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Belize Economy:
In this small, essentially private enterprise economy the tourism industry is the number one foreign exchange earner followed by marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to sturdy GDP growth averaging nearly 6% in 1999-2004. 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):
$1.78 billion (2004 est.)
GDP — real growth rate:
3.5% (2004 est.)
GDP — per capita:
purchasing power parity: $6,500 (2004 est.)
GDP — composition by sector:
agriculture: 17.7%
industry: 15%
services: 67.3%
(2003)
Labor force:
90,000 (2001 est.)
note: Shortage of skilled labor and all types of technical personnel
Labor force — by occupation:
agriculture: 27%, industry: 18%, services: 55% (2001 est.)
Unemployment rate:
12.9% (2003 est.)
Population below poverty line:
33% (1999 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
2.9% (2004 est.)
Investment (gross fixed):
33.6% of GDP (2004 est.)
Budget:
revenues: $244.5 million (2004 est.)
expenditures: $300 million including capital expenditures of $70 million (2004 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 est.)
Electricity — production:
117 million kWh (2002 est.)
Electricity — consumption:
108.8 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
5,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Current account balance:
$-115 million (2004 est.)
Exports:
$401.4 million (f.o.b. 2004 est.)
Exports — commodities:
sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports — partners:
US 37.2%, UK 26.8%, Jamaica 4.6% (2004)
Imports:
$579.9 million (f.o.b. 2004 est.)
Imports — commodities:
machinery and transport equipment, manufactured goods, fuels, chemicals, pharmaceuticals, food, beverages, tobacco
Imports — partners:
US 30.1%, Mexico 12%, Guatemala 7.4%, Cuba 7.2%, China 4.2%, Japan 4.1% (2004)
Reserves of foreign exchange and gold:
$111.1 million (2004 est.)
Debt — external:
$1.36 billion (June 2004 est.)
Economic — aid recipient:
NA
Currency:
Belizean dollar (BZD)
Exchange rates:
per US dollar
Belizean dollars per US$: 2 (2004 est.), 2 (2003 est.), 2 (2002 est.), 2 (2001 est.), 2 (2000 est.)
Fiscal year:
1 April - 31 March
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www.InternationalLiving.com/Belize
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