Haiti Economic Outlook
Poorest economy in the Western Hemisphere:
Haiti remains the poorest country in the Americas, with a GDP of around $20 billion and a per capita income significantly below regional peers. The economy has suffered from chronic instability, extreme poverty, and natural disasters. Over the past two decades, real GDP growth has been minimal, frequently disrupted by political crises, hurricanes, earthquakes, and external shocks. The country has faced an economic contraction since 2019, with the situation worsening amid ongoing governance challenges and social unrest.
Structural weaknesses and reliance on aid:Haiti's economy is highly dependent on external aid, remittances, and a small agricultural sector. Over 20% of GDP comes from remittances sent by Haitians living abroad, mainly in the United States and the Dominican Republic. Agriculture employs around 40% of the population but suffers from low productivity and vulnerability to climate shocks. Industrial activity is minimal, with most formal employment concentrated in low-wage textile manufacturing. However, the country’s weak business climate and political uncertainty have deterred significant investment.
Political instability and humanitarian crisis:The assassination of President Jovenel Moïse in 2021 further deepened Haiti’s political and economic turmoil. Widespread gang violence, lack of functioning state institutions, and food insecurity have driven emigration and further weakened investor confidence. The absence of a stable government has delayed critical economic and infrastructure reforms, exacerbating an already fragile fiscal position. Inflation remains high, fueled by currency depreciation and supply chain disruptions, severely impacting household purchasing power.
Challenges to recovery and growth:Haiti’s economy faces severe structural obstacles, including inadequate infrastructure, energy shortages, and a lack of investment in human capital. Frequent natural disasters, such as the devastating 2010 earthquake and Hurricane Matthew in 2016, have repeatedly set back development efforts. The country also struggles with an inefficient public sector and widespread corruption, which limits the effectiveness of international aid and government-led recovery efforts.
Haiti’s economic outlook:Haiti’s economic prospects remain bleak, with GDP expected to contract further in the near term. Without political stabilization and significant institutional reforms, sustained economic recovery will remain out of reach. Any future growth will depend on improved governance, security, investment in infrastructure, and diversification beyond remittance-driven consumption. However, with ongoing political uncertainty and security concerns, Haiti is unlikely to break out of its cycle of economic stagnation in the foreseeable future.
Haiti's Macroeconomic Analysis:
Nominal GDP of USD 19.7 billion in 2023.
Nominal GDP of USD 19.7 billion in 2023.
Nominal GDP of USD 19.7 billion in 2023.
GDP per capita of USD 1,608 compared to the global average of USD 10,589.
GDP per capita of USD 1,608 compared to the global average of USD 10,589.
GDP per capita of USD 1,608 compared to the global average of USD 10,589.
Average real GDP growth of 0.4% over the last decade.
Average real GDP growth of 0.4% over the last decade.
Average real GDP growth of 0.4% over the last decade.
Sector Analysis
In 2022, services accounted for 47.8% of overall GDP, manufacturing 24.5%, other industrial activity 9.5%, and agriculture 18.2%. Looking at GDP by expenditure, private consumption accounted for 100.2% of GDP in 2023, government consumption 6.2%, fixed investment 13.9%, and net exports -20.3%.International trade
In 1996, manufactured products made up 84.0% of total merchandise exports, mineral fuels 0.0%, food 15.5%, ores and metals 0.1% and agricultural raw materials 0.2%, with other categories accounting for 0.2% of the total. In the same period, manufactured products made up 58.7% of total merchandise imports, mineral fuels 12.0%, food 26.1%, ores and metals 0.6% and agricultural raw materials 1.9%, with other goods accounting for 0.7% of the total. Total exports were worth USD 1 billion in 2023, while total imports were USD 4.70 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 0.4% in the decade to 2023. To read more about GDP growth in Haiti, go to our dedicated page.
Fiscal policy
Haiti's fiscal deficit averaged 1.6% of GDP in the decade to 2023. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 14.3% in the decade to 2023. For more information on Haiti's unemployment click here.
Inflation
Inflation averaged 17.9% in the decade to 2024. Go to our Haiti inflation page for extra insight.
Exchange Rate
From end-2014 to end-2024 the gourde weakened by 64.4% vs the U.S. dollar. For more info on the gourde, click here.
Economic situation in Haiti
The economy shrank at the softest annual pace in a year and a half in Q1 FY 2025 (October–December 2024). However, developments over the past month suggest that the bottom of Haiti’s economic downturn now appears further in the distance than ever before. Despite recently pledging to spend an extra USD 275 million—around 1% of GDP—to restore security, the government appears likelier than ever to collapse, potentially turning Haiti into a failed state. The Kenya-led peacekeeping force remains understaffed, with gangs now controlling around 90% of the capital. This is choking off consumer spending, business investment and the flow of vital imported goods. The U.S.—which recently slapped Haiti with the minimum 10% “reciprocal” tariff—appears to have lost faith in the ability of the government to restore order, with its UN ambassador stating that it was looking to wind down financial support.Haiti Economic Forecasts
Projections out to 2034.34 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 7 expert analysts.
Want to get insight on the economic outlook for Haiti in the coming years? FocusEconomics collects projections out to 2034 on 34 economic indicators for Haiti from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Haiti economy. To download a sample report on the Haiti's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.