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Haiti - Economy : Economic growth, lower than expected (2013-2014)
29/12/2014 08:59:36

Haiti - Economy : Economic growth, lower than expected (2013-2014)
The Haitian economy could not achieve the objective of 3.6% growth that had been set for the 2013-2014 fiscal year. According to preliminary estimates of the Economic Statistics Directorate (DSE) the Gross Domestic Product (GDP), in volume grew by 2.8%, a deceleration compared to last year when the economy had surpassed the 4% growth, noting that the slowdown can be attributed to several bottlenecks to which the national economy faced in 2014 including :

  • Difficulties relating to the vote of the Finance Act of 2013-2014 that have prevented or delayed the execution in time of some infrastructure projects, bringing growth and job creation ;
  • The uncertainty created by a political situation, at least nebula, which has somewhat affected the dynamism of economic agents had shown last year ;
  • The weather conditions were not quite lenient, as some parts of the country experienced a severe drought that has undermined the performance of the agricultural industry ;
  • The reduction of external assistance has also had negative impacts on the financing of certain activities.

From the sectoral perspective, apart Agriculture, growth by 2.8% of GDP in 2014 is supported by the main branches of activity which showed an upward trend, however, lower than in 2013, for the most.

Unlike the previous fiscal year (2012-2013), preliminary estimates of the Ministry of Agriculture, Natural Resources and Rural Development (MARNDR) indicate a decline of the agricultural sector in 2014, particularly for cereal and food crops. It resulted in a drop of 1.5% of its value added at constant prices. By cons, boosted by food manufacturing, beverage and tobacco manufacturing industries have fairly well out, with growth in volume of 2.1%. The branch Buildings and Public Works, in increase since 2011, maintained its progression induced by continued reconstruction and other private sector initiatives with an increase of 7.9%. The service sector also contributed to the increase in GDP in 2014, especially with the branches Trade, Restaurants and Hotels (4.2%), Transport and Communications (3.7%) and Other Services Merchants (5.1%).


Source: Haitian Institute of Statistics and Information (IHSI)
Notes : * Semi-final - ** Provisional - *** Estimates
1 : This is, by convention, of a special unit that takes into account the use made by the other branches of the "imputed production of banking services" (SNA 93)


The DES explains that "from the perspective of overall demand, the analysis of the results shows that GDP growth was driven by all its components (internal and external demands), but with lower increases that in 2013: the final consumption, in volume, rose 2.3% against 2.7% in 2013; investment in real terms increased by 2.0% against 6.1% previously; and exports at constant prices, increased by 4.5% against 5% last year.

In terms of the evolution of inflation, consumer prices were maintained at a relatively acceptable level that does not harm too the proper functioning of the economy. Inflation at the end of the fiscal year amounted to 5.3% against 4.5% in September 2013, an increase of 0.8 percentage points. These results were achieved despite the downgrade of the gourde, thanks to the relative macroeconomic stability internally and the declining in world prices on the external plan.

Finally, the new fiscal year promises to be rather gloomy with the political uncertainty that continues. This situation is likely to cause at economic agents a kind of wait-who would rather be detrimental fot the dynamism of the economy. Thus, to safeguard the achievements of previous years and maintain Haiti on a growth trajectory, the key words is and remain the spirit of discernment and self-transcendence that will allow to transform the gloom announced in 2015 in a year of great opportunities for the Haitian economy."



Source: Haitian Institute of Statistics and Information (IHSI)
Notes : * Semi-final - ** Provisional - *** Estimates


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