RA FLOREO (I Flourish in the
Shade) on a scroll at the bottom, all encircled by a green garland

Economy Belize

Economy - overview:
In this small, essentially private enterprise economy the tourism
industry is the number one foreign exchange earner followed by cane
sugar, citrus, marine products, bananas, and garments. The
government's expansionary monetary and fiscal policies, initiated in
September 1998, led to GDP growth of 6.5% in 1999, 10.8% in 2000,
4.6% in 2001, and 3.7% in 2002. Major concerns continue to be the
sizable trade deficit and foreign debt. A key short-term objective
remains the reduction of poverty with the help of international
donors.

GDP:
purchasing power parity - $1.28 billion (2002 est.)

GDP - real growth rate:
3.7% (2002 est.)

GDP - per capita:
purchasing power parity - $4,900 (2002 est.)

GDP - composition by sector:
agriculture: 22.7%
industry: 24.5%
services: 52.8% (2003 est.)

Investment (gross fixed):
33% of GDP (2003)

Population below poverty line:
33% (1999 est.)

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

Inflation rate (consumer prices):
2.6% (2003 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:
9.1% (2002)

Budget:
revenues: $222 million
expenditures: $300 million, including capital expenditures of $70
million (2003 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:
199.5 million kWh (2001)

Electricity - consumption:
185.5 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
5,000 bbl/day (2001 est.)

Oil - exports:
NA (2001)

Oil - imports:
NA (2001)

Current account balance:
$-142 million (2003)

Exports:
$207.8 million f.o.b. (2003 est.)

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

Exports - partners:
US 39.1%, UK 25%, France 4% (2003)

Imports:
$500.6 million f.o.b. (2003 est