Belize Economy
Economy - overviewIn this small, essentially private enterprise economy the tourism industry is the number one foreign exchange earner followed by cane sugar, citrus, marine products, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth of 6.5% in 1999, 10.8% in 2000, 4.6% in 2001, and 3.7% in 2002. Major concerns continue to be the sizable trade deficit and foreign debt. A key short-term objective remains the reduction of poverty with the help of international donors.
GDP
purchasing power parity - $1.28 billion (2002 est.)
GDP - real growth rate
3.7% (2002 est.)
GDP - per capita
purchasing power parity - $4,900 (2002 est.)
GDP - composition by sector
agriculture: 22.7%
industry: 24.5%
services: 52.8% (2003 est.)
Investment
33% of GDP (2003)
Population below poverty line
33% (1999 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
2.6% (2003 est.)
Labor force
90,000
note: shortage of skilled labor and all types of technical personnel (2001 est.)
Labor force - by occupation
agriculture 27%, industry 18%, services 55% (2001 est.)
Unemployment rate
9.1% (2002)
Budget
revenues: $222 million
expenditures: $300 million, including capital expenditures of $70 million (2003 est.)
Agriculture - products
bananas, coca, citrus, sugar; fish, cultured shrimp; lumber; garments
Industries
garment production, food processing, tourism, construction
Industrial production growth rate
4.6% (1999)
Electricity - production
199.5 million kWh (2001)
Electricity - consumption
185.5 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
5,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Current account balance
$-142 million (2003)
Exports
$207.8 million f.o.b. (2003 est.)
Exports - commodities
sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports - partners
US 39.1%, UK 25%, France 4% (2003)
Imports
$500.6 million f.o.b. (2003 est.)
Imports - commodities
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners
US 41.9%, Mexico 12.4%, UK 5.9%, Cuba 5.5% (2003)
Reserves of foreign exchange & gold
$84.7 million (2003)
Debt - external
$475 million (2001 est.)
Currency
Belizean dollar (BZD)
Currency code
BZD
Exchange rates
Belizean dollars per US dollar - 2 (2003), 2 (2002), 2 (2001), 2 (2000), 2 (1999)
