Belize Economy 2008

Economy - overview:
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 create the liquidity relief needed for an increase in public spending in the run-up to the March 2008 elections. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP (purchasing power parity):
$2.336 billion (2007 est.)

GDP (official exchange rate):
$1.138 billion (2007 est.)

GDP - real growth rate:
3% (2007 est.)

GDP - per capita (PPP):
$7,800 (2007 est.)

GDP - composition by sector:
agriculture: 21.3%
industry: 13.7%
services: 65% (2007 est.)

Labor force:
113,000
note: shortage of skilled labor and all types of technical personnel (2006 est.)

Labor force - by occupation:
agriculture: 22.5%
industry: 15.2%
services: 62.3% (2005 est.)

Unemployment rate:
9.4% (2006)

Population below poverty line:
33.5% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
2.8% (2007 est.)

Investment (gross fixed):
22.4% of GDP (2007 est.)

Budget:
revenues: $328.5 million
expenditures: $365 million (2007 est.)

Agriculture - products:
bananas, cacao, citrus, sugar; fish, cultured shrimp; lumber; garments

Industries:
garment production, food processing, tourism, construction, oil

Industrial production growth rate:
0.5% (2007 est.)

Electricity - production:
200 million kWh (2007 est.)

Electricity - consumption:
162.8 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
2,413 bbl/day (2006)

Oil - consumption:
3,000 bbl/day (2006 est.)

Oil - exports:
1,960 bbl/day (2006)

Oil - imports:
6,754 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$54 million (2007 est.)

Exports:
$437 million f.o.b. (2007 est.)

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

Exports - partners:
US 33.9%, UK 33.6%, Cote d'Ivoire 3.7% (2006)

Imports:
$670 million f.o.b. (2007 est.)

Imports - partners:
US 35.7%, Mexico 13%, Cuba 7.7%, Guatemala 7.2%, China 4.3% (2006)

Economic aid - recipient:
$12.91 million (2005)

Reserves of foreign exchange and gold:
$92 million (31 December 2007 est.)

Debt - external:
$1.2 billion (June 2005 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Belizean dollar (BZD)

Exchange rates:
Belizean dollars per US dollar - 2 (2007), 2 (2006), 2 (2005), 2 (2004), 2 (2003)