Economy Of Belize
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Economy overview
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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.
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GDP
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purchasing power parity - $1.28 billion (2004 est.)
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GDP - real growth rate
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3.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $4,900 (2004 est.)
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GDP - composition by sector
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agriculture: 22.7%
industry: 24.5%
services: 52.8% (2004 est.)
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Investment gross fixed
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33% of GDP (2004 est.)
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Population below poverty line
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33% (1999 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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2.6% (2004 est.)
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Labor force
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90,000
note: shortage of skilled labor and all types of technical personnel (2001 est.)
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Labor force by occupation
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agriculture 27%, industry 18%, services 55% (2001 est.)
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Unemployment rate
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9.1% (2002)
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Budget
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revenues: $222 million
expenditures: $300 million, including capital expenditures of $70 million (2004 est.)
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Public debt
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Agriculture products
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bananas, coca, citrus, sugar; fish, cultured shrimp; lumber; garments
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Industries
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garment production, food processing, tourism, construction
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Industrial production growth rate
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4.6% (1999)
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Electricity production
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199.5 million kWh (2001)
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Electricity production by source
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fossil fuel: 59.9%
hydro: 40.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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185.5 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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5,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-142 million (2004 est.)
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Exports
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$207.8 million f.o.b. (2004 est.)
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Exports commodities
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sugar, bananas, citrus, clothing, fish products, molasses, wood
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Exports partners
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US 39.1%, UK 25%, France 4% (2003)
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Imports
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$500.6 million f.o.b. (2003 est.)
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Imports commodities
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machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
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Imports partners
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US 41.9%, Mexico 12.4%, UK 5.9%, Cuba 5.5% (2003)
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Reserves of foreign exchange gold
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$84.7 million (2004 est.)
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Debt external
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$475 million (2001 est.)
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Economic aid recipient
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NA
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Currency
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Belizean dollar (BZD)
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Currency code
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BZD
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Exchange rates
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Belizean dollars per US dollar - 2 (2003), 2 (2002), 2 (2001), 2 (2000), 2 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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