About Haiti and Key Financial Statistics

About Haithi and Key Financial Statistics

Overview of Economy:

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 are 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.

Gross Domestic Product (In USD):

$18.38 billion (2014 est.)
$17.88 billion (2013 est.)
$17.16 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 23.4

% Industry: 19.8

% Services: 56.8

Composition of Labor Force by Occupation:

% Agriculture: 38.1

% Industry: 11.5

% Services: 50.4

Per Capita Income:

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


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

Key Export Commodities:

apparel, manufactures, oils, cocoa, mangoes, coffee

Export Partners:

US 83.2% (2014)


$3.392 billion (2014 est.)
$3.329 billion (2013 est.)

Key Import Commodities:

food, manufactured goods, machinery and transport equipment, fuels, raw materials

Import Partners:

Dominican Republic 29.2%, US 23.8%, Algeria 11.7%, Netherlands Antilles 7.8%, China 7.3% (2014)

Inflation Rate (Consumer Price Index):

3.9% (2014 est.)
6.8% (2013 est.)

Exchange Rate to USD:

gourdes (HTG) per US dollar -
45.216 (2014 est.)
45.22 (2013 est.)
41.95 (2012 est.)
40.52 (2011 est.)
39.8 (2010 est.)

Unemployment Rate:

40.6% (2010 est.)

S&P Rating:

Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings