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Belize:
Economy

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Economy - overview
Definition
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. Oil discoveries in 2006 bolstered the economic growth in 2006 and 2007. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. 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)
Definition - World rank and map
$2.444 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.274 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
2.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$7,900 (2007 est.)
GDP - composition by sector
Definition
agriculture: 21.3%
industry: 13.7%
services: 65% (2007 est.)
Labor force
Definition
113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.)
Labor force - by occupation
Definition
agriculture: 22.5%
industry: 15.2%
services: 62.3% (2005 est.)
Unemployment rate
Definition - World rank and map
9.4% (2006)
Population below poverty line
Definition
33.5% (2002 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
22.6% of GDP (2007 est.)
Budget
Definition
revenues: $307 million
expenditures: $344 million (2007 est.)
Agriculture - products
Definition
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments
Industries
Definition
garment production, food processing, tourism, construction, oil
Industrial production growth rate
Definition - World rank and map
0.5% (2007 est.)
Electricity - production
Definition - World rank and map
200 million kWh (2007 est.)
Electricity - consumption
Definition - World rank and map
162.8 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
540.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
2,413 bbl/day (2006)
Oil - consumption
Definition - World rank and map
3,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
10 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
1,960 bbl/day (2006)
Oil - imports
Definition - World rank and map
6,754 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$51 million (2007 est.)
Exports
Definition - World rank and map
$415 million f.o.b. (2007 est.)
Exports - commodities
Definition
sugar, bananas, citrus, clothing, fish products, molasses, wood
Exports - partners
Definition
US 28%, UK 18.8%, Thailand 5.7%, Cote d'Ivoire 5.2%, Finland 4.1%, Jamaica 4.1% (2006)
Imports
Definition - World rank and map
$641 million f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners
Definition
US 30.6%, Mexico 14.1%, Cuba 8.4%, Guatemala 7.8%, China 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$109 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.2 billion (June 2005 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$12.91 million (2005)
Currency (code)
Definition
Belizean dollar (BZD)
Exchange rates
Definition
Belizean dollars per US dollar - 2 (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)
Fiscal year
Definition
1 April - 31 March


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