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Belize Economical Facts

 

Economical overview

Belize's main source of income is tourism, which accounts for a quarter of the gross domestic product of GDP and employs a fifth of the working population of the population. The second most important for the economy is the export of citrus fruits, sugar, bananas and seafood. In recent years, smaller oil deposits have also contributed.

The Belizean economy is limited by a small home market, lack of infrastructure, low utilization of cultivable land, dependence on imported oil and a high wage situation compared with neighboring countries. In addition, the country is often hit by hurricanes and storms.

  • Countryaah.com: Major imports by Belize, covering a full list of top products imported by the country and trade value for each product category.

Foreign oil companies found oil in Belizean waters in 2005 and the following year drilling began. This was an important reason for the economy to recover quickly after both Hurricane Dean 2007, which hit agriculture hard, and the global financial crisis of 2008-2009, which led to reduced export revenues.

The PUP government's expansionary economic policy (1998–2008, see Modern History) led to a large budget deficit and a rising government debt. This was largely covered by loans. The difficulties have continued and Belize has been forced to renegotiate the loans with the help of the IMF.

The Belizean dollar is linked to the US, which has kept inflation at a relatively low level.

An important source of income for Belize is the money that foreign residents Belizier send home to the family (referrals amounted to close to 5 percent of GDP in 2017).

  • Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including BLZ which represents the country of Belize.

Economical Facts of Belize

Belize seeks to attract international companies through favorable terms. The companies do not have to pay taxes and fees on capital gains. It is about international companies, banks and gaming sites on the internet. The United States has expressed concern that the favorable conditions facilitate so-called money laundering and demand for austerity. In 2013, Belize was warned by the Caribbean intergovernmental organization against money laundering, the CFATF (Caribbean Financial Action Task Force). Both the United States and the EU have designated Belize as a tax haven (see Foreign Policy and Defense).

FACTS - FINANCE

GDP per person

US $ 5,025 (2018)

Total GDP

US $ 1,925 million (2018)

GDP growth

3.0 percent (2018)

Agriculture's share of GDP

10.8 percent (2017)

Manufacturing industry's share of GDP

6.6 percent (2017)

The service sector's share of GDP

62.9 percent (2017)

Inflation

1.2 percent (2019)

Government debt's share of GDP

95.2 percent (2018)

External debt

US $ 1,399 million (2017)

Currency

belizian dollar

Merchandise exports

US $ 451 million (2018)

Imports

US $ 896 million (2018)

Current account

- US $ 155 million (2018)

Commodity trade's share of GDP

71 percent (2018)

Main export goods

oil, citrus fruits, sugar, bananas, seafood

Largest trading partner

USA, UK, Guatemala, Mexico, Caricom countries

 

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