Is Honduras a wealthy country?
Honduras, the second poorest country in Central America, suffers from extraordinarily unequal distribution of income, as well as high underemployment. While historically dependent on the export of bananas and coffee, Honduras has diversified its export base to include apparel and automobile wire harnessing.
Honduras’s economy depends heavily on US trade and remittances. The US-Central America-Dominican Republic Free Trade Agreement came into force in 2006 and has helped foster foreign direct investment, but physical and political insecurity, as well as crime and perceptions of corruption, may deter potential investors; about 15% of foreign direct investment is from US firms.
The economy registered modest economic growth of 3.1%-4.0% from 2010 to 2017, insufficient to improve living standards for the nearly 65% of the population in poverty. In 2017, Honduras faced rising public debt, but its economy has performed better than expected due to low oil prices and improved investor confidence. Honduras signed a three-year standby arrangement with the IMF in December 2014, aimed at easing Honduras’s poor fiscal position.
What is the GDP of Honduras?
|Currency Name and Code||Lempira (HNL)|
|GDP - Gross Domestic Product (PPP)||$50,890,000,000 (USD)|
|GDP - official exchange rate||$19,940,000,000 (USD)|
|GDP - real growth rate||3.5%|
|GDP Per Capita||$5,000.00 (USD)|
|GDP by Sector- agriculture||13.9%|
|GDP by Sector- Industry||26.4%|
|GDP by Sector- services||59.7%|
|GDP - composition, by end use||
household consumption: 81.6%
government consumption: 15.7%
investment in fixed capital: 23.5%
investment in inventories: -0.2%
exports of goods and services: 44.4%
imports of goods and services: -65%
|Population Below Poverty Line||65%|
|Labor Force By Occupation- agriculture||39.2%|
|Labor Force By Occupation- industry||20.9%|
|Labor Force By Occupation- services||39.8%|
|Unemployment - note||about one-third of the people are underemployed|
|Fiscal Year||calendar year|
|Annual Budget||$2,923,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-6.2%|
|Public Debt (% of GDP)||70.5%|
|Taxes and other revenues - percent of GDP||16.5%|
|Major Industries||sugar, coffee, textiles, clothing, wood products|
|Industrial Growth Rate||2.4%|
|Agriculture Products||bananas, coffee, citrus; beef; timber; shrimp|
|Exchange Rate per US Dollar||lempira (HNL)|
|Child Labor - % of children ages 5-14||16%|
|Child Labor - # of children ages 5-14||280,809|
|Commercial Bank Prime Lending Rate||17.8%|