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ECONOMICS - History

ECONOMICS - History

Belize


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.

1990200020102016
GNI, Atlas method (current US$) (billions)0.410.781.261.64
GNI per capita, Atlas method (current US$)2,2103,1503,9104,480
GNI, PPP (current international $) (billions)0.611.282.22.95
GNI per capita, PPP (current international $)3,2605,1606,8508,030
GDP (current US$) (billions)0.410.831.41.82
GDP growth (annual %)10.6133.3-0.5
Inflation, GDP deflator (annual %)2.80.51.12.8
Agriculture, forestry, and fishing, value added (% of GDP)17151111
Industry (including construction), value added (% of GDP)19191914
Exports of goods and services (% of GDP)62535850
Imports of goods and services (% of GDP)60745761
Gross capital formation (% of GDP)26321322
Revenue, excluding grants (% of GDP)25.420.427.326.6
Net lending (+) / net borrowing (-) (% of GDP)-0.6-5.7-0.8-3.6
States and markets
Time required to start a business (days)....4343
Domestic credit provided by financial sector (% of GDP)26.743.569.670.2
Tax revenue (% of GDP)21.417.823.623.4
Military expenditure (% of GDP)1.20.91.11.2
Mobile cellular subscriptions (per 100 people)06.860.461.9
Individuals using the Internet (% of population)0628.244.6
High-technology exports (% of manufactured exports)..05..
Statistical Capacity score (Overall average)....6162
Global links
Merchandise trade (% of GDP)83898577
Net barter terms of trade index (2000 = 100)..10095110
External debt stocks, total (DOD, current US$) (millions)1436301,3031,344
Total debt service (% of exports of goods, services and primary income)7.217.915.210.1
Net migration (thousands)-9687
Personal remittances, received (current US$) (millions)18257897
Foreign direct investment, net inflows (BoP, current US$) (millions)17309633
Net official development assistance received (current US$) (millions)30.316.32535


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