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Haiti Haiti

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Haiti – Quick View
ECR score21.64 (Mar 2011)
ECR rank155 (Mar 2011)
Economic
GDP (2009)USD 328.81 million
GNI per capita PPP (2009)USD 653.7
FDI inflow (2008)USD 415.36 million
Inflation (Sept. 2010)4.28%
Central bank assets (Sept. 2010)USD 2,720.72 million
Unemployment rate60%
Government deficit (Sept. 2010e)USD 12.19 million
Tax revenue10.3% of GDP
Political
Government typeRepublic
Recent political crisisNA
Economic freedom score (2011)133rd
Freedom of information score (2010)56th
Corruption perception index (2010)146th
Structural
Birth rate (2005-2010e)27.9 per '000
Population balance (2010e)Up to 14 years - 35.92%
Population balance (2010e)Above 65 years - 59.70%
Life expectancy years (2005-2010e)Male - 57.1 years
Life expectancy years (2005-2010e)Female - 63.0 years
Mortality rate (2005-2010e)9.1 per '000
Literacy rate54.1%
Internet access (Mar. 2010)10.4%

[Top] Economic Overview

The economy in Haiti had been growing till 2008.  Furthermore, Haiti’s economy saw its worst period in 15 years in 2010. The earthquake in January 2010 resulted in a sudden decline of 5.1%. This has affected both private and public sectors simultaneously.

 

The country’s GDP at constant prices was estimated at HTG 13,307 million for 2009 as compared to HTG 14,015 billion in 2008.

 

                                          Haiti GDP and GDP growth

(Source: Ministry of Statistics )

Gross National Income (GNI)

 

The GNI per capita at Purchasing Power Parity (PPP) was USD 653.7 for 2008.

(Source: UN Data)

Corporate tax

 

In Haiti, corporate tax rate is levied at 22.8%.

(Source: doingbusiness.org)

Inflation rate


Inflation rate in Haiti, as of September 2010, is 4.28%.

 

                               Haiti Inflation rate (%)

(Source: Central Bank of Haiti)

Foreign Direct Investment (FDI)

 

In 2008, FDI inflow was projected at USD 415.36 million, whereas in 2007 it was USD 385.56 million.

(Source: Central Bank of Haiti)

Banking sector assets

 

In September 2010, total assets of the Bank of the Republic of Haiti (Central Bank) amounted to HTG 110,233.49 million.

 

Assets of Central Bank (HTG million)

Month

Net Foreign Assets

Reserves / deposits & BRH bonds

Domestic credit

Total

2010

September

28,081.80

56,755.50

25,396.18

110,233.49

August

28,280.11

55,060.61

25,396.16

108,736.88

July

27,689.33

54,139.66

25,402.54

107,231.53

June

26,173.27

52,428.32

25,998.18

104,599.77

May

26,132.50

50,875.79

25,997.47

103,005.77

April

25,990.25

48,039.23

26,091.81

100,121.28

March

26,625.11

44,598.36

26,177.66

97,401.14

February

24,052.77

42,221.48

26,543.81

92,818.06

January

22,612.07

39,553.82

29,158.49

91,324.39

2009

December

22,051.10

38,498.04

30,831.66

91,380.80

November

16,029.53

40,259.48

34,995.86

91,284.87

October

17,305.72

38,763.90

35,369.30

91,438.92

(Source: Central Bank of Haiti)

[Top] Financial Indicators & Government Financial

Consumer Price Index (CPI)

 

In January 2011, the CPI was 177.2 points, increasing 3.7% over December 2010.

 

                                       Haiti Consumer Price Index

(Source: Ministry of statistics)

Base month: August 2004 = 100


Interest rates


In February 2011, the average interest rate on savings deposit and time deposit was 0.28%. Furthermore, during same period, the banks in Haiti charged an average interest rate of 20.50% on loans.

 

Average Interest Rates (%)

Period

Savings Deposits

Time Deposits

Loans

February 2011

0.28

0.28

20.50

February 2010

0.30

1.38

17.75

February 2009

0.63

1.50

24.00

 

(Source: Central Bank of Haiti)

Money supply

 

In September 2010, total money supply (M3) in Haiti was HTG 126,423.41 million.

 

Money Supply (HTG million)

Month

M1

M2

M3

2010

September

36,910.40

66,068.30

126,423.41

August

34,264.81

62,892.41

121,935.04

July

34,776.40

63,219.38

120,280.67

June

33,392.22

61,581.72

116,970.00

May

33,260.85

61,285.48

116,261.14

April

32,785.02

60,591.26

113,872.13

March

31,724.80

59,104.23

111,388.18

February

31,650.27

58,123.03

105,510.07

January

30,865.46

57,146.93

103,562.49

2009

December

29,795.08

56,067.19

104,583.24

November

28,111.46

54,283.42

101,858.26

October

28,498.35

54,703.04

102,751.53

(Source: Central Bank of Haiti)

Government expenditure

 

In September 2010, total government expenditure amounted to HTG 3,458.6 million.

 

Month

Compensation of Employees

Operating Expenses

Interest

Grants

Investment

Total Expenditure

2010

September

1,356.5

50.7

91.7

275.7

1,684.0

3,458.6

August

838.9

971.6

105.2

58.9

3,320.0

5,294.6

July

1,048.6

1,011.2

125.1

187.0

596.0

2,967.9

June

1,164.1

1,910.4

98.9

185.3

54.0

3,412.7

May

893.7

476.5

218.2

316.2

2,186.0

4,090.6

April

1,115.1

1,078.0

28.2

72.9

93.0

2,387.2

March

1,557.5

765.2

111.6

343.0

56.0

2,833.2

February

883.6

544.8

100.5

17.9

150.0

1,696.8

January

486.6

19.9

174.9

75.3

49.0

805.6

2009

December

1,820.8

2,001.1

111.2

248.5

996.0

5,177.6

November

1,265.8

492.6

138.3

332.1

659.0

2,887.8

October

1,093.0

1,714.0

104.3

120.9

9.0

3,041.2

(Source: Central Bank of Haiti,)

Official exchange rate

 

In September 2010, exchange rate of Haitian Gourde (HTG) against United States Dollar (USD) was HTG 39.94.

 

                                             Haiti Exchange rate (HTG/USD)

(Source: Central Bank of Haiti)

Government finances

 

Government revenue

 

In September 2010, Haiti recorded government revenue of HTG 2,964.73 million, decreasing 0.02% compared to August 2010.

 

Government Revenue (HTG million)

Month

Revenue

2010

September

2,964.73

August

3,295.00

July

3,009.65

June

2,828.67

May

2,915.59

April

2,538.38

March

2,688.06

February

1,528.10

January

641.29

2009

December

3,238.73

November

2,890.80

October

2,993.18

(Source: Central Bank of Haiti)

Fiscal balance

 

In September 2010, the government reported a fiscal deficit of HTG 493.87 million.

 

                                       Haiti Fiscal Balance (HTG million)

Tax revenue

 

The tax revenue of the country constituted 10.3% of the GDP.

(Source: heritage.org)

Current account balance (CAB)

 

During the third quarter of 2010, the current account balance of the country was projected at USD -79.48 million.

 

                                             Haiti Current account balance (USD million)

*projected

(Source: Central Bank of Haiti)

Balance of payments

 

During the third quarter of 2010, the net trade balance of goods was USD -531.59 million, and the net balance on services was USD -316.09 million.

 

Balance of Payments* (USD Million)

Particulars

July-Sep 10

Apr-June 10

Jan-Mar 10

Oct-Dec 09

Current Account balance

-79.48

37.13

218.09

-108.15

Goods

-531.59

-653.42

-423.84

-377.53

Services

-316.09

-296.03

-294.92

-116.98

Income

3.80

5.03

5.91

6.75

Current transfers

764.40

981.54

930.94

379.95

Capital account balance

1,355.46

212.45

115.00

95.00

Financial account balance

-1,022.36

11.87

-19.71

-20.13

 

*projected

(Source: Central Bank of Haiti)

[Top] Labour Force and Employment Overview

Labour force

 

In 2010, Haiti had labour force of 4,568,000 people. According to the estimates, approximately 42% of the labour force is female.

(Source: ilo.org)

Labour Force*

Year

Labour force

2010

4,568,000

2009

4,462,000

2008

4,377,000

2007

4,270,000

2006

4,159,000

*estimated

(Source: ilo.org)

Unemployment rate

 

The country has an estimated unemployment rate of about 60%.

(Source: globalsecurity.org)

Minimum wage

 

Haiti has a minimum daily wage of HTG 70 for workers across all sectors.

(Source: minimum-wage.org)

Level of unionisation

 

Unionisation rate in the country is about 5% of the total labour force. Furthermore, the government allows operation of trade unions only in the private sectors. There are nine labour federations in the country.

(Source: estandardsforum.org,)

[Top] Political Stability

The political system in Haiti is a Presidential-Style Republic, where the president is the head of state. Additonally, the prime minister is appointed by the president and is the head of the government. The parliament of the country consists of an executive power vested in the government and legislative power is exercised by the two chambers of the country’s National Assembly. The National Assembly is comprised of a 30 member senate, elected for six years.

(Source: dfat.gov.au)

The following are the major registered political parties in Haiti:

  • Front for Hope (Lespwa)
  • Haitian Social-Democratic Fusion Party
  • Democratic Alliance Party (ALYANS)
  • People's Struggle Party (OPL)
  • Lavalas Family Party
  • Mobilization for Haiti's Development (MPH)
  • Latibonit Ann Aksyon (LAAA)
  • Rall