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Belize Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Belize Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
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.

GDP (purchasing power parity):
$3.218 billion (2017 est.)
$3.194 billion (2016 est.)
$3.21 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 187
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.854 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2017 est.)
-0.5% (2016 est.)
3.8% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 186
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,300 (2017 est.)
$8,500 (2016 est.)
$8,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 149
[see also: GDP - per capita country ranks ]

Gross national saving:
11.3% of GDP (2017 est.)
13.3% of GDP (2016 est.)
14.2% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 157
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 75.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 49.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.3% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
-0.6% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 172
[see also: Industrial production growth rate country ranks ]

Labor force:
120,500 (2008 est.)
note: shortage of skilled labor and all types of technical personnel
country comparison to the world (CIA rank, may be based on non-current data): 180
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.7% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9% (2017 est.)
8% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 130
[see also: Unemployment rate country ranks ]

Population below poverty line:
41% (2013 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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 553.5 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 572 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 78
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 75
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
99% of GDP (2017 est.)
95.9% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.1% (2017 est.)
0.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.58% (1 November 2017)
9.14% (1 November 2016)
country comparison to the world (CIA rank, may be based on non-current data): 26
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.46% (31 December 2017 est.)
9.84% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$768.8 million (31 December 2017 est.)
$735.9 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 162
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$768.8 million (31 December 2017 est.)
$735.9 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 166
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.323 billion (31 December 2017 est.)
$1.278 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 163
[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:
-$143 million (2017 est.)
-$163 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Current account balance country ranks ]

Exports:
$457.5 million (2017 est.)
$442.7 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 177
[see also: Exports country ranks ]

Exports - partners:
UK 33.9%, US 22%, Jamaica 6.7%, Italy 6.4%, Barbados 5.9%, Ireland 5.5%, Netherlands 4.3% (2017)

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

Imports:
$845.9 million (2017 est.)
$916.2 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 188
[see also: Imports country ranks ]

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

Imports - partners:
US 35.6%, China 11.2%, Mexico 11.2%, Guatemala 6.9% (2017)

Reserves of foreign exchange and gold:
$312.1 million (31 December 2017 est.)
$376.7 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 167
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.315 billion (31 December 2017 est.)
$1.338 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 162
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Belizean dollars (BZD) per US dollar -
2 (2017 est.)
2 (2016 est.)
2 (2015 est.)
2 (2014 est.)
2 (2013 est.)


NOTE: 1) The information regarding Belize on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Belize Economy 2020 information contained here. All suggestions for corrections of any errors about Belize Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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