The mountains in Honduras

Honduras Economic Data & Projections

Honduras' Macroeconomic Analysis:

Nominal GDP of USD 31.7 billion in 2022.

Nominal GDP of USD 34.4 billion in 2023.

GDP per capita of USD 3,281 compared to the global average of USD 10,589.

GDP per capita of USD 3,079 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Average real GDP growth of 3.3% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 62% of overall GDP, manufacturing 16%, other industrial activity 11%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 85% of GDP in 2021, government consumption 15%, fixed investment 24%, and net exports -24%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2019, manufactured products made up 21% of total merchandise exports, mineral fuels 0%, food 71%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 18%, food 18%, ores and metals 0% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 12 billion in 2022, while total imports were USD 18 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 3.3% in the decade to 2022. To read more about GDP growth in Honduras, go to our dedicated page.

Fiscal policy

Honduras's fiscal deficit averaged 4.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 6.5% in the decade to 2022. For more information on Honduras's unemployment click here.

Inflation

Inflation averaged 4.7% in the decade to 2022. Go to our Honduras inflation page for extra insight.

Monetary Policy

Honduras's monetary policy rate ended 2022 at 3.00%, down from 7.00% a decade earlier. See our Honduras monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the lempira weakened by 19.1% vs the U.S. dollar. For more info on the lempira, click here.

Economic situation in Honduras

After gaining steam in Q2, the economy likely lost traction in Q3 as economic activity growth slowed to 3.1% year on year (Q2: +5.1% yoy). The deceleration was broad-based, with the construction sector swinging into contraction, manufacturing output shrinking at a sharper rate and agricultural activity plus retail sales growth losing momentum from Q2. More positively, goods exports dropped at the slowest clip since Q2 2023, suggesting fading headwinds to external demand. Shifting to Q4, domestic demand is likely feeling the pinch of a cumulative 275 basis point increase in the Central Bank’s policy interest rate since July. Moreover, floods and landslides caused by Tropical Storm Sara hit the country in mid-November, affecting over 100,00 people, disrupting road traffic and hindering economic activity in Q4.

Honduras Economic Forecasts

Projections out to 2034.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Honduras in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Honduras from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Honduras economy. To download a sample report on the Honduras' economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Honduras Economic Indicators

2019 2020 2021 2022 2023
Population (million) 9.8 9.9 10.1 10.3 10.5
GDP (USD bn) 24.9 23.4 28.1 31.4 34.4
GDP per capita (USD) 2,548 2,349 2,781 3,051 3,281
GDP (HNL bn) 610 574 676 769 846
Economic Growth (Nominal GDP, ann. var. %) 6.0 -5.9 17.8 13.8 10.0
Economic Growth (GDP, ann. var. %) 2.6 -9.0 12.6 4.1 3.6
Domestic Demand (ann. var. %) 0.9 -8.2 18.6 5.6 0.7
Private Consumption (ann. var. %) 4.8 -7.6 16.8 5.7 4.3
Government Consumption (ann. var. %) 3.3 2.3 12.6 -4.1 6.0
Fixed Investment (ann. var. %) -3.0 -26.7 41.5 2.6 12.9
Exports (G&S, ann. var. %) 1.0 -21.0 23.2 6.6 -7.5
Imports (G&S, ann. var. %) -1.5 -17.6 32.6 8.5 -9.3
Unemployment (% of active population, aop) 5.4 10.9 8.6 8.9 8.1
Fiscal Balance (% of GDP) -2.5 -7.0 -5.1 -1.3 -3.6
Public Debt (% of GDP) 43.5 53.7 51.0 49.8 45.0
Money (ann. var. of M3 %) 10.3 18.9 9.5 12.5 11.4
Inflation (CPI, ann. var. %, eop) 4.1 4.0 5.3 9.8 5.2
Inflation (CPI, ann. var. %, aop) 4.4 3.5 4.5 9.1 6.7
Policy Interest Rate (%, eop) 5.50 3.00 3.00 3.00 3.00
Exchange Rate (HNL per USD, eop) 24.62 24.11 24.33 24.62 24.68
Exchange Rate (HNL per USD, aop) 24.49 24.58 24.03 24.50 24.63
Current Account Balance (USD bn) -0.7 0.7 -1.5 -2.1 -1.4
Current Account Balance (% of GDP) -2.6 2.9 -5.5 -6.7 -4.0
Merchandise Trade Balance (USD bn) -3.4 -2.6 -4.8 -6.0 -6.0
Merchandise Exports (USD bn) 8.8 7.7 10.2 12.3 11.4
Merchandise Imports (USD bn) 12.1 10.3 15.1 18.3 17.4
Merchandise Exports (ann. var. %) 1.7 -12.6 33.4 19.9 -7.3
Merchandise Imports (ann. var. %) -2.5 -15.6 47.0 21.5 -5.3
Foreign Direct Investment (USD bn) 0.5 0.4 0.7 0.9 1.1
Remittances (USD bn) 5.4 5.6 7.2 8.5 8.9
International Reserves (USD bn) 5.7 8.1 8.7 8.4 7.5
International Reserves (months of imports) 5.7 9.5 6.9 5.5 5.2
External Debt (USD bn) 9.8 11.1 12.5 12.6 12.8
External Debt (% of GDP) 39.2 47.4 44.5 40.2 37.3
Free Sample Report

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