| Economy | Belize |
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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 (purchasing power parity):
|
$2.577 billion (2008 est.)
$2.459 billion (2007)
$2.421 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$8,600 (2008 est.)
$8,300 (2007 est.)
$8,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$1.383 billion (2008 est.) |
GDP - real growth rate:
|
4.8% (2008 est.)
1.6% (2007 est.)
5.3% (2006 est.) |
GDP - composition by sector:
|
agriculture: 29%
industry: 16.9%
services: 54.1% (2008 est.) |
Investment (gross fixed):
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24.5% of GDP (2008 est.) |
Population below poverty line:
|
33.5% (2002 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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4.5% (2008 est.) |
Central bank discount rate:
|
12% (31 December 2007) |
Commercial bank prime lending rate:
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14.33% (31 December 2007) |
Stock of money:
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$323.9 million (31 December 2007) |
Stock of money - per capita:
|
1,052 USD per capita |
Stock of quasi money:
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$549 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,784 USD per capita |
Stock of domestic credit:
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$877.6 million (31 December 2007) |
Stock of domestic credit - per capita:
|
2,851 USD per capita |
Labor force:
|
113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.) |
Labor force participation rate:
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36.70 % of population |
Labor force - by occupation:
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agriculture: 19.5%
industry: 17.9%
services: 61.9% (2005) |
Unemployment rate:
|
8.5% (2007) |
Budget:
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revenues: $335.5 million
expenditures: $361.5 million (2008 est.) |
Budget revenues per capita:
|
1,090 USD per capita |
Public debt:
|
void |
Industries:
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garment production, food processing, tourism, construction, oil |
Industrial production growth rate:
|
1.8% (2008 est.) |
Electricity - production:
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213.5 million kWh (2007 est.) |
Electricity - production per capita:
|
694 kWh per capita |
Electricity - consumption:
|
193.3 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
628 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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3,000 bbl/day (2007 est.) |
Oil - production per capita:
|
9,744 bbl/day per capita |
Oil - consumption:
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7,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
8.30 bbl/year per capita |
Oil - exports:
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1,960 bbl/day (2006) |
Oil - imports:
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7,122 bbl/day (2005) |
Oil - proved reserves:
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6.7 million bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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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:
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bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments |
Current account balance:
|
-$32 million (2008 est.) |
Current account balance - per capita:
|
-103 USD per capita |
Exports:
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$496 million f.o.b. (2008 est.) |
Exports per capita:
|
1,611 USD per capita |
Exports - commodities:
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sugar, bananas, citrus, clothing, fish products, molasses, wood |
Exports - partners:
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US 28.7%, UK 16.3%, Thailand 5.8%, Cote d'Ivoire 5.4%, Finland 4.2%, Spain 4% (2007) |
Imports:
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$718 million f.o.b. (2008 est.) |
Imports per capita:
|
2,332 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco |
Imports - partners:
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US 31.2%, Mexico 13.6%, Cuba 8.5%, Guatemala 8%, Russia 4.6% (2007) |
Reserves of foreign exchange and gold:
|
$117 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
380 USD per capita |
Debt - external:
|
$1.2 billion (June 2005 est.) |
Debt - external - per capita:
|
3,898 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$12.91 million (2005) |
Economic aid - recipient per capita:
|
42 USD per capita |
Currency (code):
|
Belizean dollar (BZD) |
Exchange rates:
|
Belizean dollars (BZD) per US dollar - 2 (2008 est.), 2 (2007), 2 (2006), 2 (2005), 2 (2004) |
Fiscal year:
|
1 April - 31 March |
|
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