Belize Economy 1997

Economy - overview The small, essentially private enterprise economy is based primarilyon agriculture, agro-based industry, and merchandising, with tourism and constructionassuming increasing importance. Agriculture accounts for about 20% of GDPand provides 75% of export earnings, while sugar, the chief crop, accountsfor almost 40% of hard currency earnings. The US, Belize's main trading partner,is assisting in efforts to reduce dependency on sugar with an agriculturaldiversification program.

GDP purchasing power parity - $649 million (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $2,960 (1996 est.)

GDP - composition by sector
agriculture: 20%
industry: 27%
services : 53% (1995 est.)

Inflation rate - consumer price index 6.4% (1996 est.)

Labor force
total : 51,500
by occupation: agriculture 30%, services 16%, government 15.4%, commerce 11.2%, manufacturing10.3%
note: shortage of skilled labor and all types of technical personnel (1985)

Unemployment rate 15% (1996 est.)

Budget
revenues: $140 million
expenditures: $180 million, including capital expenditures of NA (FY96/97 est.)

Industries garment production, food processing, tourism, construction

Industrial production growth rate 3.7% (1990)

Electricity - capacity 34,000 kW (1995)

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

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

Exports
total value: $204 million (f.o.b., 1996)
commodities: sugar, citrus fruits, bananas, clothing, fish products, molasses, wood
partners : US 38%, UK, other EU (1994)

Imports
total value: $264 million (c.i.f., 1996)
commodities: machinery and transportation equipment, food, manufactured goods, fuels,chemicals, pharmaceuticals
partners : US 53%, UK, other EU, Mexico (1994)

Debt - external $192 million (1996 est.)

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

NOTE: The information regarding Belize on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 1997 information contained here. All suggestions for corrections of any errors about Belize Economy 1997 should be addressed to the CIA.