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, 0% in 2009, and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered economic growth. Exploration efforts continue and production increased a small amount in 2009. Major concerns continue to be the sizable trade deficit and heavy foreign debt burden. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country's liquidity concerns. A key objective remains the reduction of poverty and inequality with the help of international donors.
Agriculture Products
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber
Industries
garment production, food processing, tourism, construction, oil
Industrial Production Growth Rate
1.4% (2010 est.)country comparison to the world: 142
Labor Force
120,500country comparison to the world: 179 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: 176
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
13.1% (2009)country comparison to the world: 137 8.2% (2008)
Population Below Poverty Line
33.5% (2002 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Central Bank Discount Rate
12% (31 December 2009)country comparison to the world: 31 12% (31 December 2008)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$389.5 million (31 December 2010 est)country comparison to the world: 161 $336.5 million (31 December 2009 est)
Stock of Broad Money
$1.351 billion (31 December 2010 est.)country comparison to the world: 150 $1.084 billion (31 December 2009 est.)
Stock of Domestic Credit
$1.291 billion (31 December 2010 est.)country comparison to the world: 141 $1.036 billion (31 December 2009 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$219 million (31 December 2010 est.)country comparison to the world: 126 $213.7 million (31 December 2009 est.)
Debt External
$1.01 billion (2009 est.)country comparison to the world: 150 $954.1 million (2008 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belizean dollars (BZD) per US dollar - 2 (2010), 2 (2009), 2 (2008), 2 (2007), 2 (2006)
