Is Belize a rich country?
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% from 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 to reduce poverty and inequality with the help of international donors. High unemployment, a growing trade deficit, and a heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt and a growing trade imbalance.
What is the GDP of Belize?
|Currency Name and Code||Belizean dollars (BZD)|
|GDP - Gross Domestic Product (PPP)||$2,430,000,000 (USD)|
|GDP - official exchange rate||$1,770,000,000 (USD)|
|GDP Per Capita||$8,200.00 (USD)|
|GDP by Sector- agriculture||11.7%|
|GDP by Sector- Industry||14.5%|
|GDP by Sector- services||59.9%|
|GDP - composition, by end use||
Household Consumption: 72.1%
Government Consumption: 17.2%
Investment in Fixed Capital: 20.3%
Investment in Inventories: 0.8%
Exports of Goods and Services: 52.6%
Imports of Goods and Services: -63%
|Population Below Poverty Line||41%|
|Labor Force By Occupation- agriculture||10.2%|
|Labor Force By Occupation- industry||18.1%|
|Labor Force By Occupation- services||71.7%|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$500,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-8.5%|
|Public Debt (% of GDP)||86.3%|
|Taxes and other revenues - percent of GDP||28.2%|
|Major Industries||Garment production, food processing, tourism, construction, oil|
|Industrial Growth Rate||-1%|
|Agriculture Products||Bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber|
|Exchange Rate per US Dollar||2|
|Child Labor - % of children ages 5-14||40%|
|Child Labor - # of children ages 5-14||27,751|
|Commercial Bank Prime Lending Rate||10.8%|