Economy – overview
Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. 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. Exploration efforts have continued and production has increased a small amount. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country’s liquidity concerns. Growth slipped to 0% in 2009 and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.
GDP (purchasing power parity)
$2.651 billion (2010 est.)
$2.599 billion (2009 est.)
$2.6 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate)
$1.396 billion (2010 est.)
GDP – real growth rate
2% (2010 est.)
0% (2009 est.)
3.8% (2008 est.)
GDP – per capita (PPP)
$8,400 (2010 est.)
$8,400 (2009 est.)
$8,600 (2008 est.)
note: data are in 2010 US dollars
GDP – composition by sector
agriculture: 21.6%
industry: 20.2%
services: 58.2% (2010 est.)
Population below poverty line
43% (2010 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)
Unemployment rate
13.1% (2009)
8.2% (2008)
Unemployment, youth ages 15-24
total: 19.5%
male: 13.8%
female: 28.8% (2005)
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed)
24.3% of GDP (2010 est.)
Budget
revenues: $350 million
expenditures: $400 million (2010 est.)
Taxes and other revenues
25.1% of GDP (2010 est.)
Budget surplus (+) or deficit (-)
-3.6% of GDP (2010 est.)
Public debt
83% of GDP (2010 est.)
83.4% of GDP (2009 est.)
Inflation rate (consumer prices)
0.9% (2010 est.)
-1.1% (2009 est.)
Central bank discount rate
18% (31 December 2010 est.)
12% (31 December 2009 est.)
Commercial bank prime lending rate
13.9% (31 December 2010 est.)
14.1% (31 December 2009 est.)
Stock of narrow money
$354 million (31 December 2010 est.)
$356.7 million (31 December 2009 est.)
Stock of money
$345.7 million (31 December 2008)
$323.9 million (31 December 2007)
Stock of broad money
$1.282 billion (31 December 2010 est.)
$1.084 billion (31 December 2009 est.)
Stock of quasi money
$653.8 million (31 December 2008)
$549 million (31 December 2007)
Stock of domestic credit
$950 million (31 December 2010 est.)
$1 billion (31 December 2009 est.)
Market value of publicly traded shares
$NA
Agriculture – products
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber
Industries
garment production, food processing, tourism, construction, oil
Industrial production growth rate
1.4% (2010 est.)
Electricity – production
215.5 million kWh (2008 est.)
Electricity – production by source
fossil fuel: 59.9%
hydro: 40.1%
nuclear: 0%
other: 0% (2001)
Electricity – consumption
200.4 million kWh (2008 est.)
Electricity – exports
0 kWh (2009 est.)
Electricity – imports
0 kWh (2009 est.)
Oil – production
4,252 bbl/day (2010 est.)
Oil – consumption
7,000 bbl/day (2010 est.)
Oil – exports
0 bbl/day (2009 est.)
Oil – imports
7,326 bbl/day (2009 est.)
Oil – proved reserves
6.7 million bbl (1 January 2011 est.)
Natural gas – production
0 cu m (2009 est.)
Natural gas – consumption
0 cu m (2009 est.)
Natural gas – exports
0 cu m (2009 est.)
Natural gas – imports
0 cu m (2009 est.)
Natural gas – proved reserves
0 cu m (1 January 2011 est.)
Current Account Balance
-$24.1 million (2010 est.)
-$82.8 million (2009 est.)
Exports
$475.7 million (2010 est.)
$383.9 million (2009 est.)
Exports – commodities
sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil
Exports – partners
US 30.3%, UK 20.8%, Costa Rica 12.7%, Cote dIvoire 4.6%, Nigeria 4.6% (2010)
Imports
$647.2 million (2010 est.)
$620.5 million (2009 est.)
Imports – commodities
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports – partners
US 34%, Mexico 14.3%, Cuba 9.5%, Guatemala 7.6%, China 4.7%, Trinidad and Tobago 4.3% (2010)
Reserves of foreign exchange and gold
$201.7 million (31 December 2010 est.)
$213.7 million (31 December 2009 est.)
Debt – external
$1.01 billion (2009 est.)
$954.1 million (2008 est.)
Exchange rates
Belizean dollars (BZD) per US dollar -
2 (2010)
2 (2009)
2 (2008)
2 (2007)
2 (2006)