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World > North America > Belize > Economy (Facts)

Belize - Economy (Facts)
Economy - overview: In this small, essentially private-enterprise economy tourism is the number one foreign exchange earner 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 sturdy GDP growth averaging nearly 4% in 1999-2006. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. The government in 2006 announced it would seek a restructuring of its sovereign debt and has been negotiating with international creditors to find an acceptable formula for doing so. A key short-term objective remains the reduction of poverty with the help of international donors.
GDP - real growth rate: 3.5% (2006 est.)
GDP (purchasing power parity): $2.307 billion (2006 est.)
GDP (official exchange rate): $1.141 billion (2006 est.)
GDP - per capita (PPP): $8,400 (2006 est.)
GDP - composition by sector: agriculture: 22.5%
industry: 14.8%
services: 62.6% (2006 est.)
Population below poverty line: 33.5% (2002 est.)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 4.5% (2006 est.)
Labor force: 113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.)
Labor force - by occupation: agriculture: 22.5%
industry: 15.2%
services: 62.3% (2005 est.)
Unemployment rate: 9.4% (2006)
Budget: revenues: $302.5 million
expenditures: $357.5 million; including capital expenditures of $70 million (2006 est.)
Industries: garment production, food processing, tourism, construction, oil
Industrial production growth rate: 4.6% (1999)
Electricity - production: 175 million kWh (2004)
Electricity - consumption: 162.8 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 2,413 bbl/day (2006)
Oil - consumption: 3,000 bbl/day (2006 est.)
Oil - exports: 1,960 bbl/day (2006)
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
Exports: $359.5 million f.o.b. (2006 est.)
Exports - commodities: sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports - partners: US 32.6%, UK 32.3%, Cote d'Ivoire 3.6% (2006)
Imports: $543 million f.o.b. (2006 est.)
Imports - commodities: machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners: US 34.8%, Mexico 14.6%, Cuba 7.5%, Guatemala 7%, China 4.2% (2006)
Debt - external: $1.2 billion (June 2005 est.)
Economic aid - recipient: NA
Currency: Belize Dollar (BZD)
Currency code: BZD
Exchange rates: Belizean dollars per US dollar - 2 (2006), 2 (2005), 2 (2004), 2 (2003), 2 (2002)
Fiscal year: 1 April - 31 March


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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