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Belize Economy 1996

Overview:

The small, essentially private enterprise 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 parity - $575 million (1994 est.)

National product real growth rate:

2% (1994 est.)

National product per capita:

$2,750 (1994 est.)

Inflation rate (consumer prices):

5.5% (1991)

Unemployment rate:

10% (1993 est.)

Budget:

revenues:

$126.8 million

expenditures:

$123.1 million, including capital expenditures of $44.8 million (FY90/91 est.)

Exports:

$115 million (f.o.b., 1993)

commodities:

sugar, citrus fruits, bananas, clothing, fish products, molasses, wood

partners:

US 51%, UK, other EC (1992)

Imports:

$281 million (c.i.f., 1993)

commodities:

machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals

partners:

US 57%, UK 8%, other EC 7%, Mexico (1992)

External debt:

$158 million (1992)

Industrial production:

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

Electricity:

capacity:

34,532 kW

production:

110 million kWh

consumption per capita:

490 kWh (1993)

Industries:

garment production, food processing, tourism, construction

Agriculture:

commercial crops: bananas, coca, citrus fruits, fish, cultured shrimp, lumber

Illicit drugs:

transshipment point for cocaine; an illicit producer of cannabis for the international drug trade; minor money-laundering center

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

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