(2022-12) Economic Activity Indicator (ICAE) Bulletin, Q1 (Oct–Dec) FY2022-2023
Summary — Haiti's Economic Activity Conjunctural Indicator (ICAE) declined by 3.7% in the first quarter of fiscal year 2023 (October-December 2022), reaching 129.1. This downturn was observed across all three economic sectors: primary (-5.5%), secondary (-3.6%), and tertiary (-3.4%). Only financial institutions and non-market services showed positive growth.
Key Findings
- The global ICAE decreased by 3.7% annually in Q1 FY2023, reaching 129.1.
- The primary sector declined by 5.5%, driven by decreases in agriculture (-5.5%) and extractive activities (-6.5%).
- The secondary sector experienced a 3.6% annual drop, with electricity and water showing a significant 9.6% decline.
- The tertiary sector fell by 3.4%, notably commerce (-5.7%) and restaurant/hotel services (-7.9%) due to insecurity.
- Financial institutions grew by 2.8% and non-market services by 5.0%, providing some positive contributions.
Full Description
The Economic Activity Conjunctural Indicator (ICAE) for Haiti registered a significant decline of 3.7% in the first quarter of the 2023 fiscal year (October-December 2022), dropping to 129.1 from 134.0 in the previous year. This overall negative performance is attributed to the downturn across all major economic sectors. The primary sector experienced a 5.5% annual decrease, driven by contractions in agriculture and extractive activities. The secondary sector also saw a 3.6% decline, with manufacturing, construction, and particularly electricity and water (down 9.6%) contributing to this negative trend.
Similarly, the tertiary sector recorded a 3.4% annual decrease, with commerce, restaurant and hotel services (heavily impacted by insecurity), and transport/communications all showing negative growth. In contrast, financial institutions demonstrated a positive annual growth of 2.8%, largely due to commercial banks, and non-market services grew by 5.0%. The report highlights that persistent structural, natural, and cyclical constraints continue to affect the agricultural sector, while insecurity and the political situation negatively impact the hospitality industry.