Belize Economy - 2022

GEOGRAPHICAL NAMES 

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 (purchasing power parity)

$2.43 billion (2020 est.)

$2.83 billion (2019 est.)

$2.78 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.8% (2017 est.)

-0.5% (2016 est.)

3.8% (2015 est.)

Real GDP per capita

$6,100 (2020 est.)

$7,300 (2019 est.)

$7,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.854 billion (2017 est.)

Inflation rate (consumer prices)

1.1% (2017 est.)

0.7% (2016 est.)

Credit ratings

Moody's rating: Caa3 (2020)

Standard & Poors rating: CCC+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

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.)

Labor force

120,500 (2008 est.)

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

Labor force - by occupation

agriculture: 10.2%

industry: 18.1%

services: 71.7% (2007 est.)

Unemployment rate

9% (2017 est.)

8% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 19.3%

male: 12.7%

female: 28.5% (2019 est.)

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.)

Budget surplus (+) or deficit (-)

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

Public debt

99% of GDP (2017 est.)

95.9% of GDP (2016 est.)

Taxes and other revenues

29.9% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$143 million (2017 est.)

-$163 million (2016 est.)

Exports

$710 million (2020 est.)

$1.1 billion (2019 est.)

$1.07 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

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

$900 million (2020 est.) note: data are in current year dollars

$1.2 billion (2019 est.) note: data are in current year dollars

$1.16 billion (2018 est.) note: data are in current year dollars

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.)

Debt - external

$1.315 billion (31 December 2017 est.)

$1.338 billion (31 December 2016 est.)

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 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Belize 2022 information contained here. All suggestions for corrections of any errors about Belize 2022 should be addressed to the CIA or the source cited on each page.