Short facts about the economy in Belize
| Economy -
overview: |
The small, essentially private
enterprise economy is based primarily on agriculture, agro-based industry, and
merchandising, with tourism and construction assuming greater importance. Sugar,
the chief crop, accounts for nearly half of exports, while the banana industry
is the country's largest employer. The government's tough austerity program in
1997 resulted in an economic slowdown that continued in 1998. The trade deficit
has been growing, mostly as a result of low export prices for sugar and bananas.
The tourist and construction sectors strengthened in early 1999, supporting
growth of 6% in 1999 and 4% in 2000. Aided by international donors, the
government's key short-term objective remains the reduction of
poverty. |
| GDP: |
purchasing power parity - $790 million
(2000 est.) |
| GDP - real
growth rate: |
4% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $3,200 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 18%
industry: 24%
services: 58% (2000
est.) |
| Population
below poverty line: |
33% (1999
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
2% (2000
est.) |
| Labor
force: |
71,000
note: shortage of
skilled labor and all types of technical personnel (1997
est.) |
| Labor force
- by occupation: |
agriculture 38%, industry 32%, services
30% (1994) |
| Unemployment
rate: |
12.8%
(1999) |
| Budget: |
revenues: $157 million
expenditures: $279 million, including capital
expenditures of $NA (1999 est.) |
| Industries: |
garment production, food processing,
tourism, construction |
| Industrial
production growth rate: |
4.6%
(1999) |
| Electricity
- production: |
185 million kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 56.76%
hydro: 43.24%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
172.1 million kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
bananas, coca, citrus, sugarcane;
lumber; fish, cultured shrimp |
| Exports: |
$235.7 million (f.o.b., 2000
est.) |
| Exports -
commodities: |
sugar, bananas, citrus, clothing, fish
products, molasses, wood |
| Exports -
partners: |
US 42%, UK 33%, EU 12%, Caricom 4.8%,
Canada 2%, Mexico 1% (1999) |
| Imports: |
$413 million (c.i.f., 2000
est.) |
| Imports -
commodities: |
machinery and transportation equipment,
manufactured goods; food, beverages, tobacco; fuels, chemicals,
pharmaceuticals |
| Imports -
partners: |
US 58%, Mexico 12%, UK 5% EU 5%,
Central America 5%, Caricom 4% (1998) |
| Debt -
external: |
$338 million
(1998) |
| Economic aid
- recipient: |
$NA |
| Currency: |
Belizean dollar
(BZD) |
| Exchange
rates: |
Belizean dollars per US dollar - 2.0000
(fixed rate pegged to the US dollar) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
