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      Economy In Belize

      The Belize Economy

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      A game of pickup beach volleyball on the island of Caye Caulker. Economy In Belize.
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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.

      Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

      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 resourcesArable 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 millioncane sugar, citrus concentrate, marine products, bananas, clothing, molasses, wood, and crude oil
        Major trade marketsUS$957.7: food and beverages, consumer goods, machinery and transportation equipment, chemicals, pharmaceuticals, tobacco, mineral fuels, and lubricants.
        Major suppliersU.S., Germany, Central America, Mexico, and China.
        Labor force (2024)200,700
        Official exchange rateFixed rate of Belize $2.01=US$1
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        Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

        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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          Table of Contents

          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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