Haiti:
Economy

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Other pages in this profile of Haiti:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Haiti: Economy

Haiti:
Economy