Belize Economy Profile 2009

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, though growth slipped to 3.8% in 2008 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue and a small increase in production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 70% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieve some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP (purchasing power parity)

$2.536 billion (2008 est.)
$2.462 billion (2007 est.)
$2.424 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$1.381 billion (2008 est.)

GDP - real growth rate

3% (2008 est.)
1.6% (2007 est.)
5.3% (2006 est.)

GDP - per capita (PPP)

$8,400 (2008 est.)
$8,400 (2007 est.)
$8,400 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 29%
industry: 16.9%
services: 54.1% (2008 est.)

Population below poverty line

33.5% (2002 est.)

Labor force

122,300
note: shortage of skilled labor and all types of technical personnel (2008 est.)

Labor force - by occupation

agriculture: 10.2%
industry: 18.1%
services: 71.7% (2007)

Unemployment rate

8.1% (2007)
9.4% (2006)

Household income or consumption by percentage share

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

Investment (gross fixed)

27.8% of GDP (2008 est.)

Budget

revenues: $347 million
expenditures: $386.5 million (2008 est.)

Inflation rate (consumer prices)

6.4% (2008 est.)
2.3% (2007 est.)

Central bank discount rate

12% (31 December 2008)
12% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
14.33% (31 December 2007)

Stock of money

$345.7 million (31 December 2008)
$323.9 million (31 December 2007)

Stock of quasi money

$653.8 million (31 December 2008)
$549 million (31 December 2007)

Stock of domestic credit

$955.4 million (31 December 2008)
$877.6 million (31 December 2007)

Industries

garment production, food processing, tourism, construction, oil

Industrial production growth rate

1.8% (2008 est.)

Electricity - production

213.5 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 59.9%
hydro: 40.1%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

193.3 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

248.4 million kWh (2005)

Oil - production

4,400 bbl/day (2008 est.)

Oil - consumption

7,000 bbl/day (2007 est.)

Oil - imports

7,122 bbl/day (2005)

Oil - exports

2,621 bbl/day (2007)

Oil - proved reserves

6.7 million bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$-42 million (2008 est.)
$-51.1 million (2007 est.)

Agriculture - products

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

Exports

$458 million (2008 est.)
$425.6 million (2007 est.)

Exports - commodities

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

Exports - partners

US 35%, UK 21.1%, Cote d'Ivoire 5.2%, Italy 4.4% (2008)

Imports

$740 million (2008 est.)
$642 million (2007 est.)

Imports - commodities

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

Imports - partners

US 37.7%, Mexico 12.5%, Cuba 7.8%, Guatemala 7.3%, Russia 5.1% (2008)

Reserves of foreign exchange and gold

$166.2 million (31 December 2008 est.)
$108.5 million (31 December 2007 est.)

Debt - external

$954.1 million (2008 est.)
$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)

Currency (code)

BZD

Exchange rates

Belizean dollars (BZD) per US dollar - 2 (2008), 2 (2007), 2 (2006), 2 (2005), 2 (2004)

Fiscal year

1 April - 31 March