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 1999-2007, though growth slipped to 3.8% in 2008 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue and a small increase in production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 70% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieve some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.
Agriculture Products
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
Industries
garment production, food processing, tourism, construction, oil
Industrial Production Growth Rate
1.8% (2008 est.)country comparison to the world: 108
Labor Force
122,300country comparison to the world: 173 note: shortage of skilled labor and all types of technical personnel (2008 est.)
Electricity production
213.5 million kWh (2007 est.)country comparison to the world: 175
Electricity Consumption
198.5 million kWh (2007 est.)country comparison to the world: 177
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
248.4 million kWh (2005)
Unemployment Rate
8.1% (2008)country comparison to the world: 113 9.4% (2006)
Population Below Poverty Line
33.5% (2002 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $347 million
Expenditures: $386.5 million (2008 est.)
Central Bank Discount Rate
12% (31 December 2008)country comparison to the world: 26 12% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$955 million (31 December 2008)country comparison to the world: 108 $877.6 million (31 December 2007)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$166.2 million (31 December 2008 est.)country comparison to the world: 146 $108.5 million (31 December 2007 est.)
Debt External
$954.1 million (2008 est.)country comparison to the world: 154 $1.2 billion (June 2005 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belizean dollars (BZD) per US dollar - 2 (2008), 2 (2007), 2 (2006), 2 (2005), 2 (2004)
