Belize Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic 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, but GPD growth has averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s dependence on energy imports makes it susceptible to energy price shocks.

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.

Real GDP growth rate

0.8% (2017 est.)

-0.5% (2016 est.)

3.8% (2015 est.)

country comparison to the world: 177

Inflation rate (consumer prices)

1.1% (2017 est.)

0.7% (2016 est.)

country comparison to the world: 69

Credit ratings

Moody's rating: Caa3 (2020)

Standard & Poors rating: CCC+ (2020)

Real GDP (purchasing power parity)

$2.734 billion (2019 est.)

$2.726 billion (2018 est.)

$2.671 billion (2017 est.)

note: data are in 2017 dollars

country comparison to the world: 193

GDP (official exchange rate)

$1.854 billion (2017 est.)

Real GDP per capita

$7,005 (2019 est.)

$7,118 (2018 est.)

$7,109 (2017 est.)

note: data are in 2017 dollars

country comparison to the world: 158

Gross national saving

10.1% of GDP (2019 est.)

8.5% of GDP (2018 est.)

10.8% of GDP (2017 est.)

country comparison to the world: 173

GDP - composition, by sector of origin

agriculture: 10.3% (2017 est.)

industry: 21.6% (2017 est.)

services: 68% (2017 est.)

GDP - composition, by end use

household consumption: 75.1% (2017 est.)

government consumption: 15.2% (2017 est.)

investment in fixed capital: 22.5% (2017 est.)

investment in inventories: 1.2% (2017 est.)

exports of goods and services: 49.1% (2017 est.)

imports of goods and services: -63.2% (2017 est.)

Ease of Doing Business Index scores

Overall score: 55.5 (2020)

Starting a Business score: 72 (2020)

Trading score: 68.2 (2020)

Enforcement score: 50.1 (2020)

Agricultural products

sugar care, oranges, bananas, maize, poultry, rice, sorghum, papayas, grapefruit, soybeans

Industries

garment production, food processing, tourism, construction, oil

Industrial production growth rate

-0.6% (2017 est.)

country comparison to the world: 172

Labor force

120,500 (2008 est.)

note: shortage of skilled labor and all types of technical personnel

country comparison to the world: 179

Labor force - by occupation

agriculture: 10.2%

industry: 18.1%

services: 71.7% (2007 est.)

Unemployment rate

9% (2017 est.)

8% (2016 est.)

country comparison to the world: 138

Population below poverty line

41% (2013 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 553.5 million (2017 est.)

expenditures: 572 million (2017 est.)

Taxes and other revenues

29.9% (of GDP) (2017 est.)

country comparison to the world: 78

Budget surplus (+) or deficit (-)

-1% (of GDP) (2017 est.)

country comparison to the world: 75

Public debt

99% of GDP (2017 est.)

95.9% of GDP (2016 est.)

country comparison to the world: 17

Fiscal year

1 April - 31 March

Current account balance

-$143 million (2017 est.)

-$163 million (2016 est.)

country comparison to the world: 92

Exports

$457.5 million (2017 est.)

$442.7 million (2016 est.)

country comparison to the world: 177

Exports - partners

United Kingdom 27%, United States 24%, Spain 6%, Jamaica 5%, Ireland 5% (2019)

Exports - commodities

raw sugar, bananas, fruit juice, fish products, crude petroleum (2019)

Imports

$845.9 million (2017 est.)

$916.2 million (2016 est.)

country comparison to the world: 189

Imports - partners

United States 36%, China 13%, Mexico 12%, Guatemala 10% (2019)

Imports - commodities

refined petroleum, cigarettes, recreational boats, natural gas, cars (2019)

Reserves of foreign exchange and gold

$312.1 million (31 December 2017 est.)

$376.7 million (31 December 2016 est.)

country comparison to the world: 167

Debt - external

$1.315 billion (31 December 2017 est.)

$1.338 billion (31 December 2016 est.)

country comparison to the world: 162

Exchange rates

Belizean dollars (BZD) per US dollar -

2 (2017 est.)

2 (2016 est.)

2 (2015 est.)

2 (2014 est.)

2 (2013 est.)

NOTE: The information regarding Belize on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Belize 2021 information contained here. All suggestions for corrections of any errors about Belize 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.