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Economy In Belize

Belize's economy has shifted from logging and agriculture to tourism as a primary industry, with aquaculture and petroleum also contributing. Despite modest GDP growth averaging 4% from 1995–2015, Belize's economy remains small, with limited internal taxation and a GDP of about US\$1.7 billion. As a developing nation, it relies on international lenders like the World Bank.

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The Belize Economy

Key Takeaways: Economy In Belize in 2026

Belize has a small economy with limited domestic taxation.
The economy includes agriculture, forestry, fishing, and tourism.
Tourism and oil discovery have driven recent economic changes.

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.

Start Your New Overseas Life Today

We Value Your Privacy! We will not share your email address with anyone else, period.

Economy In Belize- FAQs

Is Belize a rich or poor country?

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.