Overview: The economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming increasing importance. Agriculture accounts for about 30% of GDP and provides 75% of export earnings, while sugar, the chief crop, accounts for almost 40% of hard currency earnings. The US, Belize's main trading partner, is assisting in efforts to reduce dependency on sugar with an agricultural diversification program.

National product: GDP - purchasing power equivalent - $550 million (1993 est.)

National product real growth rate: 5.3% (1992)

National product per capita: $2,700 (1993 est.)

Inflation rate (consumer prices): 5.5% (1991)

Unemployment rate: 15% (1992 est.)

Budget:
revenues: $126.8 million
expenditures: $123.1 million, including capital expenditures of $44.8 million (FY91 est.)

Exports: $116 million (f.o.b., 1992)
commodities: sugar, citrus, clothing, fish products, bananas, molasses, wood
partners: US 51%, UK, other EC (1992)

Imports: $273 million (c.i.f., 1992 est.)
commodities: machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals
partners: US 57%, UK 8%, other EC 7%, Mexico (1992)

External debt: $143.7 million (1991)

Industrial production: growth rate 3.7% (1990); accounts for 12% of GDP

Electricity:
capacity: 34,532 kW
production: 90 million kWh
consumption per capita: 393 kWh (1992)

Industries: garment production, citrus concentrates, sugar refining, rum, beverages, tourism

Agriculture: accounts for 30% of GDP (including fish and forestry); commercial crops include sugar cane, bananas, coca, citrus fruits; expanding output of lumber and cultured shrimp; net importer of basic foods

Illicit drugs: transshipment point for cocaine; an illicit producer of cannabis for the international drug trade; eradication program cut marijuana production from 200 metric tons in 1987 to about 50 metric tons in 1991

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $104 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $215 million

Currency: 1 Belizean dollar (Bz$) = 100 cents
Exchange rates: Belizean dollars (Bz$) per US$1 - 2.00 (fixed rate)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Belize on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 1995 information contained here. All suggestions for corrections of any errors about Belize Economy 1995 should be addressed to the CIA.