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Belize Economy 2017
https://theodora.com/wfbcurrent/belize/belize_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Belize Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, sugar, citrus, and bananas.The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, due to the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but growth grew to 2.2% in 2015.Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns.

GDP (purchasing power parity):
$3.088 billion (2016 est.) $3.088 billion (2015 est.) $3.056 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 188
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.77 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0% (2016 est.) 1% (2015 est.) 4.1% (2014 est.)
country comparison to the world: 197
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,200 (2016 est.) $8,400 (2015 est.) $8,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 148
[see also: GDP - per capita country ranks ]

Gross national saving:
7.6% of GDP (2016 est.) 13.7% of GDP (2015 est.) 11.5% of GDP (2014 est.)
country comparison to the world: 161
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 52.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 11.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.9% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
-1% (2016 est.)
country comparison to the world: 180
[see also: Industrial production growth rate country ranks ]

Labor force:
120,500
note: shortage of skilled labor and all types of technical personnel (2008 est.)
country comparison to the world: 179
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 10.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.7% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.9% (2014 est.) 14.1% (2013 est.)
country comparison to the world: 141
[see also: Unemployment rate country ranks ]

Population below poverty line:
41% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $500 million
[see also: Budget revenues country ranks ]
expenditures: $650 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
28.2% of GDP (2016 est.)
country comparison to the world: 89
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.5% of GDP (2016 est.)
country comparison to the world: 194
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
86.3% of GDP (2016 est.) 82.4% of GDP (2015 est.)
country comparison to the world: 27
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
0.9% (2016 est.) -0.9% (2015 est.)
country comparison to the world: 63
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
18% (31 December 2010) 12% (31 December 2009)
country comparison to the world: 8
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.8% (31 December 2016 est.) 10.32% (31 December 2015 est.)
country comparison to the world: 74
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$765.5 million (31 December 2016 est.) $764.3 million (31 December 2015 est.)
country comparison to the world: 157
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.785 billion (31 December 2016 est.) $1.437 billion (31 December 2015 est.)
country comparison to the world: 160
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.45 billion (31 December 2016 est.) $1.174 billion (31 December 2015 est.)
country comparison to the world: 153
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$220 million (2016 est.) -$172 million (2015 est.)
country comparison to the world: 86
[see also: Current account balance country ranks ]

Exports:
$519.5 million (2016 est.) $537.9 million (2015 est.)
country comparison to the world: 170
[see also: Exports country ranks ]

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

Exports - partners:
UK 30.8%, US 18.7%, Nigeria 6.7%, Trinidad and Tobago 4.8%, Ireland 4.2%, Jamaica 4.2% (2015)

Imports:
$895.5 million (2016 est.) $961.3 million (2015 est.)
country comparison to the world: 181
[see also: Imports country ranks ]

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

Imports - partners:
US 26.6%, Mexico 11.7%, Cuba 10.2%, Guatemala 9%, China 7.5%, Trinidad and Tobago 5.6% (2015)

Reserves of foreign exchange and gold:
$409.3 million (31 December 2016 est.) $437.2 million (31 December 2015 est.)
country comparison to the world: 152
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.327 billion (31 December 2016 est.) $1.309 billion (31 December 2015 est.)
country comparison to the world: 161
[see also: Debt - external country ranks ]

Exchange rates:
Belizean dollars (BZD) per US dollar - 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.) 2 (2012 est.)


NOTE: The information regarding Belize on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 2017 information contained here. All suggestions for corrections of any errors about Belize Economy 2017 should be addressed to the CIA.




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This page was last modified 22-Feb-17
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