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Belize Economy 2014
http://www.theodora.com/wfbcurrent/belize/belize_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on December 17, 2013

Economy - overview:
Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. Growth slipped to 0% in 2009, and has remained at just over 2% per year during 2010-2012, as a result of the global slowdown, natural disasters, and a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government paid half of a $23 million interest payment that had been due in August 2012. In January 2013, the government announced that it had reached a deal with creditors to restructure its $544 million commercial external debt, commonly referred to as the "superbond." The superbond represents one half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

GDP (purchasing power parity):
$2.967 billion (2012 est.)
country comparison to the world: 181

$2.818 billion (2011 est.)
$2.765 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.558 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.3% (2012 est.)
country comparison to the world: 57

1.9% (2011 est.)
2.7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,700 (2012 est.)
country comparison to the world: 125

$8,400 (2011 est.)
$8,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
29.2% of GDP (2012 est.)
country comparison to the world: 27

28.2% of GDP (2011 est.)
25% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 76.7%
government consumption: 17.3%
investment in fixed capital: 30.2%
investment in inventories: 0.9%
exports of goods and services: 67.5%
imports of goods and services: -93%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 13%
industry: 23%
services: 64% (2012 est.)

Agriculture - products:
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber

Industries:
garment production, food processing, tourism, construction, oil

Industrial production growth rate:
8% (2012 est.)
country comparison to the world: 27
[see also: Industrial production growth rate country ranks ]

Labor force:
120,500
country comparison to the world: 180
note: shortage of skilled labor and all types of technical personnel (2008 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 10.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.1%
services: 71.7% (2007 est.)

Unemployment rate:
11.3% (2012)
country comparison to the world: 120

13.1% (2009)
[see also: Unemployment rate country ranks ]

Population below poverty line:
41.3% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $450 million
[see also: Budget revenues country ranks ]
expenditures: $450 million (2012 est.)

Taxes and other revenues:
28.9% of GDP (2012 est.)
country comparison to the world: 101
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% of GDP (2012 est.)
country comparison to the world: 47
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
84.6% of GDP (2012 est.)
country comparison to the world: 25

87.5% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.3% (2012 est.)
country comparison to the world: 22

-3.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
18% (31 December 2010 est.)
country comparison to the world: 16

12% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.4% (31 December 2012 est.)
country comparison to the world: 61

13.36% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$551.5 million (31 December 2012 est.)
country comparison to the world: 156

$419.6 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.263 billion (31 December 2012 est.)
country comparison to the world: 162

$1.101 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1 billion (31 December 2012 est.)
country comparison to the world: 153

$968 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-27.5 million (2012 est.)
country comparison to the world: 61

$-19.9 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$628.3 million (2012 est.)
country comparison to the world: 169

$603.6 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil

Exports - partners:
US 31.8%, UK 21.9%, Nigeria 4.8%, Japan 4.1%, Netherlands 4.1% (2012)

Imports:
$837.1 million (2012 est.)
country comparison to the world: 184

$778.2 million (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco

Imports - partners:
US 23.6%, Germany 15%, Mexico 11.5%, Cuba 8.4%, Guatemala 4.8%, China 4.7%, Singapore 4% (2012)

Reserves of foreign exchange and gold:
$288.9 million (31 December 2012 est.)
country comparison to the world: 155

$237.1 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.473 billion (31 December 2012 est.)
country comparison to the world: 149

$1.423 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Belizean dollars (BZD) per US dollar -

2 (2012 est.)
2 (2011 est.)
2 (2010 est.)
2 (2009)
2 (2008)


NOTE: The information regarding Belize on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 2014 information contained here. All suggestions for corrections of any errors about Belize Economy 2014 should be addressed to the CIA.



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