of 18.92. Inflation, as measured by the consumer price index, was estimated at approximately 6.0% in 2006 and was projected to remain at that rate in 2007. International reserves totaled $2.6 billion in 2006, up from an estimated $2.23 billion in 2005. Unemployment was estimated at around 28% in 2005.


In 2005, Honduras reached completion point under the Heavily Indebted Poor Countries (HIPC) initiative, qualifying the country for multilateral debt relief.


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Honduran Lempira Exchange Rates
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
Honduran Lempira Exchange Rates


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





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