Haiti Current Account Balance (% of GDP)

Current Account in Haiti

According to the Haitian Statistical Institute, GDP contracted for the fourth year running in FY 2022 (October 2021–September 2022), falling by 1.7% (FY 2021: -1.8%). In its December 2022 report, the Haitian Central Bank noted that FY 2022’s underperformance carried over into the first quarter of FY 2023 (October–December 2022). In the same period, the annual economic activity index contracted by 3.7% due to a broad-based decline: Agriculture was down 5.5% year on year, industry decreased by 3.6% and services fell by 3.4%. The downturn was caused by lower private consumption and fixed investment amid severe gang violence and fuel shortages; according to the UN, over 600 people died in April from gang-related violence—a dramatic spike from the 846 that died in Q1. This surge in violence from already critically high levels bodes poorly for the country’s short-term political and economic prospects.