Economy

Economy—overview: About 75% of the population lives in abject poverty. Nearly 70% of all Haitians depend on the agriculture sector which consists mainly of small-scale subsistence farming and employs about two-thirds of the economically active work force. The country has experienced little or no job creation since President PREVAL took office in February 1996 although the informal economy is growing. Failure to reach agreements with international sponsors have denied Haiti badly needed budget and development assistance. Meeting aid conditions in 1998 will be especially challenging in the face of mounting popular criticism of reforms.

GDP: purchasing power parity—$7.1 billion (1997 est.)

GDP—real growth rate: 1.1% (1997 est.)

GDP—per capita: purchasing power parity—$1 070 (1997 est.)

GDP—composition by sector:

agriculture: 44%

industry: 13%

services: 43% (1995)

Inflation rate—consumer price index: 17% (1997 est.)

Labor force:

total: 3.6 million (1995)

by occupation: agriculture 66% services 25% industry 9%

note: shortage of skilled labor unskilled labor abundant (1982)

Unemployment rate: 60% (1996 est.)

Budget:

revenues: $284 million

expenditures: $308 million including capital expenditures of $NA (FY96/97 est.)

Industries: sugar refining flour milling textiles cement tourism light assembly industries based on imported parts

Industrial production growth rate: 2.5% (1995 est.)

Electricity—capacity: 153 000 kW (1995)

Electricity—production: 315 million kWh (1995)

Electricity—consumption per capita: 48 kWh (1995)

Agriculture—products: coffee mangoes sugarcane rice corn sorghum; wood

Exports:

total value: $90 million (f.o.b. 1996)

commodities: light manufactures 53% coffee 17% other agriculture 17%

partners: US 76.3% EU 19.8% (1996)

Imports:

total value: $665 million (f.o.b. 1996)

commodities: machines and manufactures 34% food and beverages 22% petroleum products 14% chemicals 10% fats and oils 9%

partners: US 65.0% EU 13.9% (1995)

Debt—external: $781 million (1995 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 gourde (G) = 100 centimes

Exchange rates: gourdes (G) per US$1 (end of period)—17.311 (December 1997) 17.311 (1997) 15.093 (1996) 16.160 (1995) 12.947 (1994) 12.805 (1993)

Fiscal year: 1 October—30 September