(2024-06) Economic Activity Indicator (ICAE) Bulletin, Q3 (Apr–Jun) FY2023-2024
Summary — Haiti's Economic Activity Conjunctural Indicator (ICAE) declined by 3.5% year-on-year in the third quarter of fiscal year 2023-2024, reaching 124.2. This decrease reflects a broad downturn across all major economic sectors, with a cumulative regression of 3.8% from October 2023 to June 2024. The primary, secondary, and tertiary sectors all experienced significant contractions.
Key Findings
- Haiti's overall ICAE declined by 3.5% year-on-year in Q3 2024, with a cumulative regression of 3.8% from October 2023 to June 2024.
- The primary sector experienced a 5.1% annual contraction, driven by declines in agriculture and extractive activities, exacerbated by insecurity.
- The secondary sector saw a 6.0% annual decrease, with manufacturing, construction, and electricity/water all showing negative growth.
- The tertiary sector declined by 2.1% annually, with commerce, hotels/restaurants, and other services performing poorly, though transport and telecommunications showed positive growth.
- Insecurity significantly impacted the tourism industry, contributing to a 5.1% annual drop in the Hotels and Restaurants sector.
Full Description
The Economic Activity Conjunctural Indicator (ICAE) for Haiti experienced a significant annual decline of 3.5% in the third quarter of fiscal year 2023-2024, settling at 124.2 compared to 128.6 in the previous year. This downturn is attributed to a combined decrease across all three major economic sectors: primary, secondary, and tertiary. Cumulatively, from October 2023 to June 2024, the ICAE-HAITI regressed by 3.8%. The primary sector saw a 5.1% annual drop, driven by declines in agriculture and extractive activities, exacerbated by chronic structural constraints and insecurity.
The secondary sector also contracted by 6.0% annually, with manufacturing, construction, and electricity/water all showing negative growth, particularly due to reduced material consumption and infrastructure issues. The tertiary sector, despite a slight positive trend in transport and telecommunications, recorded an overall annual decrease of 2.1%, impacted by poor performance in commerce, hotels/restaurants (affected by insecurity), and other market and non-market services. Financial institutions showed a modest cumulative growth of 1.6% despite a slight annual dip.