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Economy of Belize
Economy of Belize
Economy of Belize
Belize City
Statistics
−13.5% (2020f) 6.7% (2021f)[4]
GDP per capita $4,862 (nominal, 2018 est.)[3]
industry: 23%
services: 64%
(2012 est.)
Inflation (CPI) 0.294% (2018)[3]
Population 41.3% (2009)[5]
below poverty line
53% on less than $5.50/day (1999)[6]
Human Development 0.683 medium (2021)[7] (123rd)
Index
0.535 low IHDI (2021)[8]
Labour force 184,610 (2019)[9]
personnel
Labour force by Agriculture: 10.2%
occupation
industry: 18.1%
services: 71.7%
(2007 est.)
oil
Ease-of-doing-business 135th (medium, 2020)[11]
rank
External
United States 18.7%
Nigeria 6.7%
Jamaica 4.2%
Bahamas 4.2%
(2015)[12]
Import goods Machinery and transport equipment, manufactured goods,
Mexico 11.7%
Cuba 10.2%
Guatemala 9%
China 7.5%
Indonesia 4.9%
(2015)[13]
Gross external debt $1.048 billion (December 2013 est.)
Public finances
Public debt $1.229 billion (2013 est.)
CC (Domestic)
CC (Foreign)
CC (T&C Assessment)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Contents
1History
2Economic sectors
o 2.1Agriculture
o 2.2Energy
o 2.3Transport
o 2.4Tourism
3Trade
4Belize International Business Companies
5Data
6See also
7References
8External links
History[edit]
Belize's economy depended on forestry until well into the 20th century. Logwood, used
to make dye, was Belize's initial main export. However, the supply outstripped the
demand, especially as Europeans developed man-made dyes which were less
expensive. Loggers turned to mahogany, which grew in abundance in the country's
forests. The wood was prized for use in cabinets, ships, and railroad carriers.
While many merchants and traders became wealthy from the mahogany industry, ups
and downs in the market had a large impact on the economy. In addition, new
mahogany trees weren't being planted, because mahogany trees grow slowly; the rate
of natural regrowth necessitated a large, long-term investment in tree farming, which
was not made. As the 19th century progressed, loggers were forced to go deeper into
the forests to find the trees, increasing labour costs.
Variations of mahogany exports over long periods of time were linked to the accessible
supply of the resource. Thus, improvements in hauling methods helped the cutters
satisfy increasing demands for mahogany by enabling them to extract timber from areas
in the interior that had been previously inaccessible to them. Immediately after the
introduction of cattle in the early 19th century, tractors in the 1920s, and lorries in the
1940s, production levels rose dramatically.
When the supply of accessible timber dwindled and logging became too unprofitable in
the 20th century, the country's economy shifted to new sectors. Cane sugar became the
principal export and recently has been augmented by expanded production
of citrus, bananas, seafood, and apparel. The country has about 8,090 km² of arable
land, only a small fraction of which is under cultivation. To curb land speculation, the
government enacted legislation in 1973 that requires non-Belizeans to complete a
development plan on land they purchase before obtaining title to plots of more than 10
acres (40,000 m²) of rural land or more than one-half acre (2,000 m²) of urban land.
Economic sectors[edit]
Agriculture[edit]
Further information: Banana production in Belize
Banana production accounted for 16 percent of total Belizean exports in 1999.[18]
Citrus fruits are Belize's second most important agricultural crop. [18]
In 2018, Belize produced 1.7 million tons of sugarcane, being heavily dependent on this
product. In addition to sugarcane, the country produced 100 thousand tons of orange,
80 thousand tons of banana, 77 thousand tons of maize, in addition to smaller
productions of other agricultural products such as papaya, rice and soy.[19]
Energy[edit]
Further information: Energy in Belize
Trade[edit]
The IBC Act was introduced in 1990 to implement competitive offshore legislation for
Belize IBCs which was subsequently amended to reflect the changes required to
provide efficient Belize offshore services.
Efficient incorporation/registration
Belize incorporation is very efficient under normal circumstances, a Belize IBC can
be incorporated in a couple of working days.
Flexibility in company structure
The documents for Belize offshore Incorporation do not carry the name or identity of
any shareholder or director. The names or identities of these persons do not appear
in any public record.
Taxation in Belize
According to the IBC Act of 1990, offshore companies are exempted from all taxes. [23]
Data[edit]
Belize electricity supply by source
The following table shows the main economic indicators in 1980–2017. [24]
19 19 199 199 200 200 20 20 20 200 201 201 201 201 201 201 20 20
Year
80 85 0 5 0 5 06 07 08 9 0 1 2 3 4 5 16 17
0. 0.2 0.6 0.9 1.3 1.9 2.1 2.2 2.3 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.1 3.2
GDP 20 9 2 4 6 8 4 2 4 7 8 9 3 0 6 1 3 1
in $ Bl Bl Bln Bln Bln Bln Bl Bl Bl Bln Bln Bln Bln Bln Bln Bln Bl Bl
(PPP)
n. n. . . . . n. n. n. . . . . . . . n. n.
GDP
per 1,
1,7 3,2 4,3 5,4 6,7 7,0 7,1 7,2 7,3 7,6 7,7 8,0 7,9 8,2 8,4 8,3 8,3
capita 36
17 81 24 56 99 98 26 54 50 68 85 17 94 95 80 29 24
in $ 7
(PPP)
Inflati
on 7. −1. −0.
4.1 2.0 2.9 0.6 3.7 4.2 2.3 6.4 0.9 1.7 1.2 0.5 1.2 0.7 1.1
(in 0 1 9
% % % % % % % % % % % % % % %
Percent % % %
)
Unem ... ... 15. 12. 11. 11. 9.4 8.5 8.2 13. 13. 13. 14. 11. 11. 10. 7.9 8.9
ploym 00 50 40 00 0 0 0 05 50 95 40 70 06 11 7 9
ent % % % % % % % % % % % % % % % %
rate
(in
Percent
)
See also[edit]
Belize dollar
Central Bank of Belize
Ministry of Finance (Belize)
Telecommunications in Belize
List of Commonwealth of Nations countries by GDP
List of Latin American and Caribbean countries by GDP growth
List of Latin American and Caribbean countries by GDP (nominal)
List of Latin American and Caribbean countries by GDP (PPP)