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Economy - overview:
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In this poorest country in the Western
Hemisphere, 80% of the population lives in abject poverty, and
natural disasters frequently sweep the nation. Two-thirds of all
Haitians depend on the agriculture sector, which consists mainly of
small-scale subsistence farming. Following legislative elections in
May 2000, fraught with irregularities, international donors -
including the US and EU - suspended almost all aid to Haiti. The
economy grew 3.5% in 2005. Suspended aid and loan disbursements
totaled more than $500 million at the start of 2003. Haiti suffers
from rampant inflation, a lack of investment, and a severe trade
deficit. Civil strife in 2004 combined with extensive damage from
flooding in southern Haiti in May 2004 and Tropical Storm Jeanne in
northwestern Haiti in September 2004 further impoverished Haiti. In
early 2005 Haiti paid its arrears to the World Bank, paving the way
to reengagement with the Bank. The resumption of aid flows from all
donors is alleviating but not ending the nation's bitter economic
problems. |
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GDP (purchasing power parity):
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$12.94 billion (2005 est.) |
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GDP (official exchange rate):
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$5.191 billion (2005 est.) |
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GDP - real growth rate:
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3.5% (2005 est.) |
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GDP - per capita:
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purchasing power parity - $1,600 (2005
est.) |
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GDP - composition by sector:
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agriculture:
30%
industry: 20%
services: 50% (2001 est.) |
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Labor force:
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3.6 million
note: shortage of skilled labor, unskilled labor abundant
(1995) |
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Labor force - by occupation:
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agriculture 66%, industry 9%, services
25% |
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Unemployment rate:
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widespread unemployment and
underemployment; more than two-thirds of the labor force do not have
formal jobs (2002 est.) |
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Population below poverty line:
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80% (2003 est.) |
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Household income or consumption by percentage
share:
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lowest 10%:
NA
highest 10%: NA |
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Inflation rate (consumer prices):
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13.3% (2005 est.) |
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Investment (gross fixed):
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27.4% of GDP (2004 est.) |
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Budget:
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revenues:
$400 million
expenditures: $600.8 million, including capital expenditures
of NA (2005 est.) |
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Agriculture - products:
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coffee, mangoes, sugarcane, rice, corn,
sorghum, wood |
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Industries:
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sugar refining, flour milling,
textiles, cement, light assembly industries based on imported parts
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Industrial production growth rate:
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NA |
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Electricity - production:
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546 million kWh (2003) |
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Electricity - production by source:
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fossil fuel:
60.3%
hydro: 39.7%
nuclear: 0%
other: 0% (2001) |
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Electricity - consumption:
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507.8 million kWh (2003) |
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Electricity - exports:
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0 kWh (2003) |
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Electricity - imports:
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0 kWh (2003) |
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Oil - production:
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0 bbl/day (2003 est.) |
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Oil - consumption:
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11,800 bbl/day (2003 est.) |
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Oil - exports:
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NA (2001) |
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Oil - imports:
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NA (2001) |
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Current account balance:
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$34.08 million (2005 est.) |
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Exports:
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$390.7 million f.o.b. (2005 est.)
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Exports - partners:
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US 81.2%, Dominican Republic 7.3%,
Canada 4.1% (2004) |
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Imports:
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$1.471 billion f.o.b. (2005 est.)
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Imports - partners:
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US 34.8%, Netherlands Antilles 18%,
Malaysia 5.1%, Colombia 4.7% (2004) |
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Reserves of foreign exchange and gold:
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$95.26 million (2005 est.) |
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Debt - external:
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$1.3 billion (2005 est.) |
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Economic aid - recipient:
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$150 million (FY04 est.) |
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Currency (code):
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gourde (HTG) |
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Currency code:
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HTG |
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Exchange rates:
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gourdes
per US dollar - 39.14 (2005), 38.352 (2004), 42.367 (2003), 29.251
(2002), 24.429 (2001) |
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Fiscal year:
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1 October - 30 September |
