Belize Economy Profile 2008

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. Oil discoveries in 2006 bolstered the economic growth in 2006 and 2007. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. In February 2007, the government restructured nearly all of its public external commercial debt, which will reduce interest payments and relieve liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP (purchasing power parity)

$2.336 billion (2007 est.)

GDP (official exchange rate)

$1.304 billion (2007 est.)

GDP - real growth rate

3% (2007 est.)

GDP - per capita (PPP)

$7,800 (2007 est.)

GDP - composition by sector

agriculture: 21.3%
industry: 13.7%
services: 65% (2007 est.)

Population below poverty line

33.5% (2002 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

2.8% (2007 est.)

Investment (gross fixed)

22.4% of GDP (2007 est.)

Labor force

113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.)

Labor force - by occupation

agriculture: 22.5%
industry: 15.2%
services: 62.3% (2005 est.)

Unemployment rate

9.4% (2006)

Budget

revenues: $328.5 million
expenditures: $365 million (2007 est.)

Industries

garment production, food processing, tourism, construction, oil

Industrial production growth rate

0.5% (2007 est.)

Electricity - production

200 million kWh (2007 est.)

Electricity - consumption

162.8 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

2,413 bbl/day (2006)

Oil - consumption

3,000 bbl/day (2006 est.)

Oil - imports

6,754 bbl/day (2004)

Oil - exports

1,960 bbl/day (2006)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$54 million (2007 est.)

Agriculture - products

bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments

Exports

$437 million f.o.b. (2007 est.)

Exports - commodities

sugar, bananas, citrus, clothing, fish products, molasses, wood

Exports - partners

US 33.9%, UK 33.6%, Cote d'Ivoire 3.7% (2006)

Imports

$670 million f.o.b. (2007 est.)

Imports - commodities

machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco

Imports - partners

US 35.7%, Mexico 13%, Cuba 7.7%, Guatemala 7.2%, China 4.3% (2006)

Reserves of foreign exchange and gold

$92 million (31 December 2007 est.)

Debt - external

$1.2 billion (June 2005 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$12.91 million (2005)

Currency (code)

Belizean dollar (BZD)

Exchange rates

Belizean dollars per US dollar - 2 (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)

Fiscal year

1 April - 31 March