4 GeoFroggy

Economy Overview

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.

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)

Labor Force

Array

Electricity production

117 million kWh (2002)

Electricity Consumption

108.8 million kWh (2002)

Electricity Exports

0 kWh (2002)

Electricity Imports

0 kWh (2002)

Unemployment Rate

12.9% (2003)

Population Below Poverty Line

33% (1999 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: NA

Highest 10%: NA

Budget

Revenues: $244.5 million

Expenditures: $300 million, including capital expenditures of $70 million (2004 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

$111.1 million (2004 est.)

Debt External

$1.362 billion (June 2004 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Belizean dollars per US dollar - 2 (2004), 2 (2003), 2 (2002), 2 (2001), 2 (2000)
Year

Fiscal Year

  • 1 April - 31 March

GDP Purchasing Power Parity

    $1.778 billion (2004 est.)

GDP Real Growth Rate

    3.5% (2004 est.)

GDP Per Capital

    Purchasing power parity - $6,500 (2004 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

  • Agriculture
    17.7%
  • Industry
    15%
  • Services
    67.3% (2003 est.)

Inflation Rate Consumer Prices

    2.9% (2004 est.)

Current Account Balance

    $-115 million (2004 est.)

Exports

    $401.4 million f.o.b. (2004 est.)

Exports Partners

  • US
    37.2%
  • UK
    26.8%
  • Jamaica
    4.6%

Exports Commodities

    Sugar, bananas, citrus, clothing, fish products, molasses, wood

Imports

    $579.9 million f.o.b. (2004 est.)

Imports Partners

  • US
    30.1%
  • Mexico
    12%
  • Guatemala
    7.4%
  • Cuba
    7.2%
  • China
    4.2%
  • Japan
    4.1%

Imports Commodities

    Machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco