Gross Domestic Product - Haiti Observer Blog

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.

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The gross domestic product (GDP) is a measurement of how healthy the economy is. The GDP is made up of income and spending totals. The rate is calculated either annually or quarterly, as compared to the previous year or quarter. For instance, if the quarterly GDP is up 1.5%, this means a 1.5% growth in the economy over the last quarter.

The GDP formula is too complex to explain, but it can be simplified for discussion's sake. Calculation occurs by one of two methods. The income model totals annual workers' wages, or the spending model totals annual consumer spending. When both models' totals are compared, they should approximate the same figure.

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