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Economy In Belize- FAQs
Belize is a small country and over the past twenty years, it has changed a lot economically, mainly because of the rise in tourism and the discovery of oil in 2005.
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Economy In Belize
The Belize Economy
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The Belize Economy
Through history, the economy of Belize has relied heavily on its primary industry of logging. In the 20th century, agriculture in Belize grew under the production of citrus, bananas, and sugar.
However, tourism has since become one of the primary economic industries in Belize.
Agriculture remains a key industry and now includes aquaculture (exporting both wild-caught and farmed seafood). From the early 2000s up until the crash, Belize GDP growth averaged around 4%.
In 2008, petroleum production helped to offset the decline in the tourism sector due to the global recession. For 20 years (1995-2015), the Belize annual growth rate averaged just over 4%.
Most importantly, the economy in Belize is minuscule by international standards, but you have to keep in mind that it is a small, still-developing country with a trivial domestic market and limited ability for internal taxation.
The current gross domestic product is only around US$1.70 billion, representing less than 0.01% of the world economy.
Current economic standings have forced Belize to borrow from international lenders, including the World Bank.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Belize Economy – Statistics
| Real annual growth rate (2024) | 3.38% |
| Per capita income (2023) | US$6,385.37 |
| Inflation rate (2024) | 4% |
| Natural resources | Arable land, timber, seafood, minerals. |
| Primary sectors (64% of GDP) | Hotels and restaurants, financial intermediation, trade, and transport and communication |
| Secondary sectors (23% of GDP) | Manufacturing, electricity and water supply, and construction. |
| Tertiary sectors (13% of GDP) | Agriculture, forestry, fishing, and mining |
| Exports (2022): US$399 million | cane sugar, citrus concentrate, marine products, bananas, clothing, molasses, wood, and crude oil |
| Major trade markets | US$957.7: food and beverages, consumer goods, machinery and transportation equipment, chemicals, pharmaceuticals, tobacco, mineral fuels, and lubricants. |
| Major suppliers | U.S., Germany, Central America, Mexico, and China. |
| Labor force (2024) | 200,700 |
| Official exchange rate | Fixed rate of Belize $2.01=US$1 |
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Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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