Belize Economy 2018, CIA World Factbook
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Belize Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Belize Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, however GDP growth slowed to 1% in 2015, and 0% in 2016. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain and are offset by Belize’s growing imports of refined oil.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. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

GDP (purchasing power parity):
$3.23 billion (2017 est.) $3.151 billion (2016 est.) $3.176 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 187

GDP (official exchange rate):
$1.819 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2017 est.) -0.8% (2016 est.) 2.9% (2015 est.)
country comparison to the world: 132
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,300 (2017 est.) $8,400 (2016 est.) $8,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 151

Gross national saving:
11% of GDP (2017 est.) 11.3% of GDP (2016 est.) 12.1% of GDP (2015 est.)
country comparison to the world: 152
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 75.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 57.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -71.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.2% (2017 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:
-2% (2017 est.)
country comparison to the world: 193
[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: 181
[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:
10.1% (2017 est.) 11.1% (2016 est.)
country comparison to the world: 139
[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%

Budget:
revenues: $500 million
[see also: Budget - revenues country ranks ]
expenditures: $550 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
27.5% of GDP (2017 est.)
country comparison to the world: 102
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2017 est.)
country comparison to the world: 105
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
88.5% of GDP (2017 est.) 91.4% of GDP (2016 est.)
country comparison to the world: 28
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.8% (2017 est.) 0.6% (2016 est.)
country comparison to the world: 78
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.86% (1 September 2016) 10.01% (31 December 2015)
country comparison to the world: 24
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.6% (31 December 2017 est.) 9.84% (31 December 2016 est.)
country comparison to the world: 87
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$737.5 million (31 December 2017 est.) $735.9 million (31 December 2016 est.)
country comparison to the world: 162
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.311 billion (31 December 2017 est.) $1.475 billion (31 December 2016 est.)
country comparison to the world: 168
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.1 billion (31 December 2017 est.) $1.278 billion (31 December 2016 est.)
country comparison to the world: 166
[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:
-$145 million (2017 est.) -$163 million (2016 est.)
country comparison to the world: 85
[see also: Current account balance country ranks ]

Exports:
$483.4 million (2017 est.) $442.7 million (2016 est.)
country comparison to the world: 176
[see also: Exports country ranks ]

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

Exports - partners:
Burma 30.7%, US 22.6%, UK 19.3% (2016)

Imports:
$944.4 million (2017 est.) $916.2 million (2016 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 37.2%, China 11.6%, Mexico 10.8%, Guatemala 7% (2016)

Reserves of foreign exchange and gold:
$368.3 million (31 December 2017 est.) $376.7 million (31 December 2016 est.)
country comparison to the world: 152
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.326 billion (31 December 2017 est.) $1.338 billion (31 December 2016 est.)
country comparison to the world: 162
[see also: Debt - external country ranks ]

Exchange rates:
Belizean dollars (BZD) per US dollar - 2 (2017 est.) 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.)


NOTE: 1) The information regarding Belize on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 2018 information contained here. All suggestions for corrections of any errors about Belize Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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