Economy of Belize
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. Oil discoveries in 2006 bolstered the economic growth in 2006 and 2007. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. In February 2007, the government restructured nearly all of its public external commercial debt, which will reduce interest payments and create the liquidity relief needed for an increase in public spending in the run-up to the March 2008 elections. A key short-term objective remains the reduction of poverty with the help of international donors.
GDP
Real Growth Rate
3%
Per Capita
USD 7,800
From Agriculture
21%
From Industry
14%
From Services
65%
Labour Force
Available for Work
1
Working in Agriculture
23%
Working in Industry
15%
Working in Services
62%
Unemployment Rate
9%
Population Below Poverty Line
33%
Inflation Rate
3%
Investment as Percent of GDP
22%
Budget
Revenues
USD 328 (m)
Expenditures
USD 365 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
Core Industries
Garment production, food processing, tourism, construction, oil
Exports
Value
USD 437 (m)
Commodities
Sugar, bananas, citrus, clothing, fish products, molasses, wood
Partners
US 33.9%, UK 33.6%, Cote d'Ivoire 3.7% (2006)
Imports
Value
USD 670 (m)
Commodities
Machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Partners
US 35.7%, Mexico 13%, Cuba 7.7%, Guatemala 7.2%, China 4.3% (2006)
External Debt
USD 1,200 (m)
Fiscal Year
1 April - 31 March
