Review of Haiti’s Monetary Sector and Gross Domestic Product The country of Haiti was originally from an Indian word meaning “high land”. Haiti is known to own up to its name due to the land being covered in about four-fifths with mountains. According to “Haiti”, there are three mountain ranges which run east to west, and separate the country into valleys and fecund plains known as Massif du Nord, Massif de la Hotte, and Massif de la Salle. Stated in “The World Book of Encyclopedia”, “the country lies in the western part of the island Hispolonia in the West Indies, which reaches out into the Windward Passage in two peninsulas, which lays the Gulf of Gonaives” .The country is approximately the same size as Maryland. With 450 citizens to …show more content…
The GDP is known to have the same value of total expenditures for all final goods and services within the country in a stipulated period of time. Haiti is typically known to be very low due to the poverty level of the country being extremely high, meaning that the country has a disadvantage due to their country not being able to afford certain things to help export the goods and have service in return. According to “At a Glance”, the total population of Haiti was “10.848 million as of the year of 2016(1). The cost of living for Haitians percentage is 42.2 % as of 2012 which is less than $3.10 a day, according to, “Haiti Finance and economic data” (1). The 42.2% of Haitians who are living on less than $3.10 a day explains why the GDP percentage is low because there is no revenue being made. The export commomdies that the Haitians export out is apparel, manufactured items, oils, cocoa, mangoes, and coffee which allow them to come up with some percentage of GDP. In 2015 the exports of goods and service GDP have not been as great for this country with a percentage of 20.0%, according to “Haiti Finance and economic data” (1). According to “Haiti GDP,” Haiti’s GDP was approximately $8.02 billion US dollars in 2016 (1).Haiti has been an unhealthy country due to the GDP value representing 0.01% of the world economy, stated by “Haiti GDP” (1). According to “Haiti GDP”, the …show more content…
It plays an important role for the country when dealing with the portion of the economy, such as the exports and imports in the financial market. The important crops that are major in exported from Haiti to other countries are cocoa, bananas, and mangoes. According to “Haiti Trade, Exports and Imports”, the country exports decrease $50 million in 2009 from being at $549 million compared to$490 million (1). The imports that are also important when trading with other countries are food, manufactured goods, raw materials and fuel. The United States is the major trading partner with Haiti both exports and imports. By Haiti being the poorest country in the Western Hemisphere, makes it highly dependable on the imports of the United States and other countries. According to “Haiti Trade, Exports and Imports “, the imports of Haiti have declined $0.084 billion from 2008 which was $2.107 billion to $ 2.023 billion in 2009” (1). Haiti international trade GDP accounted for 22.5% in 2008, a Haiti Trade, Exports and Imports “(1). Haiti has been known to have levels of trade deficit due to the imports of food and raw material. The country is devastated by the series of natural disasters that causes them to rely heavily on international aid, both the food and monetary. According to” Haiti Trade, Exports and Imports “the Balance of Haiti’s current account stood at $556 million in 2009, as compared to $611 million in