Services, agriculture, minerals, automobiles, stone, chemicals, machinery and textiles are major industries of Belize. In 2017, Agriculture industry contributed 10.3% to GDP of Belize. Manufacturing had a share of 21.6% while services industry had a share of 68% of GDP in 2017.
In 2017, Services industry exports was valued at USD 581 million for Belize. Electronics export accounted for USD 2.59 million, machinery for USD 5.45 million, vehicals for USD 14.3 million, chemicals for USD 8.41 million, metals for USD 4.53 million, minerals for USD 6.52 million, stones for USD 3.37 million, textiles for USD 16 million and agriculture for USD 237 million in 2017.
Belize is situated on the Caribbean coast of Central America, bordered on the north by Mexico’s Yucatan Peninsula, and in the south and west by Guatemala, with a very small direct sea link to Honduras in the south. The second largest barrier reef in the world - a draw for diving and water sports tourism - lies off the Caribbean coast of Belize.
Belize is estimated to have a population of 0.417 million in the year 2020 and expected to reach 0.462 million by 2024. Belize’s unemployment rate is expected to be 10.55% of total labor force in 2020.
Belize’s real gross domestic product (GDP) is expected to be around BZD 3.029 billion in 2020 whereas the nominal GDP is expected to be BZD 4.142 billion. This will result in GDP deflator 136.735. Per capita GDP is estimated to be at USD 4967.39 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 8776.69 in 2020.
In 2020, Belize government’s revenue is expected to be BZD 1.239 billion whereas the expenditure is expected to be BZD 1.306 billion. This will result Belize government’s net lending / borrowing negative at BZD 0.067 billion in 2020 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Belize was estimated to be negative at USD 0.113 billion for the year 2020 and is expected to remain negative by 2024. This negative current account balance indicates the Belize is net borrower from the whole world.
In World Bank’s ease of doing business ranking Belize was ranked 135 out of 190 countries in 2019. Belize’s ease of doing business ranking has slipped from 125th position in 2018.
*If Applicable.