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 more than one-third 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 is likely to continue in 1998. Political tension in the run-up to the elections will tend to discourage investment, already suffering as a result of tight monetary and fiscal policies. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas and could increase further if a pre-election boost in government spending leads to a rise in imports. The ruling in 1997 by the World Trade Organization against the European Union's banana import regime - which had granted Belize preferential treatment - is also hurting the prospects for growth, and could contribute to an increase in already high unemployment.

GDP purchasing power parity - $680 million (1997 est.)

GDP - real growth rate 2.9% (1997 est.)

GDP - per capita purchasing power parity - $3,000 (1997 est.)

GDP - composition by sector
agriculture: 20%
industry: 27%
services: 53% (1996 est.)

Inflation rate - consumer price index 1% (1997 est.)

Labor force
total: 71,000
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 (1997 est.)

Unemployment rate 13% (1997 est.)

Budget
revenues: $140 million
expenditures: $142 million, including capital expenditures of $NA (FY97/98 est.)

Industries garment production, food processing, tourism, construction

Industrial production growth rate 0.2% (1996 est.)

Electricity - capacity 23,000 kW (1995)

Electricity - production 105 million kWh (1995)

Electricity - consumption per capita 491 kWh (1995)

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

Exports
total value: $166 million (f.o.b., 1996)
commodities: sugar, citrus fruits, bananas, clothing, fish products, molasses, wood
partners: US 44%, UK 42%, other EU 5%, Canada 3% (1996)

Imports
total value: $262 million (c.i.f., 1996)
commodities: machinery and transportation equipment, food, manufactured goods, fuels, chemicals, pharmaceuticals
partners: US 55%, Mexico 12%, UK 5% (1997)

Debt - external $217 million (1996)

Economic aid
recipient: ODA, $NA

Currency 1 Belizean dollar (Bz$) = 100 cents

Exchange rates Belizean dollars (Bz$) per US$1 - 2.0000 (fixed rate)

Fiscal year 1 April - 31 March

NOTE: The information regarding Belize on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belize Economy 1998 information contained here. All suggestions for corrections of any errors about Belize Economy 1998 should be addressed to the CIA.