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The Economy of Belize

Belizean Economy

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Economy - overview: In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner 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 sturdy GDP growth averaging nearly 4% in 1999-2007, though growth slipped below 3% in 2008 as a result of the global slowdown. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue though no new production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 90% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which will reduce interest payments and relieve liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP:

GDP - real growth rate: 4.8% (2008 est.) 1.6% (2007 est.) 5.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 29% industry: 16.9% services: 54.1% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 113,000 note: shortage of skilled labor and all types of technical personnel (2006 est.)

Labor force - by occupation: agriculture: 19.5% industry: 17.9% services: 61.9% (2005)

Unemployment rate: 8.5% (2007)

Budget: revenues: $335.5 million expenditures: $361.5 million (2008 est.)

Industries: garment production, food processing, tourism, construction, oil

Industrial production growth rate: 1.8% (2008 est.)

Electricity - production: 213.5 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 193.3 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 3,000 bbl/day (2007 est.)

Oil - consumption: 7,000 bbl/day (2006 est.)

Oil - exports: 1,960 bbl/day (2006)

Oil - imports: 7,122 bbl/day (2005)

Oil - proved reserves: 6.7 million bbl (1 January 2008 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments

Exports: $496 million f.o.b. (2008 est.)

Exports - commodities: sugar, bananas, citrus, clothing, fish products, molasses, wood

Exports - partners: US 28.7%, UK 16.3%, Thailand 5.8%, Cote d'Ivoire 5.4%, Finland 4.2%, Spain 4% (2007)

Imports: $718 million f.o.b. (2008 est.)

Imports - commodities: machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco

Imports - partners: US 31.2%, Mexico 13.6%, Cuba 8.5%, Guatemala 8%, Russia 4.6% (2007)

Debt - external: $1.2 billion (June 2005 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Belizean dollars (BZD) per US dollar - 2 (2008 est.), 2 (2007), 2 (2006), 2 (2005), 2 (2004)

Fiscal year: