Belize - Economy
How is the economy of Belize? Based on the information we have, Belize has a tourism- and agriculture-driven economy; strong post-pandemic rebound; innovative and ecological bond restructuring that significantly lowered public debt and expanded marine protections; central bank offering USD-denominated treasury notes; high mobility across borders. Key agricultural products in this country include: sugarcane, maize, bananas, oranges, soybeans, sorghum, chicken, rice, beans, milk (2022).
More about the economy of Belize
| Labor force | 190,000 (2023 est.) |
|---|---|
| Industrial production growth rate | -4.52% (2023 est.) |
| Industries | garment production, food processing, tourism, construction, oil |
| Population below poverty line | |
| Taxes and other revenues | 21.34% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Belizean dollars (BZD) per US dollar - |
| Exchange rates 2023 | 2 (2023 est.) |
| Exchange rates 2022 | 2 (2022 est.) |
| Exchange rates 2021 | 2 (2021 est.) |
| Exchange rates 2020 | 2 (2020 est.) |
| Exchange rates 2019 | 2 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $1.176 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $473.729 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $482.146 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $420.103 million (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$90.63 million (2023 est.) |
| Current account balance 2022 | -$235.566 million (2022 est.) |
| Current account balance 2021 | -$157.868 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 99% of GDP (2017 est.) |
| Budget | |
| Revenues | $554.405 million (2017 est.) |
| Expenditures | $506.316 million (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 4.63% of GDP (2023 est.) |
| Remittances 2022 | 5.03% of GDP (2022 est.) |
| Remittances 2021 | 5.58% of GDP (2021 est.) |
| Imports | |
| Imports 2023 | $1.571 billion (2023 est.) |
| Imports 2022 | $1.574 billion (2022 est.) |
| Imports 2021 | $1.249 billion (2021 est.) |
| Imports (partners) | US 33%, China 23%, Guatemala 9%, Mexico 8%, Canada 3% (2022) |
| Comodities Imports force | refined petroleum, ships, tobacco, garments, plastic products (2022) |
| Exports | |
| Imports 2023 | $1.571 billion (2023 est.) |
| Imports 2022 | $1.574 billion (2022 est.) |
| Imports 2021 | $1.249 billion (2021 est.) |
| Exports (partners) | US 22%, UK 16%, Guatemala 10%, Spain 7%, Honduras 5% (2022) |
| Comodities Exports force | raw sugar, bananas, shellfish, bran, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $5.257 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.028 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $4.624 billion (2021 est.) |
| GDP (official exchange rate) | $3.282 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $12,800 (2023 est.) |
| Real GDP per capita 2022 | $12,400 (2022 est.) |
| Real GDP per capita 2021 | $11,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9% (2023 est.) |
| Industry | 13.2% (2023 est.) |
| Services | 63% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 56.8% (2023 est.) |
| Government consumption | 16.1% (2023 est.) |
| Investment in fixed capital | 20.5% (2023 est.) |
| Investment in inventories | 0.7% (2023 est.) |
| Exports of goods and services | 53.6% (2023 est.) |
| Imports of goods and services | -52.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 8.26% (2023 est.) |
| Unemployment rate 2022 | 8.72% (2022 est.) |
| Unemployment rate 2021 | 10.16% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 17.4% (2023 est.) |
| Male | 12.1% (2023 est.) |
| Female | 26.2% (2023 est.) |
All Important Facts about Belize
Want to know more about Belize? Check all different factbooks for Belize below.
