Economy
Economic overview:
The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming increasing importance. Agriculture accounts for about 30% of GDP and provides 75% of export earnings, while sugar, the chief crop, accounts for almost 40% of hard currency earnings. The US, Belize's main trading partner, is assisting in efforts to reduce dependency on sugar with an agricultural diversification program.
GDP:
purchasing power parity - $575 million (1994 est.)
GDP real growth rate:
2% (1994 est.)
GDP per capita:
$2,750 (1994 est.)
GDP composition by sector:
agriculture:
30%
industry:
NA
services:
NA (1995 est.)
Inflation rate (consumer prices):
2.3% (1994 est.)
Labor force:
51,500
by occupation:
agriculture 30%, services 16%, government 15.4%, commerce 11.2%, manufacturing 10.3%
note:
shortage of skilled labor and all types of technical personnel (1985)
Unemployment rate:
10% (1993 est.)
Budget:
revenues:
$126.8 million
expenditures:
$123.1 million, including capital expenditures of $44.8 million (FY90/91 est.)
Industries:
garment production, food processing, tourism, construction
Industrial production growth rate:
3.7% (1990)
Electricity:
capacity:
34,532 kW
production:
110 million kWh
consumption per capita:
490 kWh (1993)
Agriculture:
bananas, coca, citrus, sugarcane; lumber; fish, cultured shrimp
Illicit drugs:
transshipment point for cocaine; an illicit producer of cannabis for the international drug trade; minor money-laundering center
Exports:
$115 million (f.o.b., 1993)
commodities:
sugar, citrus fruits, bananas, clothing, fish products, molasses, wood
partners:
US 38%, UK, other EC (1994)
Imports:
$281 million (c.i.f., 1993)
commodities:
machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals
partners:
US 53%, UK, other EC, Mexico (1994)
External debt:
$167.5 million (1992)
Economic aid:
recipient:
ODA, $NA
Currency:
1 Belizean dollar (Bz$) = 100 cents
Exchange rates:
Belizean dollars (Bz$) per US$1 - 2.00 (fixed rate)
Fiscal year:
1 April - 31 March
