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, resulting from the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but grew to 2.5% in 2013. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. 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 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% (2013 est.) country comparison to the world: 173
Labor Force
120,500 country comparison to the world: 180 note: shortage of skilled labor and all types of technical personnel (2008 est.)
Labor Force by Occupation
agriculture: 10.2%
industry: 18.1%
services: 71.7% (2007)
Unemployment Rate
15.5% (2013) country comparison to the world: 141 11.3% (2012)
Population Below Poverty Line
41% (2013 est.)
Household Income or Consumption by Percentage Share
lowest 10%: NA%
highest 10%: NA%
Budget
revenues: $410.1 million
expenditures: $352.4 million (2013 est.)
Public Debt
75.1% of GDP (2013 est.) country comparison to the world: 34 84.6% of GDP (2012 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
11.8% (31 December 2013 est.) country comparison to the world: 61 12.4% (31 December 2012 est.)
Stock of Narrow Money
$573 million (31 December 2013 est.) country comparison to the world: 158 $551.5 million (31 December 2012 est.)
Stock of Broad Money
$1.3 billion (31 December 2013 est.) country comparison to the world: 162 $1.222 billion (31 December 2012 est.)
Stock of Domestic Credit
$1.05 billion (31 December 2013 est.) country comparison to the world: 151 $1 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$273 million (31 December 2013 est.) country comparison to the world: 157 $288.9 million (31 December 2012 est.)
Debt External
$1.048 billion (31 December 2013 est.) country comparison to the world: 161 $1.033 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belizean dollars (BZD) per US dollar -2 (2013 est.) 2 (2012 est.) 2 (2010 est.) 2 (2009) 2 (2008)
