Belize: Economic Outline

Economic Indicators

During the recent years, the economy of Belize has experienced a positive evolution with a sustained level of growthl. The local market is of modest size but Belize's territory (23,000 KM2) is endowed with various resources: agricultural products (sugar cane, bananas), fishing (shrimp, lobster) and energy sources (oil). The national economy relies mainly on services, which contribute up to 60% to GDP, of which 16% comes from tourism. The primary sector constitutes the second economic pole, it represents 15% of GDP (agriculture 9%, fishing 5%, forestry 1%). Finally, the manufacturing sector contributes to nearly 9% of GDP, particularly in the food processing and clothes manufacturing industries.

Belize has an open economy, driven mainly by the private sector. The currency and tax policies implemented by the government since 1998 have enabled a strong GDP growth with an average of 4% in the period between 1999 and 2007. Tourism is the main source of income, followed by the export of agricultural products. A major factor limiting the economic development of Belize remains in its lack of investment in infrastructures. Other major problems are its high trade deficit and a huge foreign debt.

In 2010, economic growth experienced a slowdown to 1.8%. The establishment of oil fields, which were the main reason for the beginning of the growth, has not given the anticipated results due to poor commercialization. The sugar industry continues to plunge. Finally and above all, the financial and economic crisis has struck the tourism industry (almost 20% of GDP), since the majority of tourists come from the USA.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	1.35	1.40e	1.47e	1.55	1.63
GDP (Constant Prices, Annual % Change)	-0.0	2.7	2.5	2.8	2.5
GDP per Capita (USD)	4,107	4,226	4,349e	4,481	4,605
General Government Gross Debt (in % of GDP)	80.2	81.4e	79.3e	77.7	76.6
Inflation Rate (%)	2.0	-0.2	2.1	3.3	2.5
Current Account (billions USD)	-0.08	-0.04	-0.05	-0.07	-0.09
Current Account (in % of GDP)	-6.2	-3.0e	-3.1e	-5.4	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	1,071	1,092	-
Belize Dollar (BZD) - Average Annual Exchange Rate For 1 USD	2.00	2.00	2.00

Source: World Bank - Last Available Data.

Find out all the exchange rates daily on our service Currency converter.

Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	19.5	17.9	61.9
Value Added (in % of GDP)	12.2	22.8	65.1
Value Added (Annual % Change)	-2.2	11.2	-1.4

Source: World Bank - Last Available Data.

Socio-Demographic Indicators	2011	2012 (e)	2013 (e)
Unemployment Rate (%)	10.9	10.5	10.2

Source: World Bank - Last Available Data

Learn more about Market Analysis about Belize on Globaltrade.net, the Directory for International Trade Services.

Indicator of Economic Freedom

Score:: 63.8/100
Position:: Moderately free
World Rank:: 67/179
Regional Rank:: 11/26

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

Country Risk

See the Country Risk Analysis Provided By Ducroire.

Indicator of Political Freedom

Ranking:: Free
Political Freedom:: 1/7
Civil Liberties:: 2/7

Map of freedom 2010
Source: Freedom House

Sources of General Economic Information

Main Online Newspapers and Portals: Belize News
Belize News Network
7news, Belize news
BelizeDiscover, Tourist information

Useful Resources: Ministry of Finance
Central Bank

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