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Haiti ECONOMY
Gross Domestic Product
(GDP--see Glossary):
Approximately US$1.95 billion in 1987, or about US$330 per
capita, lowest in Western Hemisphere. Economy contracted
during
most of 1980s.
Agriculture: Employed 65 percent of labor force
and
accounted for 35 percent of GDP and 24 percent of exports
in late
1980s. Production suffered from severe deforestation and
erosion,
primitive techniques, land fragmentation, and lack of
public and
private investment. Coffee leading export, but production
consistently fell below country's export quota as
determined by
International Coffee Organization. Other cash crops
included
sugar, cocoa, sisal, and cotton. Real per capita
production of
food crops declined during 1980s, necessitating high
levels of
basic grains imports.
Industry: Accounted for 23 percent of GDP in
1988, for
53 percent of exports, and for 6 percent of labor force.
Most
dynamic subsector was assembly manufacturing, mainly for
United
States market. Industry suffered in late 1980s because of
political instability, country's failure to compete
effectively
with other Caribbean and Central American beneficiaries of
Caribbean Basin Initiative
(see Appendix B),
high utility rates, infrastructure deficiencies, and shortage of skilled labor.
Services: Accounted for 42 percent of GDP in
1987, 23
percent of labor force in 1983. Banking and financial
services
major sectoral contributor. Transportation and
communications
systems inadequate; tourism dropped off substantially
during
1980s.
Currency: Gourde
(G--see Glossary):
Official exchange
rate maintained at G5 to US$1 since 1919. Black market
trading
began in early 1980s in response to high inflation and
fiscal
shortfalls. United States dollar also accepted as legal
tender.
Imports: Approximately US$308 million in 1987.
Foodstuffs leading import item, followed by machinery and
transport equipment, manufacturing inputs, and petroleum.
Exports: Approximately US$198 million in 1987.
Manufactured goods accounted for more than 50 percent of
total,
followed by coffee and handicraft items.
Fiscal Year
(FY--see Glossary):
October 1 through
September 30.
Balance of Payments: Current account deficits
throughout 1980s, although increased foreign aid flows
compensated to some extent in FY1986 and FY1987. Following
renewed political instability after unsuccessful elections
in
November 1987, capital flight and aid cutbacks exacerbated
the
balance of payments situation.
Fiscal Policy: Tradition of balanced budgets
broken by
expansion of public sector under Jean-Claude Duvalier
(1971-86).
Public sector deficit reached 10.6 percent of GDP in
FY1985,
reduced slightly to 7 percent of GDP in FY 1987.
Data as of December 1989
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