Annual Report 2003
Summary: The recession that began in 2000 ended with growth of 0.4 percent, after a first quarter shaken by rumours that dollar deposits would be forcibly converted into gourdes.
Key Findings
- Real GDP grew 0.4 percent, ending the recession begun in 2000, but still below population growth of 2.08 percent.
- Rumours in the first quarter that dollar deposits would be converted into gourdes by force drove pessimistic expectations and complicated monetary policy.
- The second half brought an exchange rate steady between 41.5 and 43.25 gourdes and a sharp deceleration in inflation.
- Credit to the private sector rose 33.3 percent in nominal terms but fell 4.6 percent in real terms.
- Total investment grew 3.6 percent and exports 9.6 percent, lifting aggregate demand 1.5 percent; imports rose 2.5 percent.
- A census counted 181 credit unions across seven departments, 63 percent of them holding total assets above one billion gourdes.
Full Description
The Bank of the Republic of Haiti's annual report for fiscal year FY2003, covering 1 October 2002 to 30 September 2003: the conduct of monetary policy and its instruments, the real sector, prices and the exchange rate, public finances and the balance of payments, the state of the banking system the BRH supervises, and the central bank's own operations and audited financial statements. The recession that began in 2000 ended with growth of 0.4 percent, after a first quarter shaken by rumours that dollar deposits would be forcibly converted into gourdes.
How to cite
Bank of the Republic of Haiti (BRH), Annual Report 2003, https://www.brh.ht/wp-content/uploads/rapport2003.pdf