Economy of Haiti
| 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 (purchasing power parity): | $14.79 billion (2006 est.) |
| GDP (official exchange rate): | $5.964 billion (2006 est.) |
| GDP - real growth rate: | 2.5% (2006 est.) |
| GDP - per capita (PPP): | $1,800 (2006 est.) |
| GDP - composition by sector: | agriculture: 28% industry: 20% services: 52% (2004 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.) |
| 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.) |
| Investment (gross fixed): | 27.4% of GDP (2004 est.) |
| Budget: | revenues: $385 million expenditures: $807.7 million; including capital expenditures of $NA (2006 est.) |
| Agriculture - products: | coffee, mangoes, sugarcane, rice, corn, sorghum; wood |
| 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 - production by source: | fossil fuel: 60.3% hydro: 39.7% nuclear: 0% other: 0% (2001) |
| 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.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$58.72 million (2006 est.) |
| 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) |
| Reserves of foreign exchange and gold: | $123.4 million (2006 est.) |
| Debt - external: | $1.309 billion (2006 est.) |
| Economic aid - recipient: | $153 million (FY05 est.) |
| Currency (code): | 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 |