Economy of Belize

source: CIA World Fact Book 1997

Economy - overview: The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming increasing importance. Agriculture accounts for about 20% of GDP and provides 75% of export earnings, while sugar, the chief crop, accounts for almost 40% of hard currency earnings. The US, Belize's main trading partner, is assisting in efforts to reduce dependency on sugar with an agricultural diversification program.

GDP: purchasing power parity - $649 million (1996 est.)

GDP - real growth rate: 3% (1996 est.)

GDP - per capita: purchasing power parity - $2,960 (1996 est.)

• agriculture: 20%
• industry: 27%
• services : 53% (1995 est.)

Inflation rate - consumer price index: 6.4% (1996 est.)

• total : 51,500
• by occupation: agriculture 30%, services 16%, government 15.4%, commerce 11.2%, manufacturing 10.3%
• note: shortage of skilled labor and all types of technical personnel (1985)

Unemployment rate: 15% (1996 est.)

• revenues: $140 million
• expenditures: $180 million, including capital expenditures of NA (FY96/97 est.)

Industries: garment production, food processing, tourism, construction

Industrial production growth rate: 3.7% (1990)

Electricity - capacity: 34,000 kW (1995)

Electricity - production: NA kWh

Electricity - consumption per capita: NA kWh

Agriculture - products: bananas, coca, citrus, sugarcane; lumber; fish, cultured shrimp

• total value: $204 million (f.o.b., 1996)
• commodities: sugar, citrus fruits, bananas, clothing, fish products, molasses, wood
• partners : US 38%, UK, other EU (1994)

• total value: $264 million (c.i.f., 1996)
• commodities: machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals
• partners : US 53%, UK, other EU, Mexico (1994)

Debt - external: $192 million (1996 est.)

• recipient : ODA, $NA

Currency: 1 Belizean dollar (Bz$) = 100 cents

Exchange rates: Belizean dollars (Bz$) per US$1 - 2.00 (fixed rate)

Fiscal year: 1 April - 31 March