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):
$2.444 billion (2007 est.)
GDP (official exchange rate):
$1.274 billion (2007 est.)
GDP - real growth rate:
2.2% (2007 est.)
GDP - per capita (PPP):
$7,900 (2007 est.)
GDP - composition by sector:
agriculture: 21.3%
industry: 13.7%
services: 65% (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)
Inflation rate (consumer prices):
2.3% (2007 est.)
Investment (gross fixed):
19.7% of GDP (2007 est.)
Budget:
revenues: $307 million
expenditures: $344 million (2007 est.)
Agriculture - products:
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
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 - exports:
1,960 bbl/day (2006)
Oil - imports:
6,754 bbl/day (2004)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Current account balance:
-$43 million (2007 est.)
Exports:
$429 million f.o.b. (2007 est.)
Exports - commodities:
sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports - partners:
US 28.8%, UK 16.4%, Thailand 5.8%, Cote d'Ivoire 5.4%, Finland 4.2%, Jamaica 4.2%, Spain 4% (2007)
Imports:
$642 million f.o.b. (2007 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners:
US 30.9%, Mexico 14.2%, Cuba 8.4%, Guatemala 7.9% (2007)
Economic aid - recipient:
$12.91 million (2005)
Reserves of foreign exchange and gold:
$109 million (31 December 2007 est.)
Debt - external:
$1.2 billion (June 2005 est.)
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
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