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. Growth slipped to 0% in 2009, and has remained at just over 2% per year during 2010-2012, as a result of the global slowdown, natural disasters, and a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government paid half of a $23 million interest payment that had been due in August 2012. In January 2013, the government announced that it had reached a deal with creditors to restructure its $544 million commercial external debt, commonly referred to as the "superbond." The superbond represents one half of the country's public debt. 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
8% (2012 est.)country comparison to the world: 27
Labor Force
120,500country comparison to the world: 180 note: shortage of skilled labor and all types of technical personnel (2008 est.)
Unemployment Rate
11.3% (2012)country comparison to the world: 120 13.1% (2009)
Population Below Poverty Line
41.3% (2010 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $450 million
Expenditures: $450 million (2012 est.)
Public Debt
84.6% of GDP (2012 est.)country comparison to the world: 25 87.5% of GDP (2011 est.)
Central Bank Discount Rate
18% (31 December 2010 est.)country comparison to the world: 16 12% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$551.5 million (31 December 2012 est.)country comparison to the world: 156 $419.6 million (31 December 2011 est.)
Stock of Broad Money
$1.263 billion (31 December 2012 est.)country comparison to the world: 162 $1.101 billion (31 December 2011 est.)
Stock of Domestic Credit
$1 billion (31 December 2012 est.)country comparison to the world: 153 $968 million (31 December 2011 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$288.9 million (31 December 2012 est.)country comparison to the world: 155 $237.1 million (31 December 2011 est.)
Debt External
$1.473 billion (31 December 2012 est.)country comparison to the world: 149 $1.423 billion (31 December 2011 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belizean dollars (BZD) per US dollar -2 (2012 est.) 2 (2011 est.) 2 (2010 est.) 2 (2009) 2 (2008)
