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Honduras:
Economy

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Economy - overview
Definition
Honduras, the second poorest country in Central America and one of the poorest countries in the Western Hemisphere, with an extraordinarily unequal distribution of income and massive unemployment, is banking on expanded trade under the US-Central America Free Trade Agreement (CAFTA) and on debt relief under the Heavily Indebted Poor Countries (HIPC) initiative. Despite improvements in tax collections, the government's fiscal deficit is growing due to increases in current expenditures and financial losses from the state energy and telephone companies. Honduras is the fastest growing remittance destination in the region with inflows representing over a quarter of GDP, equivalent to nearly three-quarters of exports. The economy relies heavily on a narrow range of exports, notably bananas and coffee, making it vulnerable to natural disasters and shifts in commodity prices, however, investments in the maquila and non-traditional export sectors are slowly diversifying the economy. Growth remains dependent on the economy of the US, its largest trading partner, and on reduction of the high crime rate, as a means of attracting and maintaining investment.
GDP (purchasing power parity)
Definition - World rank and map
$30.65 billion (2007 est.)
GDP (official exchange rate)
Definition
$12.28 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$4,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 13.4%
industry: 28.1%
services: 58.6% (2007 est.)
Labor force
Definition
2.78 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 34%
industry: 23%
services: 43% (2003 est.)
Unemployment rate
Definition - World rank and map
27.8% (2007 est.)
Population below poverty line
Definition
50.7% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 1.2%
highest 10%: 42.2% (2003)
Distribution of family income - Gini index
Definition - World rank and map
53.8 (2003)
Inflation rate (consumer prices)
Definition - World rank and map
6.9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
30.4% of GDP (2007 est.)
Budget
Definition
revenues: $2.344 billion
expenditures: $2.631 billion; including capital expenditures of $106 million (2007 est.)
Public debt
Definition - World rank and map
24.1% of GDP (2007 est.)
Agriculture - products
Definition
bananas, coffee, citrus; beef; timber; shrimp, tilapia, lobster; corn, African palm
Industries
Definition
sugar, coffee, textiles, clothing, wood products
Industrial production growth rate
Definition - World rank and map
4.4% (2007 est.)
Electricity - production
Definition - World rank and map
5.339 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
4.036 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
528.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
57 million kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
43,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
5.6 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
765.4 bbl/day (2004)
Oil - imports
Definition - World rank and map
42,620 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
-$1.225 billion (2007 est.)
Exports
Definition - World rank and map
$5.594 billion f.o.b. (2007 est.)
Exports - commodities
Definition
coffee, shrimp, bananas, gold, palm oil, fruit, lobster, lumber
Exports - partners
Definition
US 68.8%, Guatemala 4%, El Salvador 3.9% (2006)
Imports
Definition - World rank and map
$8.556 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment, industrial raw materials, chemical products, fuels, foodstuffs
Imports - partners
Definition
US 52.1%, Guatemala 7.1%, El Salvador 4.5%, Costa Rica 4.1%, Mexico 4.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.545 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$3.41 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$680.8 million (2005)
Currency (code)
Definition
lempira (HNL)
Exchange rates
Definition
lempiras per US dollar - 18.9 (2007), 18.895 (2006), 18.92 (2005), 18.206 (2004), 17.345 (2003)
Fiscal year
Definition
calendar year


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