Economy - Overview:

Haiti is a free market economy that enjoys the advantages of

low labor costs and tariff-free access to the US for many of its exports.
Poverty, corruption, vulnerability to natural disasters, and low levels of
education for much of the population is among Haiti's most serious
impediments to economic growth. Haiti's economy suffered a severe
setback in January 2010 when a 7.0 magnitude earthquake destroyed
much of its capital city, Port-au-Prince, and neighboring areas.
Currently the poorest country in the Western Hemisphere with 80% of
the population living under the poverty line and 54% in abject poverty,
the earthquake further inflicted $7.8 billion in damage and caused the
country's GDP to contract. In 2011, the Haitian economy began
recovering from the earthquake. However, two hurricanes adversely
affected agricultural output and the low public capital spending slowed
the recovery in 2012. Two-fifths 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 Caribbean Basin Trade Preference Agreement (CBTPA) and
the 2008 Haitian Hemispheric Opportunity through Partnership
Encouragement (HOPE II) Act helped increase apparel exports and
investment by providing duty-free access to the US. Congress voted in
2010 to extend the CBTPA and HOPE II until 2020 under the Haiti
Economic Lift Program (HELP) Act; the apparel sector accounts for
about 90% of Haitian exports and nearly one-twentieth of GDP.
Remittances are the primary source of foreign exchange, equaling one-
fifth of GDP and representing more than five times the earnings from
exports in 2012. Haiti suffers from a lack of investment, partly because
of weak infrastructure such as access to electricity. Haiti's outstanding
external debt was cancelled by donor countries following the 2010
earthquake, but has since risen to $1.43 billion as of December 2014.
The government relies on formal international economic assistance for
fiscal sustainability, with over half of its annual budget coming from
outside sources.

Characteristics:
- Free Market Economy
- Low Labor Cost
- Tariff-free access to U.S exports

Most serious impediments to economic growth:

- Poverty
- Corruption
- Vulnerability to natural disaster
- Low levels of education
 - Weak infrastructure
- Lack of interest from investors

January 2010 - Severe economic setback due to 7.0-magnitude

earthquake destroyed much of capital city, Port-au-Prince:
- $7.8 billion in damage
- Caused countrys GDP to contract
-
Poorest country in Western Hemisphere:
- 80% population under poverty line
- 54% in abject poverty

Two-Fifths of all Haitians depend on agricultural sector:

- Small-Scale substance farming
- Vulnerable to natural disaster

(CBTPA) - Caribbean Basin Trade Preference Agreement

(HOPE II) - Haitian Hemispheric Opportunity through Partnership
Encouragement
(HELP) - Haitian Economic Lift Program

Congress voted in 2010 to extend (CBTPA) & (HOPE II) until 2020 under
(HELP) Act:
- Accounts for 90% of Haitian exports
- Accounts for one-twentieth of GDP

Remittances are the primary source of foreign exchange:

- Accounts for one-fifth of GDP
- Representing 5x earnings from exports in 2012

Donor countries following 2010 earthquake canceled Haitis

outstanding external debt:
- Since then has risen to $1.43 billion as of December 2014
- Reliance on formal international economic assistance for fiscal
sustainability
- Over half of annual budget comes from outside sources

GDP - (purchasing power parity)

- $18.38 billion (2014 est.)

 - $17.88 billion (2013 est.)
- $17.16 billion (2012 est.)

GDP - (official exchange rate)

- $8.711 billion (2014 est.)

GDP - real growth rate)

- 2.8% (2014 est.)
- 4.2% (2013 est.)
- 2.9% (2012 est.)

GDP - (per capita)

- $1,800 (2014 est.)
- $1,700 (2013 est.)
- $1,600 (2012 est.)

GDP - (gross national saving)

- 24.8% of GDP (2014 est.)
- 23.7% of GDP (2013 est.)
- 23.9% of GDP (2012 est.)

GDP - (composition, by end use)

- Household consumption - 104.7% (2014 est.)
- Government consumption - 0% (2014 est.)
- Investment in fixed capital 29.8% (2014 est.)
- Investment in inventories [-2.2%] (2014 est.)
- Exports of goods and services 15.8% (2014 est.)
- Imports of goods and services - [-48.1%]

GDP - (composition, by sector of origin)

- Agriculture -23.4% (2014 est.)
- Industry 19.8% (2014 est.)
- Services -56.8% (2014 est.)

Agriculture - (products)
- Coffee
- Mangoes
- Cocoa
- Sugarcane
- Rice
- Corn
- Sorghum; wood, vetiver

Industries -
- Textiles
- Sugar refining
 - Flour milling
- Cement
- Light assembly using imported parts

Industrial production growth rate -

- 4% (2014 est.)

Labor force -
- 4.81 million
- Shortage of skilled labor (2010 est.)
- Unskilled labor abundant (2010 est.)

Labor force - (by occupation)

- Agriculture - 38.1% (2010 est.)
- Industry - 11.5% (2010 est.)
- Service - 50.4% (2010 est.)

Unemployment rate -
- 40.6% (2010 est.)
- Widespread unemployment and underemployment
- Two-thirds of labor force do not have formal jobs

Population below poverty line -

- 58.5% (2012 est.)

Household income or consumption by percentage share -

- Lowest 10% - 0.7% (2001 est.)
- Highest 10% - 47.7% (2001 est.)

Distribution of family income - (Gini index)

- 59.2% (2001 est.)

Budget -
- Revenues - $1.786 billion (2014 est.)
- Expenditures - $2.373 billion (2014 est.)

Taxes and other revenues -

- 20% of GDP (2014 est.)

Budget surplus (+) or deficit (-)

- [-6.6%] of GDP (2014 est.)

Fiscal year -
1 October 30 September
Inflation rate - (consumer prices)
- 3.9% (2014 est.)
- 5.9% (2013 est.)

Commercial bank prime lending rate -

- 8.6% (31 December 2014 est.)
- 8.72% (31 December 2013 est.)

Stock of narrow money -

- $1.125 billion (31 December 2014)
- $1.132 billion (31 December 2013)

Stock of broad money -

- $3.509 billion (31 October 2012 est.)
- $3.43 billion (31 December 2011 est.)

Stock of domestic credit -

- $2.239 billion (31 December 2012 est.)
- $1.699 billion (31 December 2011 est.)

Market value of publicly traded shares -

- $NA

Current account balance -

- $502 million (2014 est.)
- $1.293 billion (2013 est.)

Exports -
- $917.7 million (2014 est.)
- $883.7 million (2013 est.)

Export - (commodities)
- Apparel
- Manufactures
- Oils
- Cocoa
- Mangoes
- Coffee

Export - (partners)
- U.S 83.2% (2014 est.)

Imports -
- $3.392 billion (2014 est.)
- $3.329 billion (2013 est.)
Import - (commodities)
- Food
- Manufacturer goods
- Machinery and Transport Equipment
- Fuels
- Raw materials

Import - (partners)
- Dominican Republic 29.2% (2014 est.)
- U.S 23.8% (2014 est.)
- Algeria 11.7% (2014 est.)
- Netherlands Antilles 7.8% (2014 est.)
- China 7.3% (2014 est.)

Reserves of foreign exchange and gold -

- $1.99 billion (31 December 2014 est.)
- $2.53 billion (31 December 2013 est.)

Debt - (external)
- $1.185 billion (31 December 2014 est.)
- $1.271 billion (31 December 2013 est.)

Stock of Direct Foreign Investment (at home)

- $1.185 billion (31 December 2014 est.)
- $1.086 billion (31 December 2013 est.)

Exchange Rates-
- Gourdes (HTG) per U.S dollar -
- 45.216 (2014 est.)
- 45.22 (2013 est.)
- 41.95 (2012 est.)
- 40.52 (2011 est.)
- 39.8 (2010 est.)
Military Branches:

Haiti does not have regular military forces A small Coast Guard;
a Ministry of National Defense (2012 est.); the regular Haitian Armed
Forces (FAdH) Army, Navy, and Air Force have been disbanded though
exist on paper until or unless they are constitutionally abolished (2011)

Manpower Available for Military Service-

- Males age 16-49 2,398,804 (2010 est.)
- Females age 16-49 1,704,364 (2010 est.)

Manpower Fit for Military Service-

- Males age 16-49 - 1,666,324 (2010 est.)
- Females age 16-49 - 1,704,364 (2010 est.)

Manpower reaching Military Significant age annually-

- Male - 115,246 (2010 est.)
- Female - 115,282 (2010 est.)