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 expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth of 6.4% in 1999 and 10.5% in 2000. Growth decelerated in 2001 to 3% due to the global slowdown and severe hurricane damage to agriculture, fishing, and tourism. Major concerns continue to be the rapidly expanding trade deficit and foreign debt. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP purchasing power parity - $830 million (2001 est.)

GDP - real growth rate 3% (2001 est.)

GDP - per capita purchasing power parity - $3,250 (2001 est.)

GDP - composition by sector
agriculture: 18%
industry: 24%
services: 58% (2001 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) 1.7% (2001 est.)

Labor force 90,000
note: shortage of skilled labor and all types of technical personnel (1997 est.)

Labor force - by occupation agriculture 27%, industry 18%, services 55% (2001 est.)

Unemployment rate 11.5% (2000)

Budget
revenues: $186 million
expenditures: $253 million, including capital expenditures of $NA (2000 est.)

Industries garment production, food processing, tourism, construction

Industrial production growth rate 4.6% (1999)

Electricity - production 192 million kWh (2000)

Electricity - production by source
fossil fuel: 58.33%
hydro: 41.67%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 178.56 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products bananas, coca, citrus, sugarcane; lumber; fish, cultured shrimp

Exports $239.6 million (f.o.b., 2001 est.)

Exports - commodities sugar, bananas, citrus, clothing, fish products, molasses, wood

Exports - partners EU 45% (UK 33%), US 42%, Caricom 6%, Canada 1% (1999)

Imports $505 million (c.i.f., 2001 est.)

Imports - commodities machinery and transportation equipment, manufactured goods; food, beverages, tobacco; fuels, chemicals, pharmaceuticals

Imports - partners US 51%, Mexico 12%, Central America 5%, UK 4% (1999)

Debt - external $500 million (2000 est.)

Economic aid - recipient $NA

Currency Belizean dollar (BZD)

Currency code BZD

Exchange rates Belizean dollars per US dollar - 2.0000 (fixed rate pegged to the US dollar)

Fiscal year 1 April - 31 March

NOTE: The information regarding Belize on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 2002 information contained here. All suggestions for corrections of any errors about Belize Economy 2002 should be addressed to the CIA.