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 below 3% in 2008 as a result of the global slowdown. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue though no new production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 90% of GDP. 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):
$2.577 billion (2008 est.)
$2.459 billion (2007)
$2.421 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$1.383 billion (2008 est.)
GDP - real growth rate:
4.8% (2008 est.)
1.6% (2007 est.)
5.3% (2006 est.)
GDP - per capita (PPP):
$8,600 (2008 est.)
$8,300 (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.)
Labor force:
113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.)
Labor force - by occupation:
agriculture: 19.5%
industry: 17.9%
services: 61.9% (2005)
Unemployment rate:
8.5% (2007)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed):
24.5% of GDP (2008 est.)
Budget:
revenues: $335.5 million
expenditures: $361.5 million (2008 est.)
Inflation rate (consumer prices):
4.5% (2008 est.)
Central bank discount rate:
12% (31 December 2007)
Commercial bank prime lending rate:
14.33% (31 December 2007)
Stock of money:
$323.9 million (31 December 2007)
Stock of quasi money:
$549 million (31 December 2007)
Stock of domestic credit:
$877.6 million (31 December 2007)
Market value of publicly traded shares:
$NA
Agriculture - products:
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
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 - consumption:
193.3 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
3,000 bbl/day (2007 est.)
Oil - consumption:
7,000 bbl/day (2006 est.)
Oil - exports:
1,960 bbl/day (2006)
Oil - imports:
7,122 bbl/day (2005)
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:
-$32 million (2008 est.)
Exports:
$496 million f.o.b. (2008 est.)
Exports - commodities:
sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports - partners:
US 28.7%, UK 16.3%, Thailand 5.8%, Cote d'Ivoire 5.4%, Finland 4.2%, Spain 4% (2007)
Imports:
$718 million f.o.b. (2008 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners:
US 31.2%, Mexico 13.6%, Cuba 8.5%, Guatemala 8%, Russia 4.6% (2007)
Reserves of foreign exchange and gold:
$117 million (31 December 2008 est.)
Debt - external:
$1.2 billion (June 2005 est.)
Exchange rates:
Belizean dollars (BZD) per US dollar - 2 (2008 est.), 2 (2007), 2 (2006), 2 (2005), 2 (2004)
