Economy - overview:
In this small, essentially private-enterprise economy the tourism industry is the number one foreign exchange earner followed by 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 1999-2006. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. The government in 2006 announced it would seek a restructuring of its sovereign debt and has been negotiating with international creditors to find an acceptable formula for doing so. A key short-term objective remains the reduction of poverty with the help of international donors.

GDP (purchasing power parity):
$2.307 billion (2006 est.)

GDP (official exchange rate):
$1.141 billion (2006 est.)

GDP - real growth rate:
3.5% (2005 est.)

GDP - per capita (PPP):
$8,400 (2006 est.)

GDP - composition by sector:
agriculture: 22.5%
industry: 14.8%
services: 62.6% (2006 est.)

Labor force:
90,000
note: shortage of skilled labor and all types of technical personnel (2001 est.)

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

Unemployment rate:
12.9% (2003)

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):
3% (2006 est.)

Investment (gross fixed):
18.2% of GDP (2006 est.)

Budget:
revenues: $302.5 million
expenditures: $357.5 million; including capital expenditures of $70 million (2006 est.)

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

Industries:
garment production, food processing, tourism, construction

Industrial production growth rate:
4.6% (1999)

Electricity - production:
175 million kWh (2004)

Electricity - consumption:
162.8 million kWh (2004)

Electricity - exports:
0 kWh (2004)

Electricity - imports:
0 kWh (2004)

Oil - production:
0 bbl/day (2004)

Oil - consumption:
6,400 bbl/day (2004 est.)

Oil - exports:
NA bbl/day (2001)

Oil - imports:
NA bbl/day (2001)

Natural gas - production:
0 cu m (2004 est.)

Natural gas - consumption:
0 cu m (2004 est.)

Current account balance:
$-173.4 million (2006 est.)

Exports:
$359.5 million f.o.b. (2006 est.)

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

Exports - partners:
US 30.6%, UK 25%, France 4.8% (2005)

Imports:
$543 million f.o.b. (2006 est.)

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

Imports - partners:
US 31%, Mexico 11.6%, Russia 8.8%, Cuba 6%, Guatemala 5.6%, China 4.6%, Spain 4.5% (2005)

Reserves of foreign exchange and gold:
$78.96 million (2006 est.)

Debt - external:
$1.362 billion (June 2004 est.)

Economic aid - recipient:
$NA

Currency (code):
Belizean dollar (BZD)

Exchange rates:
Belizean dollars per US dollar - 2 (2006), 2 (2005), 2 (2004), 2 (2003), 2 (2002)