Economy Overview
Tourism is the number one foreign exchange earner in this small economy, 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 GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. 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. Growth slipped to 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. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.
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: 143
Labor Force
120,500country comparison to the world: 178 note: shortage of skilled labor and all types of technical personnel (2008 est.)
Electricity production
215.5 million kWh (2008 est.)country comparison to the world: 176
Electricity Consumption
200.4 million kWh (2008 est.)country comparison to the world: 182
Electricity Exports
0 kWh (2009 est.)
Electricity Imports
0 kWh (2009 est.)
Unemployment Rate
13.1% (2009)country comparison to the world: 138 8.2% (2008)
Population Below Poverty Line
43% (2010 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $350 million
Expenditures: $400 million (2010 est.)
Public Debt
83% of GDP (2010 est.)country comparison to the world: 17 83.4% of GDP (2009 est.)
Central Bank Discount Rate
18% (31 December 2010 est.)country comparison to the world: 21 12% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$354 million (31 December 2010 est.)country comparison to the world: 165 $356.7 million (31 December 2009 est.)
Stock of Broad Money
$1.282 billion (31 December 2010 est.)country comparison to the world: 156 $1.084 billion (31 December 2009 est.)
Stock of Domestic Credit
$950 million (31 December 2010 est.)country comparison to the world: 153 $1 billion (31 December 2009 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$201.7 million (31 December 2010 est.)country comparison to the world: 164 $213.7 million (31 December 2009 est.)
Debt External
$1.01 billion (2009 est.)country comparison to the world: 151 $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)
