(2020-06) Economic Activity Indicator (ICAE) Bulletin, Q3 (Apr–Jun) FY2019-2020
Summary — Haiti's Global Economic Activity Conjunctural Indicator (ICAE) declined by 6.1% annually in the third quarter of fiscal year 2019-2020, and by 4.9% cumulatively. This contraction is attributed to a significant drop across the primary, secondary, and tertiary sectors, heavily impacted by the "pays lock" and COVID-19 pandemic. Only financial institutions and some service sectors showed positive growth.
Key Findings
- Haiti's Global Economic Activity Conjunctural Indicator (ICAE) declined by 6.1% annually and 4.9% cumulatively in Q3 2019-2020.
- The primary sector (agriculture and extractive activities) experienced a 6.5% annual decrease, largely due to "pays lock" and COVID-19 impacts.
- The secondary sector saw a sharp 10.1% annual decline, with electricity and water production plummeting by 29.5%.
- The tertiary sector contracted by 4.6% annually, with commerce and hotel/restaurant services being the most affected.
- Financial institutions and non-market services were the only sectors to show positive growth, at 4.8% and 5.1% annually respectively.
Full Description
This bulletin from the Haitian Institute of Statistics and Informatics (IHSI) presents the Economic Activity Conjunctural Indicator (ICAE) for Haiti's third quarter of the 2019-2020 fiscal year (April-June 2020), using 2007-2008 as the base year. The global ICAE experienced a significant annual decline of 6.1% and a cumulative drop of 4.9% from October to June. This downturn is a direct consequence of the combined negative performance of all three major economic sectors: primary, secondary, and tertiary.
The primary sector, including agriculture and extractive activities, saw a 6.5% annual decrease. The secondary sector, encompassing manufacturing, construction, and electricity/water, suffered an even sharper annual decline of 10.1%, with electricity and water production plummeting by 29.5%. The tertiary sector also contracted by 4.6% annually, with commerce, and hotel and restaurant services being particularly hard hit. The report attributes these negative trends largely to the adverse effects of the "pays lock" and the COVID-19 pandemic, which severely impacted productive capacity and economic activities across the board. However, financial institutions and some non-market services showed positive growth, providing a slight counter-balance to the overall economic contraction.