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    Belize Economy - 1991

      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.

      GDP: $290 million, per capita $1,320; real growth rate 9% (1990 est.)

      Inflation rate (consumer prices): 1.8% (1990 est.)

      Unemployment rate: 12% (1988)

      Budget: revenues $87.4 million; expenditures $130.5 million, including capital expenditures of $53.5 million (FY90 est.)

      Exports: $108 million (f.o.b., 1990 est.); commodities--sugar, clothing, seafood, molasses, citrus, wood and wood products; partners--US 47%, UK, Trinidad and Tobago, Canada (1987)

      Imports: $204 million (c.i.f., 1990 est.); commodities--machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals; partners--US 55%, UK, Netherlands Antilles, Mexico (1987)

      External debt: $169 million (December 1990)

      Industrial production: growth rate 9.7% (1989); accounts for 16% of GDP

      Electricity: 34,700 kW capacity; 90 million kWh produced, 410 kWh per capita (1990)

      Industries: garment production, citrus concentrates, sugar refining, rum, beverages, 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

      Economic aid: US commitments, including Ex-Im (FY70-89), $104 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $199 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 1991 information contained here. All suggestions for corrections of any errors about Belize Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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