| Economy - overview | Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, but GPD growth has averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s dependence on energy imports makes it susceptible to energy price shocks. Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance. |
| GDP (purchasing power parity) | $2.734 billion (2019 est.) $2.726 billion (2018 est.) $2.671 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $1.854 billion (2017 est.) |
| GDP - real growth rate | 0.8% (2017 est.) -0.5% (2016 est.) 3.8% (2015 est.) |
| GDP - per capita (PPP) | $7,005 (2019 est.) $7,118 (2018 est.) $7,109 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 10.1% of GDP (2019 est.) 8.5% of GDP (2018 est.) 10.8% of GDP (2017 est.) |
| GDP - composition, by end use | household consumption: 75.1% (2017 est.) government consumption: 15.2% (2017 est.) investment in fixed capital: 22.5% (2017 est.) investment in inventories: 1.2% (2017 est.) exports of goods and services: 49.1% (2017 est.) imports of goods and services: -63.2% (2017 est.) |
| GDP - composition by sector | agriculture: 10.3% (2017 est.) industry: 21.6% (2017 est.) services: 68% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 55.5 (2020) Starting a Business score: 72 (2020) Trading score: 68.2 (2020) Enforcement score: 50.1 (2020) |
| Population below poverty line | 41% (2013 est.) |
| Labor force | 120,500 (2008 est.) note: shortage of skilled labor and all types of technical personnel |
| Labor force - by occupation | agriculture: 10.2% industry: 18.1% services: 71.7% (2007 est.) |
| Unemployment rate | 9% (2017 est.) 8% (2016 est.) |
| Unemployment, youth ages 15-24 | total: 15.3% male: 9.5% female: 24.8% (2017 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 553.5 million (2017 est.) expenditures: 572 million (2017 est.) |
| Taxes and other revenues | 29.9% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -1% (of GDP) (2017 est.) |
| Public debt | 99% of GDP (2017 est.) 95.9% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 1.1% (2017 est.) 0.7% (2016 est.) |
| Credit ratings | Moody's rating: Caa3 (2020) Standard & Poors rating: CCC+ (2020) |
| Agriculture - products | sugar care, oranges, bananas, maize, poultry, rice, sorghum, papayas, grapefruit, soybeans |
| Industries | garment production, food processing, tourism, construction, oil |
| Industrial production growth rate | -0.6% (2017 est.) |
| Current Account Balance | -$143 million (2017 est.) -$163 million (2016 est.) |
| Exports | $457.5 million (2017 est.) $442.7 million (2016 est.) |
| Exports - commodities | raw sugar, bananas, fruit juice, fish products, crude petroleum (2019) |
| Exports - partners | United Kingdom 27%, United States 24%, Spain 6%, Jamaica 5%, Ireland 5% (2019) |
| Imports | $845.9 million (2017 est.) $916.2 million (2016 est.) |
| Imports - commodities | refined petroleum, cigarettes, recreational boats, natural gas, cars (2019) |
| Imports - partners | United States 36%, China 13%, Mexico 12%, Guatemala 10% (2019) |
| Reserves of foreign exchange and gold | $312.1 million (31 December 2017 est.) $376.7 million (31 December 2016 est.) |
| Debt - external | $1.315 billion (31 December 2017 est.) $1.338 billion (31 December 2016 est.) |
| Exchange rates | Belizean dollars (BZD) per US dollar - 2 (2017 est.) 2 (2016 est.) 2 (2015 est.) 2 (2014 est.) 2 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
