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Haiti:
Economy

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Economy - overview
Definition
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. A macroeconomic program developed in 2005 with the help of the International Monetary Fund helped the economy grow 3.5% in 2007, the highest growth rate since 1999. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted the garment and automotive parts exports and investment by providing tariff-free access to the US. 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. The government relies on formal international economic assistance for fiscal sustainability. Remittances are the primary source of foreign exchange, equaling nearly a quarter of GDP and more than twice the earnings from exports.
GDP (purchasing power parity)
Definition - World rank and map
$11.14 billion (2007 est.)
GDP (official exchange rate)
Definition
$5.435 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 28%
industry: 20%
services: 52% (2004 est.)
Labor force
Definition
3.6 million
note: shortage of skilled labor, unskilled labor abundant (1995)
Labor force - by occupation
Definition
agriculture: 66%
industry: 9%
services: 25% (1995)
Unemployment rate
Definition - World rank and map
widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs (2002 est.)
Population below poverty line
Definition
80% (2003 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 0.7%
highest 10%: 47.7% (2001)
Distribution of family income - Gini index
Definition - World rank and map
59.2 (2001)
Inflation rate (consumer prices)
Definition - World rank and map
9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
28.9% of GDP (2006 est.)
Budget
Definition
revenues: $926.3 million
expenditures: $1.045 billion (2007 est.)
Agriculture - products
Definition
coffee, mangoes, sugarcane, rice, corn, sorghum; wood
Industries
Definition
sugar refining, flour milling, textiles, cement, light assembly based on imported parts
Industrial production growth rate
Definition - World rank and map
2.5% (2007 est.)
Electricity - production
Definition - World rank and map
535 million kWh (2005)
Electricity - consumption
Definition - World rank and map
322 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
36.1 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
12,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.3 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
11,840 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$11 million (2007 est.)
Exports
Definition - World rank and map
$524 million f.o.b. (2007 est.)
Exports - commodities
Definition
apparel, manufactures, oils, cocoa, mangoes, coffee
Exports - partners
Definition
US 74.3%, Dominican Republic 8.9%, Canada 3.1% (2006)
Imports
Definition - World rank and map
$1.614 billion f.o.b. (2007 est.)
Imports - commodities
Definition
food, manufactured goods, machinery and transport equipment, fuels, raw materials
Imports - partners
Definition
US 41.4%, Netherlands Antilles 15%, Brazil 4.8%, China 4.7% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$370 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.463 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$515 million (2005 est.)
Currency (code)
Definition
gourde (HTG)
Exchange rates
Definition
gourdes per US dollar - 37.138 (2007), 40.232 (2006), 40.449 (2005), 38.352 (2004), 42.367 (2003)
Fiscal year
Definition
1 October - 30 September


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