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Honduras ECONOMY
Salient Features: One of poorest nations in the
Western
Hemisphere. Economy dependent on two agricultural
commodities,
bananas and coffee. Small manufacturing sector. Poorly
developed
infrastructure. Heavily dependent on foreign aid.
Gross Domestic Product (GDP): US$3.3 billion in
1992
(US$650 per capita).
Agriculture: Main products: bananas and coffee.
Also
cattle, corn, cotton, dry beans, sorghum, sugarcane, and
tobacco.
Industry: Mainly agricultural product processing
and
simple assembly operations; most items light consumer
goods. Food,
beverages, and tobacco products constitute 50 percent of
production.
Energy: Domestic needs met by petroleum imports,
mainly
from Mexico and Venezuela, as well as by hydroelectric
electricity
generation. Electrification low and uneven, heavily
concentrated in
urban areas and western and northern parts of country.
Foreign Trade: Exports valued at US$843 million
in 1992.
Exports: bananas, coffee, shrimp and lobster, sugar,
minerals, wood
products, and refrigerated beef. Imports valued at US$983
million
in 1992. Major commodities: machinery, manufactured
equipment, and
raw or intermediate materials, such as petroleum. Major
trading
partners: United States, European Union, Central American
Common
Market, Japan, Mexico, and Venezuela.
Balance of Payments: Total external debt
estimated at
US$3 billion in 1993. In 1980s and 1990s, most years had
negative
balance of payments.
Foreign Aid: Most economic assistance provided
by United
States. Received substantial amounts of military aid from
the
United States in 1980s.
Currency and Exchange Rate: US$1=8.78 lempiras
(L) in
August 1994 (official rate).
Fiscal year (FY): Calendar year.
Data as of December 1993
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