Economy of Belize

Economy of Belize
Belize City
CurrencyBelize dollar (BZD, BZ$)
1 April – 31 March
Trade organisations
CARICOM, WTO
Country group
Statistics
GDP
  • Increase $1.925 billion (nominal, 2018)[3]
  • Increase $3.367 billion (PPP, 2018)[3]
GDP rank
GDP growth
  • 2.1% (2018) 0.3% (2019e)
  • −13.5% (2020f) 6.7% (2021f)[4]
GDP per capita
  • Increase $4,862 (nominal, 2018 est.)[3]
  • Increase $8,504 (PPP, 2018)[3]
GDP per capita rank
GDP by sector
  • agriculture: 13%
  • industry: 23%
  • services: 64%
  • (2012 est.)
0.294% (2018)[3]
Population below poverty line
  • 41.3% (2009)[5]
  • 53% on less than $5.50/day (1999)[6]
  • Decrease 0.683 medium (2021)[7] (123rd)
  • Decrease 0.535 low IHDI (2021)[8]
Labour force
  • Increase 184,610 (2019)[9]
  • Increase 59.8% employment rate (2017)[10]
  • note: shortage of skilled labor and all types of technical personnel
Labour force by occupation
  • Agriculture: 10.2%
  • industry: 18.1%
  • services: 71.7%
  • (2007 est.)
Unemployment11.1% (2016)[5]
Main industries
Garment production, food processing, tourism, construction, oil
External
Exports$633 million (2013 est.)
Export goods
Sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil
Main export partners
Import goods
Machinery and transport equipment, manufactured goods, fuels, chemicals, pharmaceuticals, food, beverages, tobacco
Main import partners
$1.048 billion (December 2013 est.)
Public finances
$1.229 billion (2013 est.)
Revenues410.1 million (2013 est.)
Expenses352.4 million (2013 est.)
All values, unless otherwise stated, are in US dollars.

The economy of Belize is a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation.[14] Belize's primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.[citation needed]

The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize dollar is fixed to the U.S. dollar at a rate of 2:1.[15]

Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. Tourism attracts the most foreign direct investment although significant foreign investment is also found in the energy, telecommunications, and agricultural sectors.

Belize is considered a tax haven.[16]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 21 October 2019.
  4. ^ Global Economic Prospects, June 2020. World Bank. 8 June 2020. p. 86. doi:10.1596/978-1-4648-1553-9. ISBN 978-1-4648-1553-9. S2CID 225749731. Retrieved 16 June 2020.
  5. ^ a b "Statistics of the Nation". Statistical Institute of Belize. Retrieved 5 April 2017.
  6. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Belize". World Bank. Retrieved 6 February 2020.
  7. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 15 November 2022.
  8. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 15 November 2022.
  9. ^ "Labor force, total - Belize". World Bank. Retrieved 6 February 2020.
  10. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Belize". World Bank. Retrieved 6 February 2020.
  11. ^ "Export Partners of Belize". The Observatory of Economic Complexity. Retrieved 14 March 2024.
  12. ^ "Import Partners of Belize". The Observatory of Economic Complexity. Retrieved 14 March 2024.
  13. ^ "Sovereign Ratings List". Standard & Poor's. 6 January 2017. Archived from the original on 31 July 2017. Retrieved 28 November 2014.
  14. ^ Burnett, John (2006). Maya Homeland. Large Oil Field Is Found in Belize; the Angling Begins, 4 January 2007.
  15. ^ Belize dollar
  16. ^ "Belize offshore secrecy ill at ease with UK politics and US authorities". The Guardian. 2 August 2016.