Haiti Economy

The Republic of Haiti is Caribbean state with a total population of 8.4 million ( 2006). The economic growth of Haiti is very poor. About eighty percent of the total population of Haiti are living below the poverty line. The economy of Haiti is mostly dependent on agriculture. About half of the total adult population is illiterate.

The economy of Haiti
In 2005, the government of Haiti with the assistance of IMF (International Monetary Fund), underwent a macroeconomic program, which facilitated the growth of the economy by 1.8% in 2006. Haiti suffers from higher inflation rate and serious trade deficits.

Haiti Economic Performance GDP Inflation Graph 1999-2013

Haiti Economic Performance GDP Inflation Graph 1999-2013

Agriculture assumes a very important role in the economy of Haiti. About two- thirds of the overall workforce of Haiti are dependent on agriculture, specifically farming. Major agricultural products include rice, cassava, coffee, mango, sorghum, sugarcane, yams, corn, and plantains.
In late 80’s, agriculture contributed about 35% of the overall GDP (Gross Domestic Product) of Haiti.Industries in Haiti are basically dependent on sugar refining, textiles, cement, and flour milling. Energy industry of Haiti is primarily dependent on Hydro power.
Major minerals include bauxite, gold, copper, and calcium carbonate. Major exports of Haiti are light manufactures, coffee, cotton, manufactures, cocoa, mango, sugar, bauxite, and essences.

Major imports include food, machinery, manufactured goods, fuel and transport equipment.

Trading partners: Leading trading partners of Haiti are U.S., Canada, Dominican Republic, Cuba,UK Trinidad and Tobago.

In 2005:

GDP (Gross Domestic Product): $12.85 billion

Currency: The currency of Haiti is Gourde (HTG)

Haiti Economic Performance 1999-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1999 2.70 8.67 2007 3.34 8.53
2000 0.88 13.71 2008 0.84 15.52
2001 -1.04 14.17 2009 3.08 -0.01
2002 -0.26 9.85 2010 -5.50 5.70
2003 0.36 39.28 2011 5.52 8.41
2004 -3.51 22.81 2012 2.89 6.28
2005 1.79 15.73 2013 4.30 5.85
2006 2.25 13.07

Source: World Bank

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Last Updated on : 12th March 2015 Next Update : February 2016

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