Economic overview Belize, in 36 editions.

The economy is based primarily on agriculture and merchandising. Agriculture accounts for more than 30% of GDP and provides 75% of export earnings, while sugar, the chief crop, accounts for almost 40% of hard currency earnings. The US, Belize's main trading partner, is assisting in efforts to reduce dependency on sugar with an agricultural diversification program. In 1987 the drop in income from sugar sales to the US because of quota reductions was almost totally offset by higher world prices for sugar.

The economy is based primarily on agriculture agriculture, agro-based industry, and merchandising.
merchandising, with tourism and construction assuming increasing importance.
Agriculture accounts for more than about 30% of GDP and provides 75% of export
earnings, while sugar, the chief crop, accounts for almost 40% of hard
currency earnings. The US, Belize's main trading partner, is assisting in
efforts to reduce dependency on sugar with an agricultural diversification
program.

The economy is based primarily on agriculture, agro-based industry, and
and merchandising, with tourism and construction assuming increasing importance.
importance. Agriculture accounts for about 30% of GDP and provides 75%
of export
earnings, while sugar, the chief crop, accounts for almost
40% of hard
currency earnings. The US, Belize's main trading partner,
is assisting in
efforts to reduce dependency on sugar with an
agricultural diversification
program.

The small, essentially private enterprise economy is based
primarily on agriculture, agro-based industry,
and merchandising, with
tourism and construction assuming increasing
importance. Agriculture
accounts for about 30% of GDP and provides 75%
of export earnings,
while sugar, the chief crop, accounts for almost
40% of hard currency
earnings. The US, Belize's main trading partner,
is assisting in
efforts to reduce dependency on sugar with an
agricultural
diversification program.

The small, essentially private enterprise
economy is based
primarily on agriculture, agro-based industry, and
merchandising, with
tourism and construction assuming increasing
importance. Agriculture
accounts for about 30% of GDP and provides
75% of export earnings,
while sugar, the chief crop, accounts for
almost 40% of hard currency
earnings. The US, Belize's main trading
partner, is assisting in
efforts to reduce dependency on sugar with
an agricultural
diversification program.

The small, essentially private enterprise
economy
is based primarily on agriculture, agro-based industry, and
merchandising, with tourism and construction assuming increasing
importance. Agriculture accounts for about 30% 20% of GDP and provides
75%
of export earnings, while sugar, the chief crop, accounts for
almost
40% of hard currency earnings. The US, Belize's main trading
partner,
is assisting in efforts to reduce dependency on sugar with
an
agricultural diversification program.

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 nearly half of
exports, while the banana industry is the country's largest employer.
employer. The government's tough austerity program in 1997 resulted
in an
economic slowdown that is likely to continue continued 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 and bananas. The new government spending leads faces important challenges to
economic stability. Rapid action to improve tax collection has been
promised, but a rise lack of progress in
imports. The ruling reigning in 1997 by the World Trade Organization against
the European Union's banana import regime-which had granted Belize spending could bring
preferential treatment - is also hurting the prospects for growth, and
could contribute to an increase in already high unemployment. exchange rate under pressure.

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 nearly half 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 continued in 1998. The trade deficit
has been growing, mostly as a result of low export prices for sugar
and bananas. The new government faces important challenges to
economic stability. Rapid action to improve tax collection has been
promised, but a lack of progress in reigning reining in spending could bring
the exchange rate under pressure. The tourist and construction sectors strengthened in early 1999, leading to a preliminary estimate of revived growth at 4%.

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 nearly half 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 continued in 1998. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas. The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The tourist and construction sectors strengthened in early 1999, leading to a preliminary estimate of revived supporting growth at 4%. of 6% in 1999 and 4% in 2000. Aided by international donors, the government's key short-term objective remains the reduction of poverty.

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 nearly half 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 continued in 1998. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas. The tourist expansionary monetary and construction sectors strengthened fiscal policies, initiated in early 1999, supporting September 1998, led to GDP growth of 6% 6.4% in 1999 and 4% 10.5% in 2000. Aided by international donors, Growth decelerated in 2001 to 3% due to the government's global slowdown and severe hurricane damage to agriculture, fishing, and tourism. Major concerns continue to be the rapidly expanding trade deficit and foreign debt. A key short-term objective remains the reduction of poverty. poverty with the help of international donors.

The In this 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 nearly half of exports, while the banana tourism industry is the country's largest employer. 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 6.4% 6.5% in 1999 and 10.5% 1999, 10.8% in 2000. Growth decelerated 2000, 4.6% in 2001 to 3% due to the global slowdown and severe hurricane damage to agriculture, fishing, 2001, and tourism. 3.7% in 2002. Major concerns continue to be the rapidly expanding sizable trade deficit and foreign debt. A key short-term objective remains the reduction of poverty with the help of international donors.

In this small, essentially private enterprise economy the tourism industry is the number one foreign exchange earner followed by cane sugar, citrus, 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 of 6.5% in 1999, 10.8% in 2000, 4.6% in 2001, and 3.7% averaging nearly 6% in 2002. 1999-2004. 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.

In this small, essentially private enterprise 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 6% 5% in 1999-2004. 1999-2005. 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.

In this small, essentially private-enterprise economy the tourism industry is the number one foreign exchange earner followed by exports of 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 5% 4% in 1999-2005. 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.

In this small, essentially private-enterprise economy economy, tourism is the number one foreign exchange earner followed by exports of 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. 1999-2007. Oil discoveries in 2006 bolstered the economic growth in 2006 and 2007. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. The In February 2007, the government in 2006 announced it would seek a restructuring restructured nearly all of its sovereign debt public external commercial debt, which will reduce interest payments and has been negotiating with international creditors to find an acceptable formula for doing so. relieve liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner followed by exports of 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 1999-2007. 1999-2007, though growth slipped to 3.8% in 2008 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth in 2006 growth. Exploration efforts continue and 2007. a small increase in production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt. debt equivalent to nearly 70% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which will helped reduce interest payments and relieve some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner followed by exports of 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 1999-2007, though growth slipped to 3.8% in 2008 2008, 0% in 2009, and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue and production increased a small increase in production is expected amount in 2009. Major concerns continue to be the sizable trade deficit and unsustainable heavy foreign debt equivalent to nearly 70% of GDP. burden. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieve relieved some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty and inequality with the help of international donors.

In this small, essentially private-enterprise economy, tourism Tourism is the number one foreign exchange earner in this small economy, followed by exports of 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 1999-2007, though growth slipped to 3.8% in 2008, 0% in 2009, and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. 1999-2007. Oil discoveries in 2006 bolstered economic this growth. Exploration efforts continue have continued and production has increased a small amount in 2009. Major concerns continue to be the sizable trade deficit and heavy foreign debt burden. amount. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country's liquidity concerns. Growth slipped to 0% in 2009 and 1.5% in 2010 as a result of the global slowdown, natural disasters, and the drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country's liquidity concerns. Growth slipped to 0% in 2009 2009, and 1.5% in 2010 has remained at just over 2% per year during 2010-12, as a result of the global slowdown, natural disasters, and the a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government defaulted on a $23 million payment on its global bond and is in talks with international bondholders to restructure the debt. The $544 million global bond due in 2029 - called the superbond because it was the product in 2007 of a debt consolidation - represents one-half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. Growth slipped to 0% in 2009, and has remained at just over 2% per year during 2010-12, 2010-2012, as a result of the global slowdown, natural disasters, and a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government defaulted on paid half of a $23 million interest payment on its global bond and is that had been due in talks August 2012. In January 2013, the government announced that it had reached a deal with international bondholders creditors to restructure the debt. The its $544 million global bond due in 2029 - called commercial external debt, commonly referred to as the "superbond." The superbond because it was the product in 2007 of a debt consolidation - represents one-half one half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. Growth slipped to 0% in 2009, and has remained at just over 2% per year during 2010-2012, as a result of resulting from the global economic slowdown, natural disasters, and a temporary drop in the price of oil. oil, but grew to 2.5% in 2013. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government paid half of a $23 million interest payment that had been due in August 2012. In January 2013, the government announced that it had reached a deal with creditors to restructure its $544 million commercial external debt, commonly referred to as the "superbond." The superbond represents one half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, citrus, cane sugar, bananas, citrus, and garments. bananas. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued growth and oil exploration continues, but production has increased a small amount. fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, resulting from due to the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but growth grew to 2.5% in 2013. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In January 2013, the government announced that it had reached a deal with creditors to restructure its $544 million commercial external debt, commonly referred to as the "superbond." The superbond represents one half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. 2014. Although Belize has the second third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The sizable poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, sugar, citrus, and bananas.
The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, due to the global economic slowdown, natural disasters, and a temporary drop in the price of oil, but growth grew to 2.5% 2.2% in 2014. 2015.
Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of crude oil, marine products, sugar, bananas, citrus, marine products, and bananas. crude oil.
The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. 1999-2007, however GDP growth slowed to 1% in 2015, and 0% in 2016. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production has fallen in recent years and future oil revenues remain uncertain. Growth slipped to 0% in 2009, due to the global economic slowdown, natural disasters, uncertain and a temporary drop in the price are offset by Belize’s growing imports of oil, but growth grew to 2.2% in 2015. refined oil.
Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.
The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, however GDP growth slowed to 1% in 2015, and 0% in 2016. Oil discoveries in 2006 bolstered this growth and oil exploration continues, but production GPD growth has fallen in recent years and future oil revenues remain uncertain and are offset by averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s growing dependence on energy imports of refined oil.
makes it susceptible to energy price shocks. Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.
The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, but GPD growth has averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s dependence on energy imports makes it susceptible to energy price shocks.
Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.