unbekannter Gast

Belize: Economy#

Tourism is the number one foreign exchange earner in this small economy, 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 GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. Growth slipped to 0% in 2009, resulting from the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but grew to 2.5% in 2013. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In January 2013, the government announced that it had reached a deal with creditors to restructure its $544 million commercial external debt, commonly referred to as the "superbond." The superbond represents one half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Economic Facts#

GDP (purchasing power parity)$3.083 billion (2013 est.)
$3.008 billion (2012 est.)
$2.857 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.5% (2013 est.)
5.3% (2012 est.)
1.9% (2011 est.)
GDP - per capita (PPP)$8,800 (2013 est.)
$8,800 (2012 est.)
$8,500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 13%
industry: 23%
services: 64% (2012 est.)
Population below poverty line41% (2013 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 10.2%
industry: 18.1%
services: 71.7% (2007)
Exports - commoditiessugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil
Exports - partnersUS 31.8%, UK 21.9%, Nigeria 4.8%, Japan 4.1%, Netherlands 4.1% (2012)
Agriculture - productsbananas, cacao, citrus, sugar; fish, cultured shrimp; lumber
Budgetrevenues: $410.1 million
expenditures: $352.4 million (2013 est.)
Imports - commoditiesmachinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partnersUS 23.6%, Germany 15%, Mexico 11.5%, Cuba 8.4%, Guatemala 4.8%, China 4.7%, Singapore 4% (2012)
Exchange ratesBelizean dollars (BZD) per US dollar -
2 (2013 est.)
2 (2012 est.)
2 (2010 est.)
2 (2009)
2 (2008)
Exports$633 million (2013 est.)
$628.3 million (2012 est.)
Debt - external$1.048 billion (31 December 2013 est.)
$1.033 billion (31 December 2012 est.)
Fiscal year1 April - 31 March
Imports$864 million (2013 est.)
$837.1 million (2012 est.)
Industrial production growth rate-1% (2013 est.)
Industriesgarment production, food processing, tourism, construction, oil
Inflation rate (consumer prices)1.3% (2013 est.)
1.3% (2012 est.)
Labor force120,500
note: shortage of skilled labor and all types of technical personnel (2008 est.)
Unemployment rate15.5% (2013)
11.3% (2012)
Public debt75.1% of GDP (2013 est.)
84.6% of GDP (2012 est.)
Current account balance-$32 million (2013 est.)
-$28 million (2012 est.)
Reserves of foreign exchange and gold$273 million (31 December 2013 est.)
$288.9 million (31 December 2012 est.)
GDP (official exchange rate)$1.637 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate18% (31 December 2010 est.)
12% (31 December 2009 est.)
Commercial bank prime lending rate11.8% (31 December 2013 est.)
12.4% (31 December 2012 est.)
Stock of domestic credit$1.05 billion (31 December 2013 est.)
$1 billion (31 December 2012 est.)
Stock of narrow money$573 million (31 December 2013 est.)
$551.5 million (31 December 2012 est.)
Stock of broad money$1.3 billion (31 December 2013 est.)
$1.222 billion (31 December 2012 est.)
Taxes and other revenues25.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)3.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 79.3%
government consumption: 16.8%
investment in fixed capital: 31.2%
investment in inventories: 1.2%
exports of goods and services: 62.1%
imports of goods and services: -90.6%
(2013 est.)
Gross national saving31.2% of GDP (2013 est.)
29.2% of GDP (2012 est.)
28.2% of GDP (2011 est.)