The mountains in Honduras

Honduras Economy

Honduras' economy in numbers:

Nominal GDP of USD 31.7 billion in 2022.

GDP per capita of USD 3,079 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 62% of overall GDP, manufacturing 16%, other industrial activity 11%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 85% of GDP in 2021, government consumption 15%, fixed investment 24%, and net exports -24%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2019, manufactured products made up 21% of total merchandise exports, mineral fuels 0%, food 71%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 18%, food 18%, ores and metals 0% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 12 billion in 2022, while total imports were USD 18 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.3% in the decade to 2022. To read more about GDP growth in Honduras, go to our dedicated page.

Fiscal policy:

Honduras's fiscal deficit averaged 4.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.5% in the decade to 2022. For more information on Honduras's unemployment click here.

Inflation:

Inflation averaged 4.7% in the decade to 2022. Go to our Honduras inflation page for extra insight.

Monetary Policy:

Honduras's monetary policy rate ended 2022 at 3.00%, down from 7.00% a decade earlier. See our Honduras monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the lempira weakened by 19.1% vs the U.S. dollar. For more info on the lempira, click here.
After expanding 3.9% year on year in the final three months of 2023, the economy seemingly shifted down a gear at the outset of 2024. Economic activity grew less sharply in annual terms than in Q4, weighed on by the agricultural sector contracting for the first time in five quarters. That said, manufacturing output declined at a softer clip and construction output growth accelerated, limiting the slowdown. In addition, wholesale and retail trade growth improved in the quarter compared to Q4. This, coupled with two-and-a-half-year low inflation, points to robust household spending in the quarter. On the external front, merchandise exports fell at a sharper annual pace in January–February than in Q4, suggesting that foreign demand remained downbeat.
Projections out to 2033.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 17 expert analysts.

Want to get insight on the economic outlook for Honduras in the coming years? FocusEconomics collects projections out to 2033 on 48 economic indicators for Honduras from a panel of 17 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 Honduras economy. To download a sample report on the Honduras' economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Honduras Economic Data

2018 2019 2020 2021 2022
Population (million) 9.6 9.8 9.9 10.1 10.3
GDP (USD bn) 24.1 24.9 23.4 28.1 31.4
GDP per capita (USD) 2,505 2,548 2,349 2,780 3,051
GDP (HNL bn) 575 610 574 676 769
Economic Growth (Nominal GDP, ann. var. %) 5.9 6.0 -5.9 17.7 13.8
Economic Growth (GDP, ann. var. %) 3.8 2.6 -9.0 12.6 4.1
Domestic Demand (ann. var. %) 5.5 0.9 -8.2 18.6 5.6
Private Consumption (ann. var. %) 5.5 4.8 -7.6 16.8 5.7
Government Consumption (ann. var. %) 1.0 3.3 2.3 12.6 -4.1
Fixed Investment (ann. var. %) 7.3 -3.0 -26.7 41.5 2.6
Exports (G&S, ann. var. %) 1.4 1.0 -21.0 23.2 6.6
Imports (G&S, ann. var. %) 4.5 -1.5 -17.6 32.6 8.5
Unemployment (% of active population, aop) 5.6 5.4 10.9 8.6 8.9
Fiscal Balance (% of GDP) -2.1 -2.5 -7.0 -5.1 -1.3
Public Debt (% of GDP) 42.4 42.9 52.4 50.2 49.2
Money (ann. var. of M3 %) 8.2 10.7 18.5 9.1 12.8
Inflation (CPI, ann. var. %, eop) 4.2 4.1 4.0 5.3 9.8
Inflation (CPI, ann. var. %, aop) 4.3 4.4 3.5 4.5 9.1
Policy Interest Rate (%, eop) 5.50 5.50 3.00 3.00 3.00
Exchange Rate (HNL per USD, eop) 24.30 24.62 24.11 24.33 24.62
Exchange Rate (HNL per USD, aop) 23.91 24.49 24.58 24.03 24.50
Current Account Balance (USD bn) -1.6 -0.7 0.7 -1.5 -2.1
Current Account Balance (% of GDP) -6.6 -2.6 2.9 -5.5 -6.6
Merchandise Trade Balance (USD bn) -3.8 -3.4 -2.6 -4.8 -6.0
Merchandise Exports (USD bn) 8.6 8.8 7.7 10.2 12.3
Merchandise Imports (USD bn) 12.5 12.1 10.3 15.1 18.3
Merchandise Exports (ann. var. %) -0.1 1.7 -12.6 33.4 19.9
Merchandise Imports (ann. var. %) 9.2 -2.5 -15.6 47.0 21.5
Foreign Direct Investment (USD bn) 1.0 0.5 0.4 0.7 0.8
Remittances (USD bn) 4.8 5.4 5.6 7.2 8.5
International Reserves (USD bn) 4.8 5.7 8.1 8.7 8.4
International Reserves (months of imports) 4.6 5.7 9.5 6.9 5.5
External Debt (USD bn) 9.3 9.8 11.1 11.6 11.8
External Debt (% of GDP) 38.6 39.3 47.7 41.2 37.6

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