Economy Overview
Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, sugar, citrus, and bananas. 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 and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, due to the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but growth grew to 2.5% in 2014. Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing 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
-1.5% (2014 est.)
Labor Force by Occupation
Agriculture: 10.2%
Industry: 18.1%
Services: 71.7% (2007)
Unemployment Rate
14.1% (2013 est.)
Population Below Poverty Line
41% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $500 million
Expenditures: $550 million (2014 est.)
Public Debt
78.5% of GDP (2013 est.)
Central Bank Discount Rate
12% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$561 million (31 December 2013 est.)
Stock of Broad Money
$1.239 billion (31 December 2013 est.)
Stock of Domestic Credit
$947.5 million (31 December 2013 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$486.9 million (31 December 2014 est.)
Debt External
$1.249 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
2 (2010 est.)
