Haiti - Economic Summary

Source: CIA World Fact Book

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):

$11.53 billion (2008 est.)

country comparison to the world: 145

$11.38 billion (2007 est.)

$11 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$6.943 billion (2008 est.)

GDP - real growth rate:

1.3% (2008 est.)

country comparison to the world: 168

3.4% (2007 est.)

2.3% (2006 est.)

GDP - per capita (PPP):

$1,300 (2008 est.)

country comparison to the world: 203

$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.)

Labor force:

3.643 million

country comparison to the world: 92

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

Labor force - by occupation:

agriculture: 66%

industry: 9%

services: 25% (1995)

8.5% (2007 est.)

Commercial bank prime lending rate:

17.81% (31 December 2008)

country comparison to the world: 2

46.99% (31 December 2007)

-$407 million (2007 est.)

Exports:

$490 million (2008 est.)

country comparison to the world: 163

$522 million (2007 est.)

$1.618 billion (2007 est.)

$555 million (31 December 2007 est.)

Debt - external:

$1.817 billion (31 December 2008 est.)

country comparison to the world: 138

$1.475 billion (31 December 2007 est.)

Exchange rates:

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

Haiti - Economic Summary

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