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Economy of Haiti

Haiti is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Haiti may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Haiti exports around $0.88 billion and imports roughly $2.7 billion. 14.% of population in the country are unemployed. The total number of unemployed people in Haiti is 1,555,812. In Haiti, 58.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Haiti is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 1% of GDP. The Gini Index of the country is 59.2. Haiti is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Haiti has a Human Development Index (HDI) of 0.471. Haiti has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Haiti is 2.074. The strength of legal rights index for Haiti is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Haiti is Haitian gourde. The plural form of the word Haitian gourde is gourdes. The symbol used for this currency is G, and it is abbreviated as HTG. The Haitian gourde is divided into Centime; there are 100 in one gourde.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Haiti.

Central bank

In Haiti, the institution that manages the state's currency, money supply, and interest rates is called Bank of the Republic of Haiti. Locally, the central bank of Haiti is called Banque de la République d'Haïti. The average deposit interest rate offered by local banks in Haiti is 2.6%.

Public debt

The government debt of Haiti has not been calculated yet.

Tax information

The corporate tax in Haiti is set at 30%. Personal income tax ranges from 10% to 35%, depending on your specific situation and income level. VAT in Haiti is 10%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Haiti is $18376 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Haiti was last recorded at $2 million. PPP in Haiti is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Haiti is 7,691 billion. Based on this statistic, Haiti is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Haiti was last recorded at $1 million. The average citizen in Haiti has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Haiti averaged 3.8% in 2014. According to this percentage, Haiti is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Haiti.

Industry

Major industries in the country are textiles, sugar refining, flour milling, cement, light assembly using imported parts. The total labor force of Haiti is 5,013,780 people, wherein 14.% of population in the country are unemployed. The total number of unemployed people in Haiti is 1,555,812. The Industrial Production growth rate of Haiti is -8%.To read more about industrial information within Haiti click on industry of Haiti.

Agriculture

There are 7747 km2 of arable land in Haiti, and it comprises 28% of the country's total territory. There are 10925 km2 of cultivated land in Haiti. The country's major agricultural crops and products are coffee, mangoes, sugarcane, rice, corn, sorghum, wood.To read more about agriculture click on agriculture of Haiti.