Overview: The economy is based primarily on agriculture and merchandising. Agriculture accounts for more than 30% of GDP and provides 75% of export earnings, while sugar, the chief crop, accounts for almost 40% of hard currency earnings. The US, Belize's main trading partner, is assisting in efforts to reduce dependency on sugar with an agricultural diversification program. In 1987 the drop in income from sugar sales to the US because of quota reductions was almost totally offset by higher world prices for sugar.

GDP: $225.6 million, per capita $1,285; real growth rate 6% (1989 est.)

Inflation rate (consumer prices): 1.5% (1988)

Unemployment rate: 14% (1988 est.)

Budget: revenues $94.6 million; expenditures $74.3 million, including capital expenditures of $33.9 million (1988 est.)

Exports: $120 million (f.o.b., 1988); commodities--sugar, clothing, seafood, molasses, citrus, wood and wood products; partners--US 47%, UK, Trinidad and Tobago, Canada (1987)

Imports: $176 million (c.i.f., 1988); commodities--machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals; partners--US 55%, UK, Netherlands Antilles, Mexico (1987)

External debt: $140 million (December 1988)

Industrial production: growth rate 6% (1988)

Electricity: 34,000 kW capacity; 88 million kWh produced, 500 kWh per capita (1989)

Industries: sugar refining, clothing, timber and forest products, furniture, rum, soap, beverages, cigarettes, tourism

Agriculture: accounts for 30% of GDP (including fish and forestry); commercial crops include sugarcane, bananas, coca, citrus fruits; expanding output of lumber and cultured shrimp; net importer of basic foods

Illicit drugs: an illicit producer of cannabis for the international drug trade; eradication program cut marijuana production from 200 metric tons in 1987 to 66 metric tons in 1989; transshipment point for cocaine

Aid: US commitments, including Ex-Im (FY70-88), $94 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $194 million

Currency: Belizean dollar (plural--dollars); 1 Belizean dollar (Bz$) = 100 cents

Exchange rates: Belizean dollars (Bz$) per US$1--2.00 (fixed rate)

Fiscal year: 1 April-31 March

NOTE: The information regarding Belize on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 1990 information contained here. All suggestions for corrections of any errors about Belize Economy 1990 should be addressed to the CIA.