An Overview of the Economy
Although small, the Belizean economy has experienced steady
upward growth of about 4% per annum for the last nine years. It
experienced particular fervour between 2006 and 2007 in line with
the discovery of oil, a find that is likely to bolster the country
for very many years to come. Growth in Foreign Direct Investment
(FDI) within Belize has also been good and in the four year interim
between 2002-2006, increased a staggering 134%. Belize's
primary industry is currently tourism, followed by exports of
marine products, citrus, sugarcane, bananas and garments.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
2.4 |
| GDP (PPP) (CIA) (US$Billions) |
2.4 |
| GDP Growth (IMF) (%) |
2.2% |
| GDP Growth (CIA) (%) |
2.2% |
| GDP Per Capita (PPP) (IMF) (US$) |
7,863 |
| GDP Per Capita (PPP) (IMF) (US$) |
7,900 |
| GDP by Sector |
Agriculture: 21.3%
Services: 65%
Industry: 13.7% |
| Inflation (%) |
3.0% |
| Population Below the Poverty Line (%) |
33.5% |
| Labour Force (Millions) |
0.113 |
| Labour Force by Occupation (%) |
Agriculture: 22.5%
Services: 62.3%
Industry: 15.2% |
| Unemployment (%) |
9.4% |
| Main Industries |
Garment production, food processing,
tourism, construction, oil. |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
1.0
|
1.1 |
1.1 |
1.2 |
1.3 |
| GDP Growth (%) |
3.7% |
3.7% |
3.5% |
3.8% |
3.5% |
| GDP Per Capita (U$) |
3,608 |
3,855 |
3,820 |
4,029 |
4,098 |
| GDP Per Capita (PPP) (US$) |
6,785 |
7,287 |
7,324 |
7,733 |
7,863 |
| Inflation (%) |
1.9% |
2.6% |
2.9% |
3.0% |
4.5% |
| Unemployment (%) |
9.1% |
9.1% |
12..9% |
12.9% |
9.4% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
84.7 |
111.1 |
87.0 |
79.0 |
92.0 |
| Mobile Phone Users |
3,023 |
60,400 |
60,400 |
93,100 |
93,100 |
| Internet Users |
18,000 |
30,000 |
30,000 |
35,000 |
35,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Tourism brings in the largest amount of foreign income to
Belize, with marine exports, citrus, cane sugar bananas and
garments making up the rest of the export market. One concern
continues to be the ongoing trade deficit as Belize has to import
so many more commodities than it exports. According to the CIA
World Factbook imports cost the country $641 million, whilst its
exports only bring in to the country $415 million.
Major Exports 2007
Sugar, bananas, citrus, clothing, fish.
Major Imports 2007
Machinery and transport equipment, manufactured goods, fuels,
chemicals, pharmeceuticals, food and beverages, tobacco.
| exports partners |
% of total |
| US |
33.9% |
| UK |
33.6% |
| Côte d'Ivoire |
3.7% |
| import partners |
% of total |
| US |
35.7% |
| Mexico |
13.0% |
| Cuba |
7.7% |
| Guatemala |
7.2% |
| China |
4.3% |
Source: CIA World Factbook
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