Gross Domestic Product (GDP) in Haiti, increased by 4.3% in 2013

The preliminary estimate of "Economic Accounts 2013" by Haitian Institute of Statistics and Informatics (IHSI) has revealed that the Gross Domestic Product (GDP) in Haiti has increased in volume by 4.3% to 48%. The previous year the same increase rate in volume was by 2.3% and that was corresponded by a revised GDP growth rate of 3.4% measured in the middle of the year. The projected growth rate for 2012 was estimated at 6.5% earlier. Every sector in the country has contributed positively with additional growth towards country's GDP.


The agricultural sector has contributed additional 4.6% by value against 1.3% in 2012. The building and public works which consists the works of reconstruction of public buildings, major infrastructure and certain private sector initiatives have also added 9% more. The catering and hospitality sectors have added 5% value. Other industries, although have smaller contribution in GDP, have shown upward trend. The domestic consumption in the year 2012 was less by 5% over its previous year and that too had experienced an increase in volume by 2.8% in 2013. This was the result of foreign remittances by the migrant citizens and transfers by government to the households in cash and kind. Last year, the country enjoyed a stable business environment and the economy was further boosted by government spending.

The domestic demand in real term grew by 6%. Haitian export business has come out of relative difficulties that it faced in 2012 and it has increased by 5% at constant price level with an increase in the added value of export assembly industries by 14%. The country had been successful in controlling inflation at 4.5% which was 6.5% in September 2012. This favorable outcome was the combined product of various issues like increase in the supply of local products, some stability in world prices, control of exchange rate between Gourde and U.S dollar and stability in world oil prices.

The report has concluded that if the country envisages any future project whether in infrastructure, agriculture or in the tourism industry, it should expect much better performance in the coming years in a less uncertain climate. The authority has set a 4.5% target for the fiscal year 2014.

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