223-0802

Flag description:
blue with a narrow red stripe along the top and the bottom edges;
centered is a large white disk bearing the coat of arms; the coat of
arms features a shield flanked by two workers in front of a mahogany
tree with the related motto SUB UMBRA 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
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 - production by source:
fossil fuel: 59.9%
hydro: 40.1%