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Honduras

Author(s):
International Monetary Fund
Published Date:
January 2000
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Table 1.Honduras: National Accounts(In millions of current lempiras)
Prel.Est.
19941995199619971998
Consumption20,89427,31335,68346,31154,558
General government2,7803,4954,5565,1187,086
Private sector18,11423,81831,12741,19347,472
Gross domestic investment10,86111,83614,51018,47320,356
Fixed capital formation8,1108,99411,11014,57217,416
Public sector3,2023,7573,8354,1024,442
Private sector4,9085,2377,27510,47012,974
Inventory changes2,7512,8423,4003,9012,940
Gross domestic expenditure31,75539,14950,19364,78474,914
Exports of goods and
nonfactor services11,49816,39122,37828,21732,884
Imports of goods and
nonfactor services-14,391-18,033-24,821-31,775-37,286
GDP at market prices28,86237,50747,75061,22670,512
Net factor payments-1,794-2,532-3,069-2,872-2,854
Factor receipts from abroad202306390527796
Factor payments abroad-1,996-2,838-3,459-3,398-3,650
GNP at market prices27,06834,97544,68158,35567,658
Indirect taxes-4,230-4,976-6,733-8,332-10,265
Subsidies13895130120115
GDP at factor cost33,23042,57854,61369,67880,892
GNP at factor cost31,43640,04651,54466,80778,038
Depreciation-1,707-2,258-2,845-3,528-4,086
National income29,72937,78848,69963,27973,952
Sources: Central Bank of Honduras; and Fund staff estimates.
Sources: Central Bank of Honduras; and Fund staff estimates.
Table 2.Honduras: National Accounts at Constant Prices(In millions of 1978 lempiras)
Prel.Est.
19941995199619971998
Consumption4,4024,4544,6964,9385,190
General government505491517483588
Private sector3,8973,9634,1794,4554,602
Gross domestic investment1,8171,8711,7581,7801,860
Fixed capital formation1,5141,2971,3391,4731,780
Public sector585524448298323
Private sector9297738911,1751,457
Inventory changes30357441930780
Gross domestic expenditure6,2196,3256,4546,7187,050
Exports of goods and
nonfactor services1,5401,7491,8901,9151,920
Imports of goods and
nonfactor services-1,852-1,926-1,973-1,945-2,059
GDP at market prices5,9076,1486,3716,6886,911
Net factor payments-230-271-242-172-156
Factor receipts from abroad2733333646
Factor payments abroad-257-303-275-208-202
GNP at market prices5,6775,8776,1296,5166,755
Indirect taxes-634-576-629-648-667
Subsidies21111298
GDP at factor cost5,2945,5835,7546,0496,252
GNP at factor cost5,0645,3125,5125,8776,096
Depreciation-343-353-360-368-374
National income4,7214,9595,1525,5095,722
Terms of trade effect-602-111-188-104
National income adjusted by terms of trade4,6614,9615,0415,3215,618
Sources: Central Bank of Honduras; and Fund staff estimates.
Sources: Central Bank of Honduras; and Fund staff estimates.
Table 3.Honduras: Origin of Gross Domestic Product
Prel.Est.
19941995199619971998
(In millions of current lempiras)
Gross domestic product at factor cost24,77032,62641,14753,01460,371
Primary production6,4847,6559,95113,31612,650
Agriculture and related sectors6,0307,0269,18812,39611,548
Mining4546297639201,102
Secondary production6,6799,38711,89514,77817,431
Manufacturing4,2755,8187,4559,53511,186
Construction1,4651,7911,9002,2973,004
Utilities9391,7782,5402,9463,241
Services11,60715,58419,30124,92030,290
Transport and communications1,3091,5461,8242,4642,985
Commercial services2,5553,9154,9036,2647,360
Financial services2,2053,0073,6544,8826,490
Housing services1,4411,8322,3172,9413,487
Public administration1,5471,9122,4293,1623,596
Other services2,5503,3724,1745,2076,372
(In millions of 1978 lempiras)
Gross domestic product at factor cost5,2945,5835,7546,0496,252
Primary production1,4991,6361,6811,7751,737
Agriculture and related sectors1,4161,5401,5781,6671623
Mining8396103108114
Secondary production1,2101,2551,2871,3471,429
Manufacturing798842881935968
Construction282264234227267
Utilities130149172185194
Services2,5852,6922,7862,9273,086
Transport and communications443477498520538
Commercial services572604631653673
Financial services479524552598682
Housing services361369384399414
Public administration281269275298299
Other services449449446459480
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 4.Honduras: Financing of Investment
Prel.Est.
19941995199619971998
(In millions of lempiras)
Gross domestic investment10,86111,83614,51018,47320,356
Fixed capital formation8,1108,99411,11014,57217,416
Public sector3,2023,7573,8354,1024,442
Private sector4,9085,2377,27510,47012,974
Change in inventories2,7512,8423,4003,9012,940
Financing of investment10,86111,83614,51018,47320,356
Gross national savings7,90110,16112,23816,09919,462
Public sector 1/1,1942,6183,1383,4004,628
Private sector6,7077,5439,10012,69914,834
External savings2,9601,6752,2722,374894
(In percent of GDP)
Gross domestic investment37.631.630.430.228.9
Fixed capital formation28.124.023.323.824.7
Public sector11.110.08.06.76.3
Private sector17.014.015.217.118.4
Change in inventories9.57.67.16.44.2
Financing of investment37.631.630.430.228.9
Gross national saving27.427.125.626.327.6
Public sector 1/4.17.06.65.66.6
Private sector23.220.119.120.721.0
External saving10.34.54.83.91.3
Gross national saving as percent of national disposable income27.427.125.525.826.3
Memorandum items:
Nominal GDP (in millions of lempiras)28,86237,50747,75061,22670,512
Average exchange rate (lempira/US$)8.49.511.713.013.4
External transfers1,7762,5003,2404,0566,362
National disposable income 2/28,84437,47547,92162,41174,020
Sources: Central Bank of Honduras; and Fund staff estimates.

Equivalent to the current account balance of the nonfinancial public sector.

Equivalent to the sum of GNP plus external transfers.

Sources: Central Bank of Honduras; and Fund staff estimates.

Equivalent to the current account balance of the nonfinancial public sector.

Equivalent to the sum of GNP plus external transfers.

Table 5.Honduras: Composition of Fixed Capital Formation(In millions of current lempiras)
Prel.Est.
19941995199619971998
Gross fixed capital formation8,1108,99411,11014,57217,416
Machinery and equipment4,2784,4276,2969,16413,208
Public sector9631,4491,596848949
Private sector3,3152,9784,7008,31612,259
Construction3,8324,5674,8145,4084,208
Public sector2,2392,3082,2393,2543,493
Private sector1,5932,2592,5752,154715
Sources: Central Bank of Honduras; and Fund staff estimates.
Sources: Central Bank of Honduras; and Fund staff estimates.
Table 6.Honduras: Statistics on Selected Agricultural Products(Area in thousands of hectares; production and exports in thousands of quintals; yield in quintals per hectare; values in millions of current lempiras)
Prel.Est.
19941995199619971998
Bananas
Area1918181717
Yield8971,0621,2521,2261,118
Volume of production17,04919,11022,53420,84819,002
Of which
Exported10,73012,69015,49913,25011,294
Gross value of production1,6262,4083,2544,2004,027
Value added4096351,0231,3981,329
Coffee
Area181192202205207
Yield1415161817
Volume of production2,5972,9193,2153,7923,419
Of which
Exported2,2412,3432,6872,2463,039
Gross value of production2,2953,3763,3655,0965,255
Value added2,2702,1362,8274,3264,414
Corn
Area382417386390392
Yield2936303427
Volume of production11,20014,88911,68913,44010,391
Gross value of production7841,0631,3221,7221,131
Value added4946708331,085713
Beans
Area999692108112
Yield1315131514
Volume of production1,3101,4261,1951,6431,602
Gross value of production287228556791694
Value added11591222317278
Rice
Area1214171818
Yield8488786217
Volume of production1,0471,2381,3181,109305
Gross value of production658913713240
Value added2229454413
Plantains
Area88888
Yield538529568525459
Volume of production4,3034,2284,5454,1963,671
Of which
Exported6540000
Gross value of production246280358416443
Value added162170218253269
Sorghum
Area6571799595
Yield1819242221
Volume of production1,1431,3691,8882,1171,989
Gross value of production6582196250258
Value added3645108137142
Tobacco
Area77777
Yield1922141414
Volume of production136149999798
Of which
Exported5753515444
Gross value of production667884114133
Value added3655466272
Sugarcane
Area3941444650
Yield1,6111,6451,7941,7431,813
Volume of production62,83667,44278,93080,18590,666
Gross value of production242371443604768
Value added165211267364461
African palm
Area2328303437
Yield388365365360311
Volume of production8,93110,22410,93612,24611,508
Gross value of production129226358523589
Value added85203269392448
Melon
Area43444
Yield574585563576383
Volume of production2,0661,7111,9702,1871,530
Gross value of production68728510389
Value added3945567160
Pineapple
Area33333
Yield505537384367375
Volume of production1,2711,3651,1511,1001,125
Gross value of production98123167202231
Value added42657589104
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 7.Honduras: Production and Prices of Basic Grains(Production in thousands of quintals; prices in lempiras per quintal)
ProductionWholesale

Prices
Support Prices

Paid to

Producers
Corn
1992–9313,163.056.042.4
1993–9411,200.095.570.0
1994–9514,889.092.271.4
1995–9611,689.0146.1113.1
1996–9713,440.0160.7128.1
1997–9810,391.0133.4108.9
Beans
1992–93857.0251.9185.0
1993–941,310.0257.4219.0
1994–951,426.0205.8160.0
1995–961,195.0597.6464.9
1996–971,643.0570.9481.6
1997–981,602.0489.1433.4
Rice
1992–93852.0163.953.0
1993–941,047.0198.562.5
1994–951,238.0236.871.9
1995–961,318.0341.8103.9
1996–971,109.0382.3119.3
1997–98305.0397.9131.2
Sorghum
1992–931,990.058.836.0
1993–941,143.079.057.0
1994–951,369.094.060.0
1995–961,888.0140.4104.0
1996–972,117.0155.5117.9
1997–981,989.0169.8129.6
Sources: Honduran Institute for Agricultural Marketing (IHMA); and Central Bank of Honduras.
Sources: Honduran Institute for Agricultural Marketing (IHMA); and Central Bank of Honduras.
Table 8.Honduras: Consumer Price Index(1978 = 100)
Weight 1/19911992199319941995199619971998
(Period averages) 2/
Total10037540845255071288210601205
By expenditure
Food413673904405607188951,0721,198
Housing313453734084836347849051,005
Clothing95075606036728271,0091,2951,496
Healthcare43924324886227859611,1951,414
Personal care33433643844666067519171,065
Beverages and tobacco44525666317419141,1211,3221,602
Transportation32903043243676127919491,069
Other53794364946108301,0151,3081,634
By region
Central483683994385246758199781,102
Northern403844194685817599581,1621,326
Southern53674014545496838489931,164
Eastern63794074545497198941,0601,208
Western23594034495457088971,1021,283
(End of period) 3/
Total1003954214766137789741,0991,271
By expenditure
Food413844064666327719911,0841,251
Housing313643844285387008509441,063
Clothing95335796287159041,1601,3881,600
Healthcare44154475326898601,0401,2851,517
Personal care33563684165076538219631,141
Beverages and tobacco45005796538691,0781,1731,4511,689
Transportation32943063314176489149491,149
Other54144445146609141,1771,3811,735
By region
Central483854104595787369011,0061,160
Northern404084354976548331,0661,2091,407
Southern53894114746077329501,0591,234
Eastern64004194686237789671,1071,244
Western23754204706217599821,1491,348
Source: Central Bank of Honduras.

In percent

Average over 12-month period ended in December.

Data refer to the month of December.

Source: Central Bank of Honduras.

In percent

Average over 12-month period ended in December.

Data refer to the month of December.

Table 9.Honduras: Wholesale Price Index(1978 = 100)
Weight 1/19911992199319941995199619971998
(Period average) 2/
Total1003744124645867539261,0621,165
National673594054665917859691,1101,218
Agriculture and livestock283593874896107589331,0471,125
Agriculture113182763495065989251,0101,015
Livestock103643784175386917839511,076
Other74155698058741,1011,1631,2411,365
Industrial393594184505778039951,1561,284
Food123083523775067138429551,064
Beverages and tobacco73854985426368361,0061,2011,397
Construction material42983043615387418669991,074
Textile33734574445467959161,1051,182
Clothing23343903884566107608921,140
Chemical33425476328061,2491,6291,9252,350
Oil products55064795036488311,2201,3941,284
Other33854044155227879521,0891,214
Imported334044264585766888399651,056
Food63814244795966949041,0881,214
Beverages and tobacco15176126276846588391,1431,316
Textile5314321345451521547595699
Chemical10477475503604731903965990
Pharmaceutic43234124535907048451,1351,325
Other84184224465907308861,0031,089
(End of period) 3/
Total1003894264868567961,0071,0741,202
National673744254846728241,0511,1141,259
Agriculture and livestock283564245066677849841,0231,165
Agriculture112502783545536079899351,036
Livestock103873834495967158489871,114
Other74737058229441,1531,1721,2101,435
Industrial393874264686768531,0991,1801,328
Food123273583926117308909841,085
Beverages and tobacco74395075587499411,0191,2901,466
Construction material42913093835847579731,0091,147
Textile34394634686098161,0371,1031,210
Clothing23583624195106418289071,228
Chemical34085916658531,3911,8531,9482,481
Oil products55034835118038921,5481,3291,245
Other34114064188708031,0331,1271,263
Imported334194294916247379189931,085
Food64084375096367301,0011,0931,257
Beverages and tobacco15176126456516611,1921,1421,332
Textile5321320365502537576627714
Chemical104914765276548149569631,019
Pharmaceutic43344195076387331,0111,3101,332
Other84314234896467819561,0191,127
Source: Central Bank of Honduras.

In percent

Average over 12-month period ended in December.

Data refer to the month of December.

Source: Central Bank of Honduras.

In percent

Average over 12-month period ended in December.

Data refer to the month of December.

Table 10.Honduras: Average Daily Minimum Wage by Sector
19941995199619971998
(In lempiras)
Annual average17.921.225.333.539.2
Agriculture and related sectors13.716.720.327.532.0
Mining of metals22.626.030.639.746.8
Other mining16.919.521.928.533.1
Manufacturing14.417.922.028.533.1
Construction13.216.721.728.533.1
Commerce, hotels, and restaurants15.118.622.028.533.1
Transport16.319.824.030.034.4
Financial services17.921.024.231.036.2
Other services14.317.921.728.533.1
Dockage services20.724.529.139.746.8
Petroleum refining20.724.529.139.746.8
Railroad repairing20.724.529.139.746.8
Banana exporting20.724.529.139.746.8
(Annual percentage increase)
Annual average5.918.519.332.517.0
Agriculture and related sectors4.421.921.435.616.5
Mining of metals8.415.017.629.718.0
Other mining4.515.812.429.916.0
Manufacturing4.424.423.129.416.0
Construction5.426.030.231.316.0
Commerce, hotels, and restaurants4.423.518.429.316.0
Transport4.421.721.025.114.6
Financial services8.517.815.028.216.7
Other services4.424.621.331.616.0
Dockage services3.518.618.736.318.0
Petroleum refining3.518.618.736.318.0
Railroad repairing3.518.618.736.318.0
Banana exporting3.518.618.736.318.0
Consumer price index21.729.523.820.213.7
Memorandum item
Annual average in U.S. dollars1.92.12.02.62.8
Consumer Price Index average (1978=100)550.0712.0881.71,059.61,204.7
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 11.Honduras: Total Labor Remuneration by Sector(In millions of current lempiras)
Prel.Est.
19941995199619971998
Total12,46115,67919,81925,73330,806
Agriculture and related sectors3,5154,0215,5567,4158,425
Mining145167195243287
Manufacturing1,8132,3072,9534,0685,261
Construction5597049161,2031,540
Utilities169335344454517
Transport and communication934122914951,8782,266
Commercial services12051,4871,8512,0542,412
Financial services7451,1281,3901,8302,276
Housing services174206260329376
Public administration1,1361,5441,6492,2792,582
Other services2,0662,5513,2103,9804,864
Public services1,5871,9042,2672,7923,406
Private services4796479431,1881,458
Source: Central Bank of Honduras.

Defined as the total amount allocated to wages, salaries, and benefits in each sector.

Source: Central Bank of Honduras.

Defined as the total amount allocated to wages, salaries, and benefits in each sector.

Table 12.Honduras: Labor Force by Sector(In percent of total labor force)
19941995199619971998
Total100.0100.0100.0100.0100.0
Primary production43.842.942.041.140.2
Agriculture and related sectors43.542.741.840.940.0
Mining0.30.20.20.20.2
Secondary production18.919.219.419.619.8
Manufacturing11.711.811.811.711.7
Construction6.46.66.87.07.2
Utilities0.80.80.80.90.9
Services37.337.938.639.340.0
Transport and communications2.82.82.82.82.8
Commercial services10.710.810.911.011.2
Financial services2.02.02.12.22.2
Other services21.822.322.823.323.8
Memorandum item:
Labor force as a percent of total population31.832.132.432.733.0
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
I. Central Government
Total revenue4,5936,8117,89710,35513,197
Current revenue4,5786,7847,89510,35113,176
Tax revenue4,3806,4737,4559,69811,973
Direct taxes1,1371,9442,0432,5123,377
Property and income1,0991,9001,9772,3903,255
Other 2/394466122122
Indirect taxes3,2434,5295,4127,1868,596
Goods and services1,8492,5493,1253,9826,479
Sales tax8011,2961,6792,3193,472
Other1,0481,2531,4461,6633,007
International trade1,2951,6051,8032,1562,115
Import1,1851,4291,7062,0682,043
Export110176988872
Petroleum derivatives983734821,0460
Other12222
Nontax revenue52118182353916
Transfers145193259300287
Capital revenue16272320
Total primary expenditure4,9836,2477,1088,80711,346
Current primary expenditure3,2023,9895,5157,3308,251
Wages and salaries1,8102,3442,8393,6054,487
Social security contributions150174207252367
Goods and services6758081,1381,5091,421
Current transfers5686631,3321,9651,976
Rest of general government 3/293421645936756
Public enterprises00233433213
Private sector246201410527738
Other28414469270
Capital expenditure1,4651,7471,7042,2263,116
Fixed capital formation1,0951,1871,3091,6521,831
Capital transfers3695603955751,285
Rest of general government 3/213214226394739
Public enterprise154340164171278
Private sector37410268
Net lending316512-110-749-21
Rest of general government8467-60-67-21
Public enterprise232444-50-6820
Current primary balance1,3762,7962,3813,0224,925
Primary balance-3905647891,5481,850
Interest Obligation»1,5751,7602,0702,6982,888
External 4/1,2201,3001,4581,6071,965
Internal3554606121,091923
Current balance-1991,0363113242,037
Overall balance-1,964-1,196-1,281-1,150-1,038
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
II. Rest of General Government
Total revenue1,8662,3912,8884,0754,640
Current revenue1,6442,1922,6863,5614,194
Tax revenue188226298332461
Contributions to social security5085926999551,056
Private sector301355435566626
Central government160174177284305
Rest of general government2640596984
Public enterprises2024283742
Interest earnings233341514720770
Current transfers303343435577787
Central government284337432560762
Public enterprises60000
Private sector14641725
Other nontax revenue3856227009571,113
Change in accounts receivable (increase -)286940188
Capital revenue222200202514445
Central government transfers150174162367352
Other72263914794
Total expenditure1,9372,4573,0163,9474,112
Current expenditure1,0711,3071,8042,2892,835
Wages and salaries5866798321,0661,384
Goods and services307419502557692
Interest payments44677412089
Contribution to social security2829434450
Current transfers258334445524631
To private sector252334440521627
Other50435
Change in accounts payable-151-222-92-22-10
Capital expenditure and net lending8661,1511,2131,6581,277
Fixed capital formation6961,0849181,213876
Other14-271-1110
Net lending15693294457390
Primary balance-260-340-570-473-153
Current account balance5738858821,2711,359
Overall balance-71-66-129128528
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
III. General Government
Total primary revenue5,2297,6218,89811,79114,881
Current primary revenue5,1417,5698,85711,64014,767
Tax revenue4,5686,6997,75210,03012,433
Nontax revenue4377408821,3102,030
Contributions to social security institutions 5/321378463603668
From State enterprises2024283742
From private sector301355435566626
Current transfers164199263318312
From State enterprises164199263318312
Change in accounts receivables (increase -)286940188
Capital revenue875341151114
Total expenditure6,3308,0789,12711,06713,657
Current expenditure3,9184,9106,4238,2329,617
Wages and salaries2,3953,0233,6714,6705,871
Goods and services9821,2271,6402,0662,113
Current transfers5325768981,1201,639
To private sector4995358501,0481,365
To abroad34414871274
Adjustrnent for current transfers984213376-7
Capital expenditure2,0252,6302,4603,0613,651
Fixed capital formation1,7912,2712,2262,8642,707
Inventory changes14-271-1110
Capital transfers219387233208934
To State enterprises154340164171278
To private sector37410268
Adjustrnent for capital transfers63406427388
Net lending388538244-225390
To state enterprises232444-50-6820
Pension funds lending to members15693294457390
Primary current balance1,2232,6582,4343,4095,151
Primary balance-1,102-457-2287241,224
Interest revenue233341514720770
Interest obligations1,6181,8262,1442,8182,977
External1,2201,3001,4581,6071,965
Internal3995266861,2111,012
Current balance-1621,1738051,3112,944
Overall balance-2,487-1,942-1,858-1,374-983
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
IV. Nonfinancial Public Enterprises 6/
Operating revenue2,0273,0674,5785,4026,260
Sale of goods and services2,0363,2184,6325,2585,964
Interest received6666106147208
Other 7/-76-218-161-488
Operating expenditure1,2602,3032,9843,0753,683
Wages and salaries345459533653831
Goods and services4421,2541,6591,8402,123
Interest473532673633488
External468524638611473
Domestic58352115
Other 8/058120-51241
Operating balance7677641,5942,3272,576
Net current transfers-174-182-283-446-313
Transfers receipts00232261230
From central government30232261230
Transfers and tax payments174182514708543
To central government139147221271251
To rest of general government1211131719
To private sector2324280420273
Current account balance5935831,3111,8812,264
Net capital revenue191421206162362
Capital revenue7523000
Capital tranfers receipts116419176162362
From central government116419176162362
From abroad00000
Capital transfers payments00000
Capital expenditure and net lending1,2441,4801,7991,201948
Fixed investment1,1561,5491,7631,2091,063
Other88-6937-10-114
Net lending00020
Primary balance-53-122851,3281,958
Overall balance-460-477-2828421,678
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
V. Consolidated Nonfinancial Public Sector
Total revenue7,38110,91613,62117,33021,262
Current revenue7,29410,86313,58017,17921,148
Tax revenue4,5686,6997,75210,03012,433
Nontax revenue4658099211,3292,037
Private sector contributions to social security institutions 5/301355435566626
Operating revenue of public enterprises1,9603,0014,4725,2556,052
Capital revenue875341151114
Total primary expenditure8,03710,48212,95215,78217,212
Current primary expenditure4,7116,6068,8671U8712,784
Wages and salaries2,7403,4814,2045,3246,702
Goods and services1,4242,4823,2993,9064,237
Current transfers5486431,3652,0581,845
To private sector5225601,1301,4681,638
To abroad34414871274
Adjustrnent for current transfers-843187518-66
Capital expenditure3,1713,7823,7904,0384,038
Fixed capital formation2,9473,8203,9894,0733,770
Capital transfers103-325646571
Capital transfers to private sector37410268
Adjustrnent for capital transfers100-395236303
Other capital expenditure102-9637-21-104
Net lending15693294457390
Pension funds loans to members15693294457390
Primary current balance2,5834,2574,7135,8938,364
Primary balance-6564346691,5494,049
Interest revenue299407621867978
Interest obligations2,0912,3582,8173,4513,465
External1,6881,8242,0962,2182,439
Internal4045347211,2321,027
Current balance4921,8991,8962,4424,899
Overall balance-2,448-1,516-1,527-1,0351,562
Identified financing1,9269231,525932-1,639
Net foreign financing1,4831,7331,7891,868-2,287
Net foreign borrowing1,2349821,5101,562-2,466
Disbursements2,1743,0123,2633,3962,452
Amortization-1,575-2,522-2,151-2,192-4,918
Debt relief635492398358
Table 13.Honduras: Consolidated Operations of the Nonfinancial Public Sector 1/(In millions of lempiras)
1994199519961997Prel.

1998
V. Consolidated Nonfinancial Public Sector
Change in arrears-10950135-151
Foreign grants352259244457179
Change in government bonds held by international organizations6-9000
Net domestic financing443-810-264-936648
Banking System376-880-735-1,873-186
Central bank125-670-292-604-748
Rest of banking system251-210-443-1,269562
Private sector bonds770221627166
Transfers from ESF and other600250310668
Statistical discrepancy-522-593-2-103-77
Source: Ministry of Finance.

Includes HONDUTEL in 1998.

Includes taxes on the revaluation of assets in 1993 and on net assets in 1994 -1997.

Excludes transfers to FHIS and PRAF

Estimated as total interest obligations minus interest payments by the rest of the public sector.

Includes contributions to IHSS, INJUPEMP, and IMPREMA.

Comprising HONDUTEL (telecommunications company), ENEE (electricity company), SANAA (water and sanitation company), and ENP (National Ports Company).

Includes change in accounts receivable.

Includes change in accounts payable.

Source: Ministry of Finance.

Includes HONDUTEL in 1998.

Includes taxes on the revaluation of assets in 1993 and on net assets in 1994 -1997.

Excludes transfers to FHIS and PRAF

Estimated as total interest obligations minus interest payments by the rest of the public sector.

Includes contributions to IHSS, INJUPEMP, and IMPREMA.

Comprising HONDUTEL (telecommunications company), ENEE (electricity company), SANAA (water and sanitation company), and ENP (National Ports Company).

Includes change in accounts receivable.

Includes change in accounts payable.

Table 14.Honduras: Central Government Revenue
Prel.
19941995199619971998
(In millions of lempiras)
Total revenue4,5936,8117,89710,35513,197
Current revenue4,5786,7847,89510,35113,176
Tax revenue4,3806,4737,4559,69811,973
Direct taxes1,1371,9442,0432,5123,377
Income tax1,0591,8491,9092,2933,110
Property tax40516897146
Asset revaluation tax02000
Net assets394266122122
Domestic indirect taxes1,8492,5493,1253,9826,479
Sales tax8011,2961,6792,3193,472
Petroleum derivatives272372459407411
Alcohol and nonalcohol beverages279355378465560
Other4965276097912,036
International trade1,2951,6051,8032,1562,115
Imports1,1851,4291,7062,0682,043
Petroleum251324399409316
Other9341,1061,3061,6591,727
Exports110176988872
Bananas6790827667
Coffee 1/2972000
Other141416135
Petroleum derivatives983734821,0460
Other12222
Nontax revenue52118182353916
Current transfers145193259300287
Capital revenue16272320
(In percent of GDP)
Total revenue15.918.216.517.218.9
Current revenue15.918.116.516.918.7
Tax revenue15.217.315.615.817.0
Direct taxes3.95.24.34.14.8
Of which
Income tax3.74.94.03.74.4
Domestic indirect taxes6.46.86.56.59.2
Sales tax2.83.53.53.84.9
Petroleum derivatives0.91.01.00.70.6
Alcohol and nonalcohol beverages1.00.90.80.80.8
Other1.71.41.31.32.9
International trade4.54.33.83.53.0
Imports4.13.83.63.42.9
Exports0.40.50.20.10.1
Petroleum derivatives0.31.01.01.70.0
Nontax revenue0.20.30.40.61.3
Current transfers0.50.50.50.50.4
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 15.Honduras: Operations of the Social Security Institute
Prel.
19941995199619971998 1/
(In millions of lempiras)
Total revenue306.9336.5518.4712.0600.3
Current revenue306.9336.5518.4712.0600.3
Contributions from215.5241.5285.8365.4356.6
Private sector177.7209.8252.4320.8317.9
Central government23.618.216.028.022.1
Social security institute3.43.43.43.24.1
Pension funds0.40.40.40.50.3
Local governments4.53.67.66.35.6
Public enterprises5.96.16.06.66.6
Interest earnings68.6109.5226.3329.6235.6
Other12.532.716.611.13.7
Change in accounts receivable (increase -)10.3-47.2-10.35.94.4
Total expenditure223.0184.7270.3259.2317.0
Current expenditure207.8211.2272.9278.1307.8
Wages and salaries84.999.4121.2139.9164.1
Goods and services64.756.576.161.258.0
Contribution to social security3.43.43.43.24.1
Current transfers50.062.665.464.757.2
To private sector (benefits)45.062.565.461.852.7
Other5.00.10.02.94.5
Change in accounts payable (increase -)4.8-10.76.89.124.4
Capital expenditure15.2-26.5-2.6-18.99.2
Fixed capital formation1.01.10.01.33.0
Inventory change14.2-27.6-2.6-20.26.2
Primary current balance30.515.819.2104.356.9
Primary balance15.342.321.8123.247.7
Current account balance99.1125.3245.5433.9292.5
Overall balance83.9151.8248.1452.8283.3
(In percent of GDP)
Current revenue1.10.91.11.20.9
Contributions0.70.60.60.60.5
Interest earnings0.20.30.50.50.3
Other0.00.10.00.00.0
Current expenditure0.70.60.60.50.4
Wages and salaries0.30.30.30.20.2
Current transfers0.20.20.10.10.1
Other0.20.20.20.10.1
Capital expenditure0.1-0.10.00.00.0
Primary balance0.10.10.00.20.1
Current account balance0.30.30.50.70.4
Overall balance0.30.40.50.70.4
Sources: Central Bank of Honduras; Honduran Institute for Social Security; and Fund staff estimates.

Data to the month of November

Sources: Central Bank of Honduras; Honduran Institute for Social Security; and Fund staff estimates.

Data to the month of November

Table 16.Honduras: Operations of INJUPEMP 1/
1994199519961997Prel.

1998
(In millions of lempiras)
Total revenue365.3447.1394.8576.6652.6
Current revenue323.3434.6376.5522.7603.2
Contributions143.8166.7208.2307.5350.9
Government employees56.166.586.1119.5149.1
Central government55.250.651.998.492.5
Local governments0.10.05.24.11.6
Decentralized agencies18.032.242.855.071.9
Public enterprises14.417.422.230.535.8
Interest earnings98.3131.7150.1167.7238.1
Other revenue12.287.114.043.517.7
Change in accounts receivable (increase -)69.049.14.24.0-3.5
Capital revenue42.012.518.353.949.4
Total expenditure395.7425.4471.9576.0646.8
Current expenditure103.462.9104.2127.9198.7
Wages and salaries9.49.611.415.122.5
Goods and services7.29.010.611.910.5
Contribution to social security0.80.91.11.41.8
Current transfers43.763.181.794.9120.9
To private sector (benefits)43.562.877.494.9120.9
Other0.20.34.30.00.0
Change in accounts payable (increase -)42.3-19.7-0.64.643.0
Capital expenditure and net lending292.3362.5367.7448.1448.1
Fixed capital formation228.4295.1226.4144.2144.2
Other0.00.01.72.62.6
Net lending63.967.4139.6301.3301.3
Primary balance-128.7-110.0-227.2-167.1-232.3
Current account balance219.9371.7272.3394.8404.5
Overall balance-30.421.7-77.10.65.8
(In percent of GDP)
Current revenue1.11.20.80.90.9
Contributions0.50.40.40.50.5
Interest earnings0.30.40.30.30.3
Other0.00.20.00.10.0
Current expenditure0.40.20.20.20.3
Current transfers0.20.20.20.20.2
Other0.00.00.00.00.0
Current account balance0.81.00.60.60.6
Capital expenditure and net lending1.01.00.80.70.6
Overall balance-0.10.1-0.20.00.0
Sources: Ministry of Finance; Central Bank of Honduras; INJUPEMP; and Fund staff estimates.

National Institute of Pensions for public employees.

Sources: Ministry of Finance; Central Bank of Honduras; INJUPEMP; and Fund staff estimates.

National Institute of Pensions for public employees.

Table 17.Honduras: Operations of INPREMA 1/
Prel.
19941995199619971998
(In millions of lempiras)
Total revenue157.7336.5352.5552.6644.1
Current revenue149.8332.9346.6498.7644.1
Contributions from148.3184.0205.0282.4348.7
Private sector66.978.696.2125.2158.6
Central government81.4105.4108.8157.2190.1
IMPREMA as employer0.00.00.00.00.0
Interest earnings51.079.592.9167.7235.1
Other2.02.43.040.353.7
Change in accounts receivable (increase -)-51.567.045.78.36.6
Capital revenue7.93.65.953.90.0
Total expenditure189.6281.7405.4423.2392.5
Current expenditure92.0124.1170.0210.8276.0
Wages and salaries7.99.79.810.916.1
Goods and services5.08.99.912.213.7
Contribution to social security0.70.90.91.11.4
Transfers to private sector (benefits)81.7109.4143.7186.6243.7
Change in accounts payable (increase -)-3.3-4.85.70.01.1
Capital expenditure and net lending97.6157.6235.4212.4116.5
Capital expenditure66.1131.680.757.227.6
Fixed capital formation66.0131.378.950.826.3
Other0.10.31.86.41.3
Net lending31.526.0154.7155.288.9
Primary balance-82.9-24.7-145.8-38.316.5
Current account balance57.8208.8176.6287.9368.1
Overall balance-31.954.8-52.9129.4251.6
(In percent of GDP)
Current account balance0.20.60.40.50.5
Capital expenditure and net lending0.30.40.50.30.2
Overall balance-0.10.1-0.10.20.4
Sources: Central Bank of Honduras; IMPREMA; and Fund staff estimates.

Pension fund for civil service and teachers.

Sources: Central Bank of Honduras; IMPREMA; and Fund staff estimates.

Pension fund for civil service and teachers.

Table 18.Honduras: Operations of the Local Governments
Prel.
19941995199619971998
(In millions of lempiras)
Total revenue458.9586.5669.0993.4921.7
Current revenue375.9446.8520.5655.5655.5
Tax revenue187.8225.5297.7332.4460.5
Nontax revenue133.0206.2278.5381.4449.8
Current transfers from5.50.30.30.00.0
Central government0.00.30.30.00.0
Public enterprises5.50.00.00.00.0
Interest earnings0.52.63.75.14.4
Capital revenue83.0139.7148.5337.9266.2
From central government 1/71.8125.6114.4298.3227.4
Public enterprises3.210.622.817.419.2
Other8.03.511.322.219.6
Total expenditure541.0856.2992.41,436.01,299.6
Curent expenditures160.6289.6464.3720.4757.1
Wages and salaries162.2181.5247.6317.1400.5
Goods and services130.1208.3205.3256.0276.1
Interest29.352.556.999.783.9
Contributions to social security5.74.914.912.09.1
Transfers to private sector27.729.043.271.266.4
Change in accounts payables (increase -)-194.4-186.6-103.6-35.6-78.9
Capital expenditures380.4566.6528.1715.6542.5
Fixed capital formation 1/320.1566.6528.1715.5542.4
Net lending60.30.00.00.10.1
Primary current account balance244.1207.1109.429.7-22.1
Primary balance-53.3-219.8-270.2-348.0-298.4
Current account balance215.3157.256.2-64.9-101.6
Overall balance-82.1-269.7-323.4-442.6-377.9
(In percent of GDP)
Capital expenditure1.31.51.11.20.8
Current account balance0.70.40.1-0.1-0.1
Primary balance-0.2-0.6-0.6-0.6-0.4
Overall balance-0.3-0.7-0.7-0.7-0.5
Source: Central government budget.

Excluding transfers to FHIS.

Source: Central government budget.

Excluding transfers to FHIS.

Table 19.Honduras: Operations of the Decentralized Agencies 1/
Prel.
19941995199619971998
(In millions of lempiras)
Total revenue615.6701.6912.21,177.01,556.4
Current revenue523.4647.3860.51,091.01,407.6
Central government transfers284.1336.3431.3559.9762.4
Other revenue224.8293.4387.8480.9588.4
Interest earnings14.517.641.450.256.8
Capital revenue92.254.351.786.0148.8
Central government transfers78.548.347.968.6124.3
Other13.76.03.817.424.5
Total expenditure587.2709.2876.41,253.01,455.7
Curent expenditure506.9618.9792.3952.11,295.4
Wages and salaries321.1378.8442.1582.7781.1
Interest14.314.216.620.54.8
Goods and services99.7136.5200.5215.9333.6
Contributions to social security17.419.222.626.333.1
Transfers to private sector54.470.2110.5106.7142.8
Capital expenditure80.390.384.1300.9160.3
Fixed capital formation80.390.384.1300.9160.3
Primary balance28.2-11.011.0-105.748.7
Current account balance16.528.468.2138.9112.2
Overall balance28.4-7.635.8-76.0100.7
(In percent of GDP)
Capital expenditure0.30.20.20.50.2
Current accountbalance0.10.10.10.20.2
Primary balance0.10.00.0-0.20.1
Overall balance0.10.00.1-0.10.1
Source: Central government budget.

Includes about 21agencies, with the largest being UNAH and UPNFM (the public universities) INFOP (technical assistance to producers), COHDEFOR (forestry agency), and IHNFA (Honduran Family Institute).

Source: Central government budget.

Includes about 21agencies, with the largest being UNAH and UPNFM (the public universities) INFOP (technical assistance to producers), COHDEFOR (forestry agency), and IHNFA (Honduran Family Institute).

Table 20.Honduras: Operations of National Enterprise of Electricity Energy, ENEE
Prel.
19941995199619971998
(In millions of lempiras)
Operating revenue939.31,568.12,288.62,882.23,450.6
Sales of electricity 1/896.71,619.42,354.42,838.83,185.2
Interest earnings51.60.714.732.446.3
Other goods and services27.285.489.098.7208.4
Change in accounts receivable (increase -)-36.2-137.4-169.5-87.710.7
Operating expenditure729.81,705.42,018.22,254.82,494.8
Wages and salaries 2/103.4112.8138.5173.9209.1
Severance payments0.016.712.47.94.6
Goods and services343.21,102.11,394.21,616.01,890.5
Fuels133.9254.149.367.8498.9
Others including maintenance56.7154.3148.8127.8131.0
Purchase of energy152.6693.71,196.11,420.41,260.6
Interest311.4424.5435.3454.8295.2
External311.4424.5411.2439.3280.1
Domestic0.00.024.115.515.1
Other5.340.823.710.3108.1
Change in accounts payable (increase -)-33.58.514.1-8.1-12.7
Operating balance209.5-137.3270.4627.4955.8
Net transfer payments5.73.510.6121.722.5
Taxes and transfer payments5.73.5242.2383.0252.9
To central government3.40.00.10.00.0
To rest of general government2.30.00.00.00.0
To private sector0.03.5242.1383.0252.9
Transfer receipts0.00.0231.6261.3230.4
From central government3.40.0231.6261.3230.4
Current account balance203.8-140.8259.8505.79333
Net capital revenue0.0104.022.153.454.5
Capital tranfers receipts0.0104.022.153.454.5
From central government0.0104.022.153.454.5
Capital expenditure408.2243.0369.4537.0304.0
Primary balance55.4144.0333.1444.5932.7
Overall balance-204.4-279.8-87.522.1683.8
Financing204.4279.887.5-22.1-683.8
Foreign (net)-308.4-152.8-274.8-214.8-170.7
Drawings232.10.07.715.90.0
Amortization payments540.5152.8282.5230.7170.7
Domestic512.8432.6362.3192.7-513.1
Central bank-43.1-34.427.1-16.1-20.7
Rest of banking system-12.4-3.17.4-69.435.7
Government emergency loan468.0837.0303.4105.252.8
From government with foreign resources0.0-46.253.1-183.7-23.0
Investment in securities and foreign account0.016.316.3-67.067.0
Other100.3-337.0-45.0423.7-624.9
(In percent of GDP)
Operating revenue3.34.24.84.74.9
Operating expenditure2.54.54.23.73.5
Net current transfer payments0.00.00.00.20.0
Net capital revenue0.00.30.00.10.1
Capital expenditure1.40.60.80.90.4
Operating balance0.7-0.40.61.01.4
Current account balance0.7-0.40.50.81.3
Primary balance0.20.40.70.71.3
Overall balance-0.7-0.7-0.20.01.0
External financing-1.1-0.4-0.6-0.4-0.2
Domestic financing1.81.20.80.3-0.7
Memorandum items:
Tariff in lempiras per KWH, average0.60.81.01.1
Tariff in U.S. cents per KWH, average6.87.87.88.7
Output sold in GW/H (in millions of lempiras)1,7301,5862,1932,828
Sources: Ministry of Finance; ENEE; Central Bank; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Sources: Ministry of Finance; ENEE; Central Bank; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Table 21.Honduras: Operations of the National Telecommunications Enterprise, HONDUTEL
Prel.
19941995199619971998
(In millions of lempiras)
Operating revenue780.11,082.01,769.61,926.82,166.2
Sales of goods and services 1/856.81,236.61,808.61,872.02,165.6
Interest earnings12.255.362.885.7142.9
Other5.33.80.734.159.6
Change in accounts receivable (increase -)-94.2-213.7-102.5-65.0-201.9
Operating expenditure398.8390.1737.0544.9883.5
Wages and salaries 2/155.3195.2229.5318.6392.2
Severance payments0.029.429.57.852.0
Goods and services53.692.9188.9145.0125.8
Interest150.273.5206.0158.0168.2
External145.866.7199.7152.2168.2
Domestic4.46.86.35.80.0
Other2.715.636.59.39.9
Change in accounts payable (increase -)37.0-16.546.6-93.8135.4
Operating balance381.3691.91,032.61,381.91,282.7
Net transfer payments122.4142.3229.3223.7165.5
Taxes and transfer payments122.4142.3229.3223.7165.5
To central government104.6123.2195.5189.9150.0
To rest of general government0.00.00.00.00.0
To private sector15.613.515.517.915.5
To abroad2.25.618.315.90.0
Current account balance258.9549.6803.31,158.21,117.2
Net capital revenue16.90.017.50.00.0
Capital revenue16.90.017.50.00.0
Capital expenditure592.2794.51,040.6495.2222.7
Fixed investment509.9868.71,025.5502.2324.9
Inventory changes39.8-75.914.5-24.8-102.2
Other42.51.70.617.80.0
Primary balance-178.4-226.7-76.67353919.8
Overall balance-316.4-244.9-219.8663.0894.5
Total financing316.4244.9219.8-663.0-894.5
Foreign161.6-39.1-39.1-315.6-2,064.4
Drawings440.03.24.319.70.0
Amortization80.042.343.4335.32,064.4
Investment trust amortization198.40.00.00.00.0
Domestic154.8284.0258.9-347.41,169.9
Central bank55.264.0-130.35.3-103.9
Rest of banking system55.911.0-9.5-70.9-299.5
Government with foreign resources0.0-144.9-26.6-52.9-41.1
Investment in securities and foreign account0.00.00.0-22.3-217.1
Other43.7353.9425.3-206.61,831.5
Operating revenue2.72.93.73.13.1
Operating expenditure1.41.01.50.91.3
Net capital revenue0.10.00.00.00.0
Capital expenditure2.12.12.20.80.3
Operating balance1.31.82.22.31.8
Current account balance0.91.51.71.91.6
Primary balance-0.6-0.6-0.21.21.3
Overall balance-1.1-0.7-0.51.11.3
External financing0.6-0.1-0.1-0.5-2.9
Domestic financing0.50.80.5-0.61.7
Sources: Ministry of Finance; HONDUTEL; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Sources: Ministry of Finance; HONDUTEL; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Table 22.Honduras: Operations of the National Autonomous Water and Sewerage Service, SANAA
Prel.
19941995199619971998
(In millions of lempiras)
Operating revenue59.985.8123.5119.698.2
Sales of goods and services 1/46.974.6108.691.998.3
Interest earnings0.30.13.64.01.9
Other11.817.826.426.235.1
Change in accounts receivable (increase -)0.9-6.7-15.1-2.5-37.1
Operating expenditure36.892.494.293.3116.4
Wages and salaries 2/29.336.742.347.856.5
Severance payments0.03.16.75.64.8
Goods and services21.031.242.538.650.7
Interest0.80.84.90.00.0
External0.00.00.00.00.0
Domestic0.80.84.90.00.0
Other0.91.00.90.50.5
Change in accounts payable (increase -)-15.219.6-3.10.83.9
Operating balance23.1-6.629.326.3-18.2
Net transfer payments10.60.10.00.10.1
Taxes and transfer payments10.60.10.00.10.1
To central government5.10.00.00.00.0
To rest of general government1.30.00.00.00.0
To private sector4.10.10.00.10.1
Current account balance12.5-6.729.326.2-18.3
Net capital revenue123.7314.9154.3108.7307.8
Capital revenue7.30.00.00.00.0
Capital tranfers receipts116.4314.9154.3108.7307.8
From central government116.4314.9154.3108.7307.8
From other0.00.00.00.00.0
Capital expenditure124.1319.5338.0120.7287.1
Fixed investment123.7314.9323.9124.9307.8
Inventory changes0.44.614.1-4.2-20.7
Primary balance12.6-10.6-153.110.20.5
Overall balance12.1-11.3-154.414.22.4
(In millions of lempiras)
Financing-12.111.3154.4-14.2-2.4
Foreign-3.211.7118.716.20.0
Drawings0.00.00.00.00.0
Amortization payments3.20.00.00.00.0
Foreingn capital grants0.011.7118.716.20.0
Domestic-8.9-0.435.7-30.4-2.4
Central bank-4.80.0-0.4-12.9-5.7
Rest of banking system1.40.0-9.713.32.2
Other-5.5-0.445.8-30.81.1
(In percent of GDP)
Operating revenue0.20.20.30.20.1
Operating expenditure0.10.20.20.20.2
Net current transfer payments0.00.00.00.00.0
Net capital revenue0.40.80.30.20.4
Capital expenditure0.40.90.70.20.4
Operating balance0.10.00.10.00.0
Current account balance0.00.00.10.00.0
Primary balance0.00.0-0.30.00.0
Overall balance0.00.0-0.30.00.0
Sources: Ministry of Finance; SANAA; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Sources: Ministry of Finance; SANAA; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Table 23.Honduras: Operations of the National Ports Enterprise, ENP
Prel.
19941995199619971998
(In millions of lempiras)
Operating revenue247.3331.1396.2473.1544.7
Sales of goods and services 1/235.5287.7360.7455.7514.7
Interest earnings2.110.325.224.716.6
Other12.07.89.917.317.3
Change in accounts receivable (increase -)-2.325.30.4-24.6-3.9
Operating expenditure94.1114.7135.0181.8188.7
Wages and salaries 2/56.660.168.381.7102.6
Severance payments0.04.85.710.09.1
Goods and services23.928.133.240.556.2
Interest10.632.727.019.925.0
External10.632.727.019.925.0
Domestic0.00.00.00.00.0
Other0.81.01.21.41.7
Change in accounts payable (increase -)2.2-12.0-0.428.3-5.9
Operating balance153.2216.4261.2291.3356.0
Net transfer payments35.635.942.8100.7124.6
Taxes and transfer payments35.635.942.8100.7124.6
To central government25.623.725.780.6100.9
To rest of general government8.710.613.417.019.2
To private sector0.81.02.41.72.9
To abroad0.50.61.31.41.6
Current account balance117.6180.5218.4190.6231.4
Net capital revenue50.71.81230.00.0
Capital revenue50.71.812.30.00.0
Capital transfers payments0.00.00.00.00.0
To rest of general government0.00.00.00.00.0
Capital expenditure119.5123.251.147.8134.5
Fixed investment114.4122.543.844.5126.0
Inventory changes2.40.77.31.78.5
Other2.70.00.00.00.0
Net lending0.00.00.01.60.0
Primary balance57.381.5181.4138.0105.3
Overall balance48.859.1179.6142.896.9
(In millions of lempiras)
Financing-48.8-59.1-179.6-142.8-96.9
Foreign39.055.1-35.7-32.9-14.0
Drawings61.867.00.00.00.0
Amortization22.811.935.732.914.0
Domestic-87.8-114.2-143.9-109.9-82.9
Central bank-17.1-73.9-7.24.727.7
Rest of banking system1.0-71.33.3-20.6-51.5
Government with foreign resources0.0-15.2-90.0-142.1-59.5
Investment in securities1.013.0-33.652.00.0
Other-72.733.2-16.4-3.90.4
(In percent of GDP)
Operating revenue0.90.90.80.80.8
Operating expenditure0.30.30.30.30.3
Net transfer payments0.10.10.10.20.2
Net capital revenue0.20.00.00.00.0
Capital expenditure0.40.30.10.10.2
Operating balance0.50.60.50.50.5
Current account balance0.40.50.50.30.3
Primary balance0.20.20.40.20.1
Overall balance0.20.20.40.20.1
External financing0.10.1-0.1-0.10.0
Domestic financing-0.3-0.3-0.3-0.2-0.1
Sources: Ministry of Finance; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Sources: Ministry of Finance; Central Bank of Honduras; and Fund staff estimates.

On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

Includes employers contributions to the social security system.

Table 24.Honduras: Detailed Accounts of the Financial System(In millions of lempiras)
L 10.34 = US$1L 13.09 = US$1L 13.81= US$1
1994199519951996199719971998
I. Central Bank
Net international reserves-271,1701,4812,7626,4336,7879,112
Foreign assets2,1243,0583,8713,7037,7338,15911,437
Net IMF position-1,100-1,079-1,366-765-606-639-1,489
Other short-term foreign liabilities-1,051-808-1,023-177-694-733-837
Domestic assets6,9325,9146,7936,1711,9151,904-355
Credit to public sector303-317-463-701-1,613-1,623-3,599
Central government397-68-169-438-1,003-1,008-2,632
Credit1,4781,2511,2511,1381,4111,4211,501
Deposits-1,081-1,319-1,420-1,576-2,415-2,429-4,133
Rest of the public sector-94-249-293-263-609-615-967
Credit137140140173999979
Deposits-231-389-433-436-708-714-1,046
Government trust fund-125-174-174-201000
FHIS-24-9-10-22-8-8-1
Official capital-1,161-1,469-1,469-1,577-1,286-1,286-537
Credit to the private sector58646458553
Arrears deposits0000000
Credit to banks, net896430429-137-3,816-3,816-4,583
Claims on banks1,2511,1871,1891,275289289204
Development banks343331331312151151104
Commercial banks67961661772113613699
Specialized saving institutions229240240242221
Liabilities to banks-355-758-760-1,412-4,104-4,104-4,787
Net unclassified assets7,2657,6998,8099,1128,9738,9928,717
Exchange losses6,0626,0076,0077,2215,9245,92417
Other 1/1,2031,6922,8021,8923,0503,0688,700
Allocation of SDRs-280-310-393-362-341-359-354
Medium- and long-term foreign liabilities4,6194,4755,6655,5793,6983,9023,989
Private sector deposits99274274377571571109
Money74191191143264264100
Sight deposits44202018232320
Time and savings deposits3117217212424224280
Bonds24323237000
CAMs051511973073079
Currency issue2,3132,5102,5103,1784,0794,0794,660
Cash in vault347432432583804804960
Currency in circulation1,9662,0782,0782,5953,2753,2753,700
II. Commercial Banks
Net international reserves5728031,0171,9562,2362,3593,202
Foreign assets8531,2621,5982,7283,4943,6874,516
Short-term foreign liabilities-282-459-581-772-1,258-1,328-1,315
Claims on central bank6951,1451,1451,9944,4594,4595,222
Cash in vaults318399399547764764916
Deposits3495595595781,3791,3791,912
FOVI bonds 2/27282827000
CAMs 3/01601608412,3172,3172,395
Domestic assets8,3899,86110,28013,01517,79118,07223,189
Credit to public sector (net)800660645217-779-783-2,052
Central government1,2541,1741,17484127527577
Credit1,2601,1781,17884127527577
Deposits-6-3-30000
Rest of public sector-455-515-529-624-1,054-1,058-2,129
Credit11010155454147
Deposits-456-525-539-639-1,107-1,111-2,275
Credit to rest of banking system0000000
Credit to nonbank private financial intermediaries0000000
FHIS-46-32-32-43-13-13-4
Credit to the private sector6,4147,7118,04311,00816,74317,00323,248
Unclassified assets 1/1,2211,5221,6241,8331,8401,8641,997
Medium- and long-term foreign liabilities3445406831,1242,0862,2013,217
Liabilities to central bank69261962176115615690
Liabilities to the private sector8,61910,65111,13815,07922,24522,53428,306
Liquid liabilities6,9488,4518,93912,30718,40918,69823,430
Sight deposits1,7612,3672,3673,0624,2874,2874,841
Quasi-money4,4985,6836,1718,79813,59413,88417,854
Domestic currency3,1843,8503,8504,7418,3398,33911,285
Time and savings deposits3,0343,6763,6764,5958,1888,18811,125
Specialized savings9110310399112112116
Other deposits59727248393944
Deposits in foreign currency1,3151,8332,3204,0575,2555,5456,569
Bonds14292933616191
Other obligations675372372414467467644
Capital and surplus1,6702,2002,2002,7723,8363,8364,876
III. Consolidated Development Banks
Net international reserves1222224
Foreign assets1233447
Short-term foreign liabilities0-1-1-1-3-3-3
Claims on central bank62363635208208388
Cash in vaults14151514212120
Deposits48202018168168339
CAMs0223191929
Domestic assets644622659686443452237
Credit to public sector (net)10171733-151-151-857
Central government-29-33-33-10-231-231-902
Credit7883522022020
Deposits-36-41-41-45-450-450-922
Rest of public sector39505043808045
Credit105112112114173173156
Deposits-66-62-62-71-94-94-111
Government trust fund-1-1-1-1-1-1-1
Official capital and surplus-264109109109-1,124-1,124-1,507
Credit to nonbank private financial intermediaries0000000
Credit to the private sector228197197201283283292
FHIS0000000
Unclassified assets 1/6713013383441,4371,4462,310
Medium- and long-term foreign liabilities139140178166164173174
Liabilities to central bank407330330321165165109
Liabilities to the private sector160189189235324324347
Sight deposits12101015262618
Quasi-money78868799117118138
Domestic currency77868698115115135
Time and savings deposits75828292106106123
Other deposits in local currency24469912
Deposits in foreign exchange0012233
Bonds111017177
Other obligations709191121164164184
IV. Specialized Savings Institutions
Net international reserves957696158899489
Foreign assets10193118158899489
Short-term foreign liabilities-7-17-220000
Claims on central bank98109109106227227200
Cash in vaults15191922191924
Deposits62707055105105128
FOVI bonds21212120000
CAMs0001010310347
Domestic assets9821,4241,4341,4911,2511,2511,600
Credit to public sector (net)-203-83-83-18-105-105-72
Central government61868682113
Credit61868682113
Deposits0000000
Rest of public sector-264-169-169-100-106-106-75
Credit3440000
Deposits-267-173-173-100-106-106-75
Credit to rest of banking system0000000
Credit to the private sector1,0341,3331,3331,3061,4391,4392,052
FHIS-10-10-100000
Unclassified assets 1/162185195203-83-83-380
Liabilities to central bank24025525526212121
Liabilities to the private sector9351,3541,3841,4931,5551,5601,887
Liquid liabilities7911,1811,2111,2841,3591,3641,639
Quasi-money6648278579461,0031,0081,178
Deposits in domestic currency5527127127679089081,067
Time and savings deposits5527127127679089081,067
Deposits in foreign currency11211514517995100111
Other obligations127354354338357357461
Capital and surplus143173173209196196248
V. Honduras: Consolidated Banking System
Net international reserves6402,0512,5964,8778,7609,24212,406
Foreign assets3,0794,4155,5896,59211,32111,94416,049
Net IMF position-1,100-1,079-1,366-765-606-639-1,489
Short-term foreign liabilities-1,339-1,285-1,627-950-1,955-2,063-2,154
V. Honduras: Consolidated Banking System
Net domestic assets16,11417,47518,81821,57125,15725,43629,321
Credit to public sector910276116-468-2,647-2,662-6,580
Central government1,6831,1591,058475-958-962-3,454
Credit2,8062,5222,5222,0961,9071,9171,600
Deposits-1,123-1,363-1,464-1,622-2,865-2,879-5,054
Rest of public sector-774-883-942-943-1,689-1,699-3,126
Credit245265265302326326381
Deposits-1,019-1,149-1,207-1,245-2,015-2,025-3,507
Government trust fund-126-175-175-202-1-1-1
Credit to nonbank private financial intermediaries0000000
Credit to private sector7,7349,3049,63612,57218,46918,72925,596
Arrears deposits0000000
Official capital-1,425-1,360-1,360-1,468-2,411-2,411-2,044
FHIS-80-50-52-65-21-21-6
Unclassified assets 1/9,3189,70710,96511,49212,16612,21912,643
Allocation of SDRs-280-310-393-362-341-359-354
Interbank float63838071-58-5868
Medium- and long-term foreign liabilities5,1015,1546,5256,8695,9486,2757,380
Central bank4,6194,4755,6655,5793,6983,9023,989
Rest of banking system4836808611,2902,2502,3733,391
Liabilities to the private sector11,77814,54515,06319,78027,96928,26434,348
Liquid liabilities9,96412,17212,69016,79823,93824,23229,224
Money3,7834,4744,4745,6907,6107,6108,578
Currency in circulation1,9662,0782,0782,5953,2753,2753,700
Sight deposits1,8172,3972,3973,0954,3354,3354,879
Quasi-money5,2716,7687,2869,96814,95615,25019,250
Domestic currency3,8444,8204,8205,7309,6049,60412,567
Time and savings deposits3,6924,6424,6425,5789,4449,44412,395
Specialized savings9110310399112112116
Other deposits in local currency61757553484856
Deposits in foreign exchange1,4271,9482,4664,2385,3525,6476,683
Bonds39636371787897
Other obligations8728178178739879871,290
CAMs051511973073079
Capital and surplus1,8142,3732,3732,9814,0324,0325,124
Source: Central Bank of Honduras.

Includes valuation adjustment.

Housing Fund.

Open market operations.

Source: Central Bank of Honduras.

Includes valuation adjustment.

Housing Fund.

Open market operations.

Table 25.Honduras: Destination of Banking System Credit to the Private Sector
19941995199619971998
(In millions of lempiras)
Total7,4509,02212,10617,70325,266
Agriculture and related sectors1,4801,5761,9382,8084,081
Agriculture1,0931,1041,3331,9743,085
Coffee2822684066221,131
Cotton98111015
Basic grains212203239339529
Bananas212231192288297
Other3783954857161,112
Livestock348403484629760
Fishing3868122205236
Mining3391458
Manufacturing1,2601,5632,3823,0644,429
Transport and communications121193201341415
Construction and real estate1,3281,7552,1143,1475,000
Commerce2,1242,7863,9235,9467,735
Consumption4455277021,1321,677
Other6896208371,2521,871
(In percent of GDP)
Total25.824.125.428.935.8
Agriculture and related sectors6.56.98.512.418.0
Agriculture4.84.95.98.713.6
Coffee1.21.21.82.75.0
Cotton0.00.00.00.00.1
Basic grains0.90.91.11.52.3
Bananas0.91.00.81.31.3
Other1.71.72.13.24.9
Livestock1.51.82.12.83.4
Fishing0.20.30.50.91.0
Mining0.00.00.00.10.3
Manufacturing5.66.910.513.519.5
Transport and communications0.50.90.91.51.8
Construction and real estate5.97.79.313.922.0
Commerce9.412.317.326.234.1
Consumption2.02.33.15.07.4
Other3.02.73.75.58.2
(In percent of total)
Total100.0100.0100.0100.0100.0
Agriculture and related sectors19.917.516.015.916.2
Agriculture14.712.211.011.212.2
Coffee3.83.03.43.54.5
Cotton0.10.10.10.10.1
Basic grains2.82.22.01.92.1
Bananas2.82.61.61.61.2
Other5.14.44.04.04.4
Livestock4.74.54.03.63.0
Fishing0.50.81.01.20.9
Mining0.00.00.10.10.2
Manufacturing16.917.319.717.317.5
Transport and communications1.62.11.71.91.6
Construction and real estate17.819.517.517.819.8
Commerce28.530.932.433.630.6
Consumption6.05.85.86.46.6
Other9.26.96.97.17.4
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 26.Honduras: Legal Reserve Requirements
19941995199619971998
(End of period)
Commercial and development banks
Local currency deposits
Demand, saving, and time deposits40.034.034.012.012.0
Other deposits 1/40.034.034.012.012.0
Housing10.015.015.015.015.0
“Bonos de caja” 2/20.015.015.015.015.0
Foreign currency deposits
Demand, saving, and time deposits100.0100.0100.012.012.0
Certicates of deposit100.0100.0100.012.012.0
“Free availability” deposits100.0100.0100.012.012.0
Specialized saving institutions
Local currency deposits21.021.021.012.012.0
Foreign currency deposits100.0100.0100.012.012.0
Investment companies (“financieras”)
Local currency deposits0.015.015.012.012.0
Special requirements for agricultural banks
Local currency deposits20–3020–3020–3020–3020–30
Source: Central Bank of Honduras.

Savings certificates and certificates of deposit.

Long-term bonds issued to finance specific activities.

Source: Central Bank of Honduras.

Savings certificates and certificates of deposit.

Long-term bonds issued to finance specific activities.

Table 27.Honduras: Distribution of Domestic Bonded Debt(In millions of lempiras)
Prel.
19941995199619971998
Central government bonds3,2553,3613,4814,1203,640
By holder
Central bank1,4351,2511,1381,4111,501
Commercial banks1,2601,17884127577
BANADESA6733395
BANMA11349
FONAPROVI0001776
Savings and loan associations61868213
Nonbank financial institutions0321433631
IHSS53179399684702
Rest of public sector149186247273495
Insurance companies12413571103
Private sector2623935611,149708
International organizations178000
Local government bonds8171,0351,3411,4811,600
By holder:
Private sector0055116129
Central bank6053924845
Other credit institutions86102110189277
Rest of public sector2422221919
Central government6478581,0621,1091,130
Other public sector bonds4,5486,93611,84711,53012,333
By holder:
Central bank7887825134
Commercial banks3401817
BANADESA191919198
Central government4,4496,79011,71511,41412,254
IHSS and INJUPEM036312720
By debtor:4,5486,93611,84711,53012,333
ENEE2,7765,0019,0609,0669,667
SANAA34000
ENP391420389346353
HONDUTEL9359991,8861,6741,891
Others442513511443421
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 28.Honduras: Weighted Interest Rates of the Banking System(In percent, end of period)
19941995199619971998
I. Nominal Rates
Lending rates
Loans26.128.429.832.130.6
Overdraft35.335.638.139.638.8
Deposit rates
Saving deposits9.710.110.012.612.5
Term deposits11.112.617.419.320.0
Certificates15.917.119.521.721.7
Annual inflation (CPI)28.926.825.312.815.7
II. Real Rates 1/
Lending rate
Loans-2.21.33.617.112.9
Overdraft5.06.910.223.819.9
Deposit rates
Saving deposits-14.9-13.2-12.2-0.2-2.8
Term deposits-13.8-11.2-6.35.73.7
Certificates-10.1-7.6-4.67.95.2
Source: Central Bank of Honduras.

Nominal rates deflated by inflation.

Source: Central Bank of Honduras.

Nominal rates deflated by inflation.

Table 29.Honduras: Balance of Payments, 1994–98(In millions of U.S. dollars; unless otherwise indicated)
1994199519961997Prel.

1998
Current account-349-177-194-183-67
Trade balance-382-273-341-504-683
Exports of goods (f.o.b.)1,0171,2981,4181,5341,655
Coffee200350279327430
Bananas and other fruit199261329270237
Other exports618687810938988
Imports of goods (f.o.b.)-1,399-1,571-1,759-2,039-2,338
Services-178-168-12910140
Of which
Interest on external debt-212-228-217-193-194
Value added from maquila industries125163204305436
Current transfers211264277312476
3396148322616
Capital accounts252214151213131
Foreign direct investment42699012899
Portfolio nvestment 1/00054-26
Medium- and long-term loans11273-5-982
Disbursements340373366370394
Amortizations-228-300-371-379-312
Short-term (net)99726641-24
Errors and Omissions94-167013816
Overall balance-3222716980
Net international reserves (increase -)-23-116-98-280-168
Exceptional financing 2/26947111289
Memorandum items:
Current account (in percent of GDP)-10.2-4.5-4.8-3.9-1.3
Overall balance (in percent of GDP)-0.10.50.73.61.5
Gross reserves (end of period)205296283548770
in months of imports 3/1.41.71.42.42.9
Merchandise exports (percent change)15.927.69.67.94.5
Merchandise imports (percent change)9.712.311.911.714.7
Outstanding debt 4/3,7523,9523,7673,6313,793
External debt arrears 5/145128180121155
Debt to GDP ratio (in percent)109100927774
Debt service ratio35.933.032.726.720.6
GDP3,4283,9604,0794,7085,268
Lempira per U.S. dollar (period average)8.49.511.713.013.4
Sources: Central Bank of Honduras; and Fund staff estimates.

Data on portfolio investment is not available before 1997.

Includes arrears to the Paris Club

Next year’s imports of goods and services.

Medium and long-term public and publically guaranted external debt.

Principal and interest arrears, includes arrears to the Paris Club.

Sources: Central Bank of Honduras; and Fund staff estimates.

Data on portfolio investment is not available before 1997.

Includes arrears to the Paris Club

Next year’s imports of goods and services.

Medium and long-term public and publically guaranted external debt.

Principal and interest arrears, includes arrears to the Paris Club.

Table 30.Honduras: Exports by Product, 1994–98
Prel.
19941995199619971998
(Value in millions of dollars, unit value in dollars)
Traditional exports618.8800.8817.5832.2850.1
Coffee200.1349.3278.9326.3429.8
Volume (thousands of quintals)2,241.02,343.02,687.02,246.03,039.0
Unit Value (per 100 1b.)89.3149.1103.8145.3141.4
Bananas155.1214.2279.8212.0175.7
Volume (millions of 40 1b. boxes)26.831.738.733.128.2
Unit Value (per box)5.86.87.26.46.2
Wood21.319.021.719.516.4
Volume (thousands of cubic meters)76.267.671.160.557.9
Unit Value (per cubic meter)279.6281.0305.2322.3283.2
Beef39.013.011.011.04.0
Volume (millions of kilograms)16.26.05.85.51.8
Unit Value (per kilogram)2.42.21.82.02.2
Lead1.71.82.74.63.2
Volume (millions of lbs.)6.35.87.413.610.4
Unit Value (per lb.)0.30.30.40.30.3
Zinc21.127.125.753.836.3
Volume (millions of lbs.)51.463.261.596.685.7
Unit Value (per lb.)0.40.40.40.60.4
Silver4.45.54.76.57.8
Volume (millions troy ounces)0.91.10.91.41.5
Unit Value (per ounce)5.14.95.04.55.1
Shrimps133.6124.5143.2150.9128.8
Volume (millions of kilograms)10.39.210.710.59.5
Unit Value (per kilogram)13.013.513.414.413.5
Lobsters31.934.135.028.229.3
Volume (millions of kilograms)1.01.11.10.90.9
Unit Value (per kilogram)30.532.032.432.532.8
Sugar4.86.89.512.110.2
Volume (millions of kilograms)9.613.319.324.921.0
Unit Value (per kilogram)0.50.50.50.50.5
Tobacco5.85.55.37.38.6
Volume (millions of kilograms)2.62.42.32.42.7
Unit Value (per kilogram)2.32.32.33.03.2
Nontraditional exports346.7419.4498.5613.5724.9
Total exports, customs basis965.51,220.21,316.01,445.71,575.0
Adjustments51.177.5101.788.679.9
Unrecorded exports46.169.179.283.173.9
Re-exports5.05.05.05.05.5
Other0.03.417.50.50.5
Total exports, BOP basis1,016.61,297.71,417.71,534.31,654.9
(In percent)
Memorandum items:
Traditional share, customs basis64.165.662.157.654.0
Nontraditional share, customs basis35.934.437.942.446.0
Source: Central Bank of Honduras.
Source: Central Bank of Honduras.
Table 31.Honduras: Economic Classification of Imports, 1994–98
Prel.
19941995199619971998
(In millions of U.S. dollars)
Total imports, c.i.f. 1/1,4601,6431,8402,1492,500
Consumer goods319357400481574
Durables95106119143171
Nondurables224251281338403
Raw materials527590662795949
Agriculture110123138165197
Manufacturing418467524630752
Lubricants and fuels191222246234214
Capital goods394441494597712
Agriculture1516182226
Manufacturing194217244293350
Transport142159178214255
Construction4348546881
Other3034384351
(In percent of total imports)
Consumer goods2222222223
Raw material3636363738
Lubricants and fuels131313119
Capital goods2727272828
Other22222
Source: Central Bank of Honduras.

Customs basis.

Source: Central Bank of Honduras.

Customs basis.

Table 32.Honduras: Distribution of Exports, f.o.b. by Destination, 1994-98(In percent of total)
Prel.
19941995199619971998
Total exports100.0100.0100.0100.0100.0
United States48.748.544.942.437.5
Other Western Hemisphere19.219.521.420.422.0
CACM countries 1/14.514.815.714.714.4
Dominican Republic0.10.10.60.20.1
Trinidad and Tobago0.30.30.00.10.1
Venezuela0.00.00.00.00.1
Other4.34.35.15.47.3
Europe24.624.624.528.026.2
Belgium4.33.54.84.54.5
France1.21.21.01.01.0
Germany6.28.66.58.37.9
Italy1.71.72.22.92.0
Netherlands1.91.92.31.10.9
Spain3.23.23.33.42.8
Other6.14.54.46.87.1
Other countries7.57.49.29.214.3
Japan3.23.22.93.04.2
Other4.34.26.36.210.1
Source: Central Bank of Honduras.

Central American Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Source: Central Bank of Honduras.

Central American Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Table 33.Honduras: Distribution of Imports, c.i.f., by Origin, 1994–98(In percent of total)
Prel.
19941995199619971998
Total imports1/100.0100.0100.0100.0100.0
North America43.843.647.348.747.0
Canada0.90.70.70.60.4
United States42.942.946.648.146.6
Other Western Hemisphere34.534.936.335.134.0
CACM countries 2/14.717.716.316.016.5
Brazil1.81.61.11.10.9
Colombia0.91.11.00.70.6
Mexico3.04.44.95.44.7
Trinidad and Tobago0.30.10.20.51.0
Venezuela0.91.31.61.31.3
Other12.98.711.210.19.0
Europe12.411.38.17.57.8
Belgium1.40.90.80.90.7
France0.60.31.10.40.7
Germany3.62.31.71.61.3
Italy0.70.70.60.70.5
Netherlands1.53.41.00.41.4
Spain1.81.61.10.91.1
United Kingdom0.70.40.50.50.6
Other2.11.71.32.11.5
Other countries9.310.28.38.711.2
Japan4.73.64.33.54.7
Other4.66.64.05.26.5
Source: Central Bank of Honduras.

Excludes adjustments for undervaluation and coverage.

Central America Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Source: Central Bank of Honduras.

Excludes adjustments for undervaluation and coverage.

Central America Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Table 34.Honduras: Visible Trade with the Central American Common Market, 1994–98(In millions of U.S. dollars)
Prel.
19941995199619971998
Exports, f.o.b. 1/139.9180.8206.3213.0226.9
By destination
Costa Rica21.523.527.228.129.9
El Salvador43.551.959.161.065.0
Guatemala34.749.256.057.861.6
Nicaragua40.256.264.066.170.4
By commodity 2/
Soap10.426.434.136.936.9
Barbed wire0.20.20.00.11.7
Natural and vulcanized rubber0.30.30.10.10.1
Edible com starches0.40.50.00.00.0
Plywood0.40.50.00.00.0
Fruit juices0.10.10.10.311.6
Crown corks and metal stoppers0.20.20.00.00.1
Imports, c.i.f. 1/214.2290.2299.6342.2405.6
By origin
Costa Rica47.957.459.356.668.2
El Salvador59.083.689.4113.4120.9
Guatemala93.7134.4133.5151.1201.3
Nicaragua13.614.817.421.115.2
By commodity 2/
Foodstuff, beverages, and tobacco24.735.458.671.189.4
Raw materials28.340.7
Chemicals46.266.460.256.985.0
Manufactures52.275.057.463.969.2
Capital goods12.317.764.682.6100.7
Source: Central Bank of Honduras.

Excludes adjustments for undervaluation and coverage.

Source: Central Bank of Honduras.

Excludes adjustments for undervaluation and coverage.

Table 35.Honduras: Medium- and Long-term, Public and Publicly Guaranteed External Debt and Debt Service, 1994–98(In millions of U.S. dollars)
Prel.
19941995199619971998
Total outstanding (end of period)3,7523,9523,7673,6313,889
IMF109985846113
Multilateral 1/2,1752,2972,2452,2192,303
Paris Club creditors1,1251,2271,1711,1001,185
Other bilaterals173202196212249
Private creditors170128985340
Disbursements257333301246183
IMF030000
Multilaterals194212278173149
Paris Club creditors5959112618
Other bilaterals432114716
Private creditors00000
Debt service due before rescheduling437541587506430
IMF20474092
Multilaterals254282348317243
Paris Club creditors79126133104101
Other bilaterals4032293240
Private creditors4353384544
Debt service due after rescheduling383473567425363
IMF20474092
Multilaterals254258348235188
Paris Club creditors409411410493
Other bilaterals2621293236
Private creditors4353384544
Debt service cash payments351415482378312
IMF20474092
Multilaterals241251341228179
Paris Club creditors3452447155
Other bilaterals1615212733
Private creditors4050364343
Stock of arrears87128180121155
Multilaterals17871013
Paris Club creditors6349253109
Other bilaterals425147443
Private creditors2235341430
Source: Central Bank of Honduras.

Including CABEI.

Source: Central Bank of Honduras.

Including CABEI.

Table 36.Honduras: Stock of Arrears, 1995-98(In millions of U.S. dollars)
Prel.
1995199619971998
Stock of arrears128180121155
Multilaterals871013
Official bilateral8513997112
Paris Club creditors349253109
Non-Paris Club creditors5147443
Commercial35341430
Principal7711973102
Multilaterals5467
Official bilateral519460.478
Paris Club creditors19653476
Non-Paris Club creditors3129262
Commercial2221717
Interest50614754
Multilaterals3346
Official bilateral35453734
Paris Club creditors15271933
Non-Paris Club creditors2018180
Commercial1313714
Source: Central Bank of Honduras
Source: Central Bank of Honduras
Table 37.Honduras: Nominal and Real Effective Exchange Rates, 1991–98 1/(Period Averages; 1990 = 100)
PeriodLempiras/

U.S. Dollar
Nominal Effective

Exchange Rate Index 1/
Real Effective

Exchange Rate Index 1/
19915.4117.572.5
19925.6122.971.3
19936.574.185.2
19948.463.176.0
19959.556.182.3
199611.747.181.9
199713.045.091.7
199813.4
1993
I5.878.590.1
II6.176.787.9
III6.970.581.7
IV7.170.880.9
1994
I7.470.080.1
II8.265.076.5
III8.959.873.2
IV9.257.774.2
1995
I9.158.981.2
II9.256.982.1
III9.555.582.4
IV10.153.383.3
1996
I10.750.981.9
II11.348.682.2
III12.344.880.5
IV12.744.083.2
1997
I12.844.988.6
II13.044.690.0
III13.145.193.3
IV13.145.494.9
1998
I13.246.399.3
II13.346.0102.7
III13.545.6104.7
IV13.743.5102.4
1998
January13.146.597.8
February13.246.298.2
March13.246.199.8
April13.246.1101.3
May13.345.8101.5
June13.346.0103.2
July13.445.9104.5
August13.545.9104.5
September13.644.9102.7
October13.643.7101.1
November13.743.7102.0
December13.843.2102.0
Sources: Central Bank of Honduras; and the Information Notice System.

A decline in the index reflects depreciation.

Sources: Central Bank of Honduras; and the Information Notice System.

A decline in the index reflects depreciation.

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