Belize Economy 2001

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)

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 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 2001 information contained here. All suggestions for corrections of any errors about Belize Economy 2001 should be addressed to the CIA.