Belize Economic Structure

 Belize economic structure is based on agriculture and therefore major industries in Belize are usually involved in the processing of agricultural products. Industries such as textile, garments and food processing thrive in the country due to the easy availability of raw materials and the various cost benefits.[br]

 Belize economic structure is based on agriculture and therefore major industries in Belize are usually involved in the processing of agricultural products. Industries such as textile, garments and food processing thrive in the country due to the easy availability of raw materials and the various cost benefits.[br]

 

Tourism is another big contributor to the national income, although this sector is exposed to the international economic vagaries and therefore got a beating in the recession years.

 

Belize Economic Structure

Belize’s per head GDP for 2009 was $8,200. This showed a drop from the previous year’s level of $8,500. The real growth rate in GDP was negative at -1.5% in 2009, although it was positive in 2008 at 3%.

 

The service sector has a big hand in contributing towards the national GDP. As per the 2009 estimates, it contributed almost 54.1% followed by agriculture at 29% and industries at 16.9%.

 

The investments in the various sectors were recorded at 19.1% of the GDP, which was far less and thus the country ranked 108^th in the world in terms of investments. However, the inflation rate was low at 0.3% (2009), quite lower than the previous year’s 6.4%.[br]

 

However, Belize economy could recuperate from the huge deficit of its current account balance of -$153.7 million to -$80 million in 2009.[br]

 

Here is the how the reserves of foreign exchange and gold looks like (in millions)

 

 

Belize also managed to decrease its external debt from $1.2billion in 2005 to $954.1 million in 2008.

 

For Belize to grow now, the main focus has been shifted to tourism and services. Even the country’s fiscal and monetary policies strive to capitalize on the increasing demand of tourism and help country grow positively in the times to come.