Belize Economy

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% 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.

Belize Economy Data

What is the GDP of Belize?

Currency Name and Code Belizean dollars (BZD)
GDP - Gross Domestic Product (PPP) $3,088,000,000 (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%
Inflation Rate 0.9%
Labor Force 120,500
Labor Force By Occupation- agriculture 10.2%
Labor Force By Occupation- industry 18.1%
Labor Force By Occupation- services 71.7%
Unemployment Rate 12.9%
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%

Labor Force by Occupation- As reported by Belize

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