Economy In Belize
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.
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%.
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.
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Belize Economy - Statistics
| Real annual growth rate (2018) | 3.8% |
| Per capita income (2018) | US$7,810 |
| Inflation rate (2019) | 0.6% |
| 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: US$200 million | cane sugar, citrus concentrate, marine products, bananas, clothing, molasses, wood, and crude oil |
| Major trade markets | US$957.7: food, consumer goods, machinery and transportation equipment, chemicals, pharmaceuticals, tobacco, mineral fuels, and lubricants. |
| Major suppliers | U.S. (23.1%), Germany, Central America, Mexico, and China. |
| Labor force | 178,514 |
| Official exchange rate | fixed rate of Belize $2=US$0.99. |
This is a tiny English-speaking country blessed with both a long Caribbean mainland coast and a multitude of small, outlying, sand-fringed cayes, has made a name for itself among the world’s beach-lovers and sun-seekers.
For example, the beachfront property market out on Ambergris, went haywire pre-2008. Prices catapulted. Then collapsed.
Today, again, Belize is an ideal Caribbean location.
Belize - FAQs
Do I Pay Taxes When Importing A Car In Belize?
If you come to Belize under the Qualified Retirement Program (QRP), you won’t have to pay duty when you import your car if the model is from the last five years. However, if you’re in Belize on any other visa, you will.
What Do I Need To Rent My Property In Belize?
To rent out your property in Belize, you’ll first need to have a trade license. This ensures you’re operating your business legally and paying your taxes.
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