(2023-03) Economic Activity Indicator (ICAE) Bulletin, Q2 (Jan–Mar) FY2022-2023
Summary — Haiti's Global Conjunctural Economic Activity Indicator (ICAE) declined by 2.1% in the second quarter of the 2022-2023 fiscal year, reaching 129.0. This negative trend is observed across all three economic sectors: primary, secondary, and tertiary. Only financial institutions and non-market services showed positive growth during this period.
Key Findings
- Haiti's Global ICAE declined by 2.1% annually in Q2 2023, with a cumulative regression of 2.9% for the first two quarters of the fiscal year.
- The primary sector contracted by 4.8% annually, driven by a 4.7% decrease in agriculture and a 7.1% drop in extractive activities.
- The secondary sector experienced a 1.0% annual decline, with electricity and water showing a significant 12.3% decrease.
- The tertiary sector saw an annual reduction of 1.8%, largely due to an 8.2% fall in the restaurant and hotel sector, partly attributed to the security situation.
- Financial institutions recorded a positive annual growth of 3.1%, and non-market services increased by 4.3% annually.
Full Description
This report from the Haitian Institute of Statistics and Informatics (IHSI) details the performance of Haiti's Conjunctural Economic Activity Indicator (ICAE) for the second quarter of the 2022-2023 fiscal year, with a base of 100 in 2007-2008. The Global ICAE registered a 2.1% annual decline, reaching 129.0, reflecting a cumulative regression of 2.9% for the first two quarters. All three major economic sectors experienced negative growth: the primary sector contracted by 4.8% (agriculture -4.7%, extraction -7.1%), the secondary sector by 1.0% (construction -4.2%, electricity and water -12.3%), and the tertiary sector by 1.8% (commerce -3.3%, restaurant and hotel -8.2%).
The decline in the restaurant and hotel sector is notably attributed to the deteriorating security situation, which hinders the free movement of people. Despite the overall negative trend, financial institutions showed a 3.1% annual increase, and non-market services grew by 4.3%, indicating some resilience in specific areas of the economy. The report highlights the persistent challenges facing Haiti's economic activity.