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Honduras: Economy#

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 2.6%-4.0% from 2010 to 2015, insufficient to improve living standards for the nearly 65% of the population in poverty. In 2015, Honduras faced rising public debt but its economy has performed better than expected due to low oil prices and improved investor confidence. The IMF continues to monitor the three-year standby arrangement signed in December 2014, aimed at easing Honduras’s poor fiscal position.

Economic Facts#

GDP (purchasing power parity)$43.19 billion (2016 est.)
$41.68 billion (2015 est.)
$40.22 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$20.93 billion (2015 est.)
GDP - real growth rate3.6% (2016 est.)
3.6% (2015 est.)
3.1% (2014 est.)
GDP - per capita (PPP)$5,300 (2016 est.)
$5,200 (2015 est.)
$5,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving20.3% of GDP (2016 est.)
18.8% of GDP (2015 est.)
14.6% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 81.3%
government consumption: 15.2%
investment in fixed capital: 23.3%
investment in inventories: 1%
exports of goods and services: 43.1%
imports of goods and services: -63.9% (2016 est.)
GDP - composition, by sector of originagriculture: 13.8%
industry: 26.6%
services: 59.6% (2016 est.)
Agriculture - productsbananas, coffee, citrus, corn, African palm; beef; timber; shrimp, tilapia, lobster, sugar, oriental vegetables
Industriessugar, coffee, woven and knit apparel, wood products, cigars
Industrial production growth rate3.3% (2016 est.)
Labor force3.625 million (2016 est.)
Labor force - by occupationagriculture: 39.2%
industry: 20.9%
services: 39.8% (2005 est.)
Unemployment rate3.9% (2016 est.)
4.1% (2015 est.)
note: about one-third of the people are underemployed
Population below poverty line60% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 0.4%
highest 10%: 42.4% (2009 est.)
Distribution of family income - Gini index57.7 (2007)
53.8 (2003)
Budgetrevenues: $3.982 billion
expenditures: $4.384 billion (2016 est.)
Taxes and other revenues19% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-1.9% of GDP (2016 est.)
Public debt47.3% of GDP (2016 est.)
45.3% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)2.9% (2016 est.)
3.2% (2015 est.)
Central bank discount rate6.25% (31 December 2010)
Commercial bank prime lending rate20.8% (31 December 2016 est.)
20.66% (31 December 2015 est.)
Stock of narrow money$2.51 billion (31 December 2016 est.)
$2.326 billion (31 December 2015 est.)
Stock of broad money$8.486 billion (31 December 2016 est.)
$8.042 billion (31 December 2015 est.)
Stock of domestic credit$12.5 billion (31 December 2016 est.)
$11.84 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$1.197 billion (2016 est.)
-$1.291 billion (2015 est.)
Exports$8.165 billion (2016 est.)
$8.041 billion (2015 est.)
Exports - commoditiescoffee, apparel, coffee, shrimp, automobile wire harnesses, cigars, bananas, gold, palm oil, fruit, lobster, lumber
Exports - partnersUS 36%, Germany 8.7%, El Salvador 8.5%, Guatemala 6%, Nicaragua 5.6%, Netherlands 4.1% (2015)
Imports$11.25 billion (2016 est.)
$11.1 billion (2015 est.)
Imports - commoditiescommunications equipment, machinery and transport, industrial raw materials, chemical products, fuels, foodstuffs
Imports - partnersUS 35.2%, China 13.6%, Guatemala 9.2%, Mexico 6.6%, El Salvador 5.1% (2015)
Reserves of foreign exchange and gold$3.846 billion (31 December 2016 est.)
$3.755 billion (31 December 2015 est.)
Debt - external$8.042 billion (31 December 2016 est.)
$7.649 billion (31 December 2015 est.)
Exchange rateslempiras (HNL) per US dollar -
23.07 (2016 est.)
22.098 (2015 est.)
22.098 (2014 est.)
21.137 (2013 est.)
19.64 (2012 est.)