Please respond to fellow classmate post within 200 words minimum: The economy of

by | Mar 28, 2022 | Other

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Please respond to fellow classmate post within 200 words minimum: The economy of Honduras relies largely on US trade. The 2006 Free Trade Agreement helped Honduras increase its FDI. US firms provide about 15% of Honduras’ FDI. Due to crime rates, political instability, and perceptions of corruption, many countries and firms are wary of doing business in Honduras (CIA World Factbook). According to the International Trade Administration, there are some restrictions on imports of rice and white corn because of local production of these items. Additionally, to invest in tourism and banking service sectors, a special authorization must be given by the government. There are many regulations on the licensing of foreigners to practice things such as law, medicine, engineering, and accounting (Honduras-trade barriers).
GDP:
Real GDP (purchasing power parity): $50.89 billion.
From 2019 to 2020 the growth rate was 4.8%.
Real GDP per capita as of 2020 was $5,100.
GDP (official exchange rate): $25.145 billion
GDP Composition by sector of origin: agriculture (14.2%), industry (28.8%), services (57%)
Major Exports and Trading Partners:
GDP of exports of goods and services: 43.6%
Partners: US (53%), El Salvador (8%), Guatemala (5%), Nicaragua (5%)
Commodities: clothing and apparel, coffee, insulated wiring, bananas, and palm oil
Major Imports and Trading Partners:
GDP of imports of goods and services: -58.9%
Partners: US (42%), China (10%), Guatemala (8%), El Salvador (8%), Mexico (6%)
Commodities: refined petroleum, clothing and apparel, packaged medicines, broadcasting equipment, insulated wiring
Special Endowments:
Natural resources: timber, gold, silver, copper, lead, zinc, iron ore, antimony, coal, fishm hydropower
Land use: agricultural land (28.8%), forest (45.3%)
Labor force: 3.735 million
References
Central Intelligence Agency. (n.d.). Central Intelligence Agency. Retrieved March 26, 2022, from https://www.cia.gov/the-world-factbook/countries/honduras/
(n.d.). Honduras – trade barriers. International Trade Administration | Trade.gov. Retrieved March 26, 2022, from https://www.trade.gov/country-commercial-guides/honduras-trade-barriers

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