Belize:
Economy

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Other pages in this profile of Belize:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Belize: Economy

Belize:
Economy