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Economy - overview:
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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.
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GDP (purchasing power parity):
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$11.38 billion (2007 est.)
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GDP (official exchange rate):
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$5.435 billion (2007 est.)
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GDP - real growth rate:
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3.2% (2007 est.)
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GDP - per capita (PPP):
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$1,300 (2007 est.)
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GDP - composition by sector:
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agriculture: 28%
industry: 20%
services: 52% (2004 est.)
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Labor force:
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3.6 million
note: shortage of skilled labor, unskilled labor abundant (1995)
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Labor force - by occupation:
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agriculture: 66%
industry: 9%
services: 25% (1995)
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Unemployment rate:
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widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs (2002 est.)
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Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 47.7% (2001)
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Distribution of family income - Gini index:
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59.2 (2001)
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Investment (gross fixed):
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28.9% of GDP (2006 est.)
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Budget:
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revenues: $815.9 million
expenditures: $802.2 million (2007 est.)
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Inflation rate (consumer prices):
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8.5% (2007 est.)
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Commercial bank prime lending rate:
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46.99% (31 December 2007)
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Stock of money:
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$704.7 million (31 December 2007)
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Stock of quasi money:
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$1.561 billion (31 December 2007)
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Stock of domestic credit:
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$1.537 billion (31 December 2007)
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Agriculture - products:
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coffee, mangoes, sugarcane, rice, corn, sorghum; wood
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Industries:
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sugar refining, flour milling, textiles, cement, light assembly based on imported parts
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Industrial production growth rate:
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2.5% (2007 est.)
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Electricity - production:
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549 million kWh (2006 est.)
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Electricity - consumption:
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330 million kWh (2006 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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0 bbl/day (2007 est.)
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Oil - consumption:
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12,370 bbl/day (2006 est.)
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Oil - exports:
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0 bbl/day (2005)
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Oil - imports:
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11,980 bbl/day (2005)
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Oil - proved reserves:
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0 bbl (1 January 2006 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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0 cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006 est.)
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Current account balance:
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-$467 million (2007 est.)
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Exports:
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$522 million f.o.b. (2007 est.)
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Exports - commodities:
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apparel, manufactures, oils, cocoa, mangoes, coffee
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Exports - partners:
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US 72.9%, Dominican Republic 8.8%, Canada 3.3% (2007)
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Imports:
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$1.734 billion f.o.b. (2007 est.)
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Imports - commodities:
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food, manufactured goods, machinery and transport equipment, fuels, raw materials
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Imports - partners:
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US 41.2%, Netherlands Antilles 14.9%, China 4.7%, Brazil 4.4% (2007)
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Reserves of foreign exchange and gold:
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$444 million (31 December 2007 est.)
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Debt - external:
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$1.475 billion (31 December 2007 est.)
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Market value of publicly traded shares:
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$NA
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Currency (code):
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gourde (HTG)
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Exchange rates:
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gourdes (HTG) per US dollar - 37.138 (2007), 40.232 (2006), 40.449 (2005), 38.352 (2004), 42.367 (2003)
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