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EconomyEconomy - overview
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. Nearly half of Honduras's economic activity is directly tied to the US, with exports to the US accounting for 30% of GDP and remittances for another 20%. The US-Central America Free Trade Agreement (CAFTA) 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 70% of FDI is from US firms. The economy registered sluggish economic growth in 2010, insufficient to improve living standards for the nearly 65% of the population in poverty. The LOBO administration inherited a difficult fiscal position with off-budget debts accrued in previous administrations and government salaries nearly equivalent to tax collections. His government has displayed a commitment to improving tax collection and cutting expenditures, and attracting foreign investment. This enabled Tegucigalpa to secure an IMF Precautionary Stand-By agreement in October 2010. The IMF agreement has helped renew multilateral and bilateral donor confidence in Honduras following the ZELAYA administration's economic mismanagement and the 2009 coup. Gdp (purchasing power parity) World Ranking: 104
$36.15 billion (2011 est.)
$34.89 billion (2010 est.) $33.95 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$17.38 billion (2011 est.)
Gdp - real growth rate World Ranking: 103
3.6% (2011 est.)
2.8% (2010 est.) -2.1% (2009 est.) Gdp - per capita (ppp) World Ranking: 159
$4,400 (2011 est.)
$4,300 (2010 est.) $4,300 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 12.6%
Industry 26.3% Services 61.1% (2011 est.) Labor force World Ranking: 97
3.461 million (2011 est.)
Labor force - by occupation
Agriculture 39.2%
Industry 20.9% Services 39.8% (2005 est.) Unemployment rate World Ranking: 48
4.8% (2011 est.)
5.1% (2010 est.) Note About one-third of the people are underemployed Population below poverty line
60% (2010 est.)
Household income or consumption by percentage share
Lowest 10% 0.4%
Highest 10% 42.4% (2009 est.) Distribution of family income - gini index World Ranking: 9
57.7 (2007)
53.8 (2003) Investment (gross fixed) World Ranking: 43
24.7% of GDP (2011 est.)
Budget
Revenues $3.007 billion
Expenditures $3.692 billion (2011 est.) Taxes and other revenues World Ranking: 184
17.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 124
-3.9% of GDP (2011 est.)
Public debt World Ranking: 104
33.5% of GDP (2011 est.)
28.9% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 155
6.8% (2011 est.)
4.7% (2010 est.) Central bank discount rate
6.25% (31 December 2010 est.)
NA% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 24
18.56% (31 December 2011 est.)
18.87% (31 December 2010 est.) Stock of narrow money World Ranking: 121
$2.488 billion (31 December 2011 est.) $1.917 billion (31 December 2010 est.) Stock of broad money World Ranking: 109
$9.112 billion (31 December 2011 est.) $7.401 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 100
$8.853 billion (31 December 2011 est.) $7.592 billion (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
Bananas, coffee, citrus, corn, African palm; beef; timber; shrimp, tilapia, lobster Industries
Sugar, coffee, woven and knit apparel, wood products, cigars Industrial production growth rate World Ranking: 114
2.4% (2010 est.)
Electricity - production World Ranking: 105
6.58 billion kWh (2009 est.)
Electricity - consumption World Ranking: 102
6.54 billion kWh (2009 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 182
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 96
51,000 bbl/day (2010 est.)
Oil - exports World Ranking: 104
5,114 bbl/day (2009 est.)
Oil - imports World Ranking: 84
53,630 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 142
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 193
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 188
0 cu m (2009 est.)
Natural gas - exports World Ranking: 113
0 cu m (2009 est.)
Natural gas - imports World Ranking: 204
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 187
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 133
-$1.503 billion (2011 est.)
-$954.8 million (2010 est.) Exports World Ranking: 105
$7.204 billion (2011 est.)
$5.742 billion (2010 est.) Exports - commodities
Apparel, coffee, shrimp, automobile wire harnesses, cigars, bananas, gold, palm oil, fruit, lobster, lumber Exports - partners
US 86% (2011)
Imports World Ranking: 93
$10.34 billion (2011 est.)
$8.55 billion (2010 est.) Imports - commodities
Machinery and transport equipment, industrial raw materials, chemical products, fuels, foodstuffs Imports - partners
US 49.8%, Guatemala 8.2%, Mexico 5%, El Salvador 4.9% (2011) Reserves of foreign exchange and gold World Ranking: 105
$2.785 billion (31 December 2011 est.) $2.702 billion (31 December 2010 est.) Debt - external World Ranking: 120
$4.564 billion (31 December 2011 est.) $4.168 billion (31 December 2010 est.) Exchange rates
Lempiras (HNL) per US dollar -
18.895 (2011 est.) 18.9 (2010 est.) 18.9 (2009) 18.983 (2008) 18.9 (2007) Fiscal year
Calendar year
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Honduras (Tegucigalpa):
 
GPS points from Honduras (Tegucigalpa)
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Once part of Spain's vast empire in the New World, Honduras became an independent nation in 1821. After two and a half decades of mostly military rule, a freely elected civilian government came to power in 1982. During the 1980s, Honduras proved a haven for anti-Sandinista contras fighting the Marxist Nicaraguan Government and an ally to Salvadoran Government forces fighting leftist guerrillas. The country was devastated by Hurricane Mitch in 1998, which killed about 5,600 people and caused approximately $2 billion in damage. Since then, the economy has slowly rebounded.