Belize: Economy#
Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, sugar, citrus, and bananas.The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, due to the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but growth grew to 2.2% in 2015.
Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns.
Economic Facts#
| GDP (purchasing power parity) | $3.088 billion (2016 est.) $3.088 billion (2015 est.) $3.056 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $1.77 billion (2015 est.) |
| GDP - real growth rate | 0% (2016 est.) 1% (2015 est.) 4.1% (2014 est.) |
| GDP - per capita (PPP) | $8,200 (2016 est.) $8,400 (2015 est.) $8,600 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 7.6% of GDP (2016 est.) 13.7% of GDP (2015 est.) 11.5% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 72.1% government consumption: 17.2% investment in fixed capital: 20.3% investment in inventories: 0.8% exports of goods and services: 52.6% imports of goods and services: -63% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 11.7% industry: 14.5% services: 59.9% (2016 est.) |
| Agriculture - products | bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber |
| Industries | garment production, food processing, tourism, construction, oil |
| Industrial production growth rate | -1% (2016 est.) |
| Labor force | 120,500 note: shortage of skilled labor and all types of technical personnel (2008 est.) |
| Labor force - by occupation | agriculture: 10.2% industry: 18.1% services: 71.7% (2007 est.) |
| Unemployment rate | 12.9% (2014 est.) 14.1% (2013 est.) |
| Population below poverty line | 41% (2013 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $500 million expenditures: $650 million (2016 est.) |
| Taxes and other revenues | 28.2% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -8.5% of GDP (2016 est.) |
| Public debt | 86.3% of GDP (2016 est.) 82.4% of GDP (2015 est.) |
| Fiscal year | 1 April - 31 March |
| Inflation rate (consumer prices) | 0.9% (2016 est.) -0.9% (2015 est.) |
| Central bank discount rate | 18% (31 December 2010) 12% (31 December 2009) |
| Commercial bank prime lending rate | 10.8% (31 December 2016 est.) 10.32% (31 December 2015 est.) |
| Stock of narrow money | $765.5 million (31 December 2016 est.) $764.3 million (31 December 2015 est.) |
| Stock of broad money | $1.785 billion (31 December 2016 est.) $1.437 billion (31 December 2015 est.) |
| Stock of domestic credit | $1.45 billion (31 December 2016 est.) $1.174 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | -$220 million (2016 est.) -$172 million (2015 est.) |
| Exports | $519.5 million (2016 est.) $537.9 million (2015 est.) |
| Exports - commodities | sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil |
| Exports - partners | UK 30.8%, US 18.7%, Nigeria 6.7%, Trinidad and Tobago 4.8%, Ireland 4.2%, Jamaica 4.2% (2015) |
| Imports | $895.5 million (2016 est.) $961.3 million (2015 est.) |
| Imports - commodities | machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco |
| Imports - partners | US 26.6%, Mexico 11.7%, Cuba 10.2%, Guatemala 9%, China 7.5%, Trinidad and Tobago 5.6% (2015) |
| Reserves of foreign exchange and gold | $409.3 million (31 December 2016 est.) $437.2 million (31 December 2015 est.) |
| Debt - external | $1.327 billion (31 December 2016 est.) $1.309 billion (31 December 2015 est.) |
| Exchange rates | Belizean dollars (BZD) per US dollar - 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.) 2 (2012 est.) |