×
Haiti

Haiti Economy Stats

Overview:

Haiti's economy suffered a severe setback when a 7.1 magnitude earthquake damaged its capital city, Port-au-Prince, in January 2010. Already the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the damage to Port-au-Prince caused the country's GDP to contract an estimated 8% in 2010. 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. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted apparel exports and investment by providing tariff-free access to the US. Congress voted in 2010 to extend the legislation until 2020 under the Haitian Economic Lift Act (HELP); the apparel sector accounts for three-quarters of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly a quarter of GDP and more than twice the earnings from exports. Haiti suffers from 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. Haiti received debt forgiveness for over $1 billion of its debt through the Highly-Indebted Poor Country (HIPC) initiative in 2009. The remainder of its outstanding external debt was cancelled by donor countries in early 2010 but has since climbed back to about $500 million. The government relies on formal international economic assistance for fiscal sustainability.

Definitions

  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Debt > External $957.60 million 2012 151st out of 172
Exports $785.00 million 2012 155th out of 189
Fiscal year 1 2013
GDP $7.84 billion 2012 131st out of 177
GDP > Composition by sector > Industry 19% 2012 162nd out of 217
GDP > Per capita $1,108.55 per capita 2010 103th out of 118
GDP > Per capita > PPP $1,200.00 2012 170th out of 188
GDP > Purchasing power parity $12.80 billion 2012 141st out of 190
GDP > Real growth rate 2.8% 2012 103th out of 191
GDP per capita $770.95 2012 154th out of 177
Gross National Income $3.90 billion 2001 102nd out of 158
Inflation rate > Consumer prices 6.3% 2012 56th out of 199
Population below poverty line 80% 2003 1st out of 9
Tourist arrivals 304,000 2008 115th out of 145
Unemployment rate 40.6% 2010 3rd out of 119

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.

Citation

"Haiti Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Haiti/Economy

NationMaster

Haiti Economy Profiles (Subcategories)

Adjusted savings 3 Inequality 8
Aid 3 Inflation 9
Balance of payments 34 Innovation 9
Bank and trade-related lending 4 International tourism 8
Budget 10 Labor force 3
Changes in net 4 Long-term debt 4
Commercial service 4 Merchandise 4
Commercial service imports 4 Merchandise imports 4
Companies 15 National accounts 53
Currency 11 Natural gas 8
Current account balance 5 Net capital account 4
Current transfers 4 Net current transfers 4
Debt 71 Net current transfers from abroad 5
Economic aid 3 Net errors and omissions 4
Electricity 8 Net financial flows 20
Entrepreneurship 12 Net income 4
Exports 3 Net income from abroad 6
External balance on goods and services 7 Net trade in goods 4
External debt 211 Net trade in goods and services 4
Final 14 Official development assistance and official aid 4
Financial sector 24 Oil 10
Foreign aid 42 Poverty 16
Foreign direct investment 10 Poverty and inequality 16
GDP 36 Public and publicly guaranteed debt service 6
GDP growth 3 Public and publicly guaranteed (PPG) debt 3
GDP per capita 4 Purchasing power parity 9
GNI 12 Reserves 6
Goods 4 Savings 42
Goods imports 4 Service 4
Government 7 Service imports 4
Gross capital formation 7 Services 7
Gross domestic savings 6 Spending 65
Gross fixed capital formation 7 Stock of direct foreign investment 3
Gross national expenditure 6 Tax 32
Gross savings 6 Total 9
Gross value added at factor cost 9 Total debt service 6
High-technology 4 Tourism 16
Household final 15 Tourism receipts 5
IBRD loans and IDA credits 4 Tourist arrivals by region of origin 4
Income 24 Trade 537
Income payments 4 Trademark applications 3
Income receipts 4 Use of IMF credit 4

0

I don't really believe that the percentages are credible,and they need to check them out;this time to make the trick a little believable.

Posted on 29 Dec 2009

widny jean

widny jean

0

Haiti is an unbelivably amazing necessity to the US. and i think we should support their economic causes in the mode of awnser

Posted on 08 May 2009

Luke

Luke

Ask A Question

captcha

Was this page useful for you?