The Info List - Economy Of Belize

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139,456 (2012 est.)[2] note: shortage of skilled labor and all types of technical personnel

Labour force by occupation

(10.2%), industry (18.1%), services (71.7%) (2007 est.)

Unemployment 11.1% (2016)[1]

Main industries

Garment production, food processing, tourism, construction, oil

Ease-of-doing-business rank

112th (2017)[3]


Exports $633 million (2013 est.)

Export goods

Sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil

Main export partners

  United Kingdom
United Kingdom
30.8%   United States
United States
18.7%   Nigeria
6.7%   Trinidad and Tobago
Trinidad and Tobago
4.8%  Ireland 4.2%   Jamaica
4.2% (2015)[4]

Import goods

Machinery and transport equipment, manufactured goods, fuels, chemicals, pharmaceuticals, food, beverages, tobacco

Main import partners

  United States
United States
26.6%   Mexico
11.7%   Cuba
10.2%   Guatemala
9%   China
7.5%   Trinidad and Tobago
Trinidad and Tobago
5.6% (2015)[5]

Gross external debt

$1.048 billion (December 2013 est.)

Public finances

Public debt

$1.229 billion (2013 est.)

Revenues $410.1 million (2013 est.)

Expenses $352.4 million (2013 est.)

Credit rating

CC (Domestic) CC (Foreign) CC (T&C Assessment) (Standard & Poor's)[6]

Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

has a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout
Spanish Lookout
has presented new prospects and problems for this developing nation.[7] Belize's primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.[citation needed] The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize
Dollar is fixed to the U.S. dollar
U.S. dollar
at a rate of 2:1.[8] Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. Tourism
attracts the most foreign direct investment although significant foreign investment is also found in the energy, telecommunications, and agricultural sectors.


1 History 2 Economic sectors

2.1 Agriculture 2.2 Energy 2.3 Transport 2.4 Tourism

3 Trade 4 Belize
International Business Companies 5 See also 6 References 7 External links

History[edit] Belize's economy depended on forestry until well into the 20th century. Logwood, used to make dye, was Belize's initial main export. However, the supply outstripped the demand, especially as Europeans developed man-made dyes which were less expensive. Loggers turned to mahogany, which grew in abundance in the country's forests. The wood was prized for use in cabinets, ships, and railroad carriers. While many merchants and traders became wealthy from the mahogany industry, ups and downs in the market had a large impact on the economy. In addition, new mahogany trees weren't being planted, because mahogany trees grow slowly; the rate of natural regrowth necessitated a large, long-term investment in tree farming, which was not made. As the 19th century progressed, loggers were forced to go deeper into the forests to find the trees, increasing labour costs. Variations of mahogany exports over long periods of time were linked to the accessible supply of the resource. Thus, improvements in hauling methods helped the cutters satisfy increasing demands for mahogany by enabling them to extract timber from areas in the interior that had been previously inaccessible to them. Immediately after the introduction of cattle in the early 19th century, tractors in the 1920s, and lorries in the 1940s, production levels rose dramatically. When the supply of accessible timber dwindled and logging became too unprofitable in the 20th century, the country's economy shifted to new sectors. Cane sugar became the principal export and recently has been augmented by expanded production of citrus, bananas, seafood, and apparel. The country has about 8,090 km² of arable land, only a small fraction of which is under cultivation. To curb land speculation, the government enacted legislation in 1973 that requires non-Belizeans to complete a development plan on land they purchase before obtaining title to plots of more than 10 acres (40,000 m²) of rural land or more than one-half acre (2,000 m²) of urban land. Economic sectors[edit] Agriculture[edit] Further information: Banana
production in Belize Banana
production accounted for 16 percent of total Belizean exports in 1999.[9] Citrus
fruits are Belize's second most important agricultural crop.[9] Energy[edit] Further information: Energy in Belize

is a key part of the economy

A major constraint on a functioning market economy in Belize
continues to be the scarcity of infrastructure investments. Although electricity, telephone, and water utilities are all relatively good, Belize
has the most expensive electricity in the region. Several capital projects are currently underway. The largest of these is a $15 million rural electrification program to be jointly implemented by the government and Belize
Limited (BEL). Transport[edit] Further information: Transport in Belize Ports in Belize
City, Dangriga, and Big Creek handle regularly scheduled shipping from the U.S. and the United Kingdom
United Kingdom
although draft is limited to a maximum of 10 feet in Belize City
Belize City
and 15 feet in southern ports. International air service is provided by Westjet, American Airlines, Delta Airlines, Continental Airlines, Southwest Airlines, U.S. Airways, and TACA to/from gateways in Toronto, Dallas, Texas, Houston, Texas, Charlotte, North Carolina, Miami, Florida, and San Salvador. Tourism[edit] Further information: Tourism
in Belize A combination of factors—climate, the Belize
Barrier Reef (longest in the Western Hemisphere), 127 offshore Cayes (islands), excellent fishing, safe waters for boating, scuba diving, and snorkeling, abundant jungle flora and fauna, and numerous Mayan ruins—support the thriving tourism and ecotourism industry. Development costs are high, but the Government of Belize
has designated tourism as its second development priority after agriculture. In 2011, tourist arrivals totaled 888,191 (mostly from the U.S.) and tourist receipts amounted to $260 million.[10] The travel and tourism industry in 2011 directly contributed 350.6 million BZD (176 million USD) to Belize's GDP (12.0% of GDP). This primarily reflects the economic activity directly generated by industries supported by tourists, such as hotels, restaurants, leisure industries, travel agents, airlines and other transportation services. The total contribution to GDP in 2011 (including wider effects from investment, the supply chain, and induced income impacts) was 971.9 million BZD (486 million USD) (33.2% of GDP). Travel and tourism directly generated 14,500 jobs in 2011 (10.9% of total employment) and, including indirect and induced effects, supported 40,000 jobs (30.1% of total employment).[11] Trade[edit]

A proportional representation of Belizean exports, 2010.

Belize's economic performance is highly susceptible to external market changes. Although moderate growth has been achieved in recent years, the achievements are vulnerable to world commodity price fluctuations and continuation of preferential trading agreements, especially with the U.S. (cane sugar) and UK (bananas). Belize
continues to rely heavily on foreign trade with the United States as its number one trading partner. Total imports in 2000 totaled $446 million while total exports were only $349.9 million. In 2000, the U.S. accounted for 48.5% of Belize's total exports and provided 49.7% of all Belizean imports. Other major trading partners include the European Union, Canada, Mexico, and Caribbean Community (CARICOM) member states. Belize
established a preferential trade agreement with Guatemala
in 2010. Belize
aims to stimulate the growth of commercial agriculture through CARICOM. Belizean trade with the rest of the Caribbean is small compared to that with the United States
United States
and Europe. Belize
is a beneficiary of the Caribbean Basin Initiative (CBI), a U.S. Government program to stimulate investment in Caribbean nations by providing duty-free access to the U.S. market for most Caribbean products. Significant U.S. private investments in citrus and shrimp farms have been made in Belize
under CBI. U.S. trade preferences allowing for duty-free re-import of finished apparel cut from U.S. textiles have significantly expanded the apparel industry. EU and UK preferences also have been vital for the expansion and prosperity of the sugar and banana industries. Belize
International Business Companies[edit] In 1990, Belize
enacted the International Business Companies Act based on the British Virgin Islands
British Virgin Islands
model. In ten years, Belize
has registered more than 15,000 IBCs. A Belizean IBC is a corporate vehicle for international financial transactions and allows the investor to engage in activities including asset protection, operating bank accounts, brokerage accounts, ship ownership, and commission arrangements. The IBC legislation was supplemented in 1992 with the enactment of a Trusts Act which provides for both onshore and offshore trusts.[12] Belize
IBCs have the following features: Progressive legislation

The IBC Act was introduced in 1990 to implement competitive offshore legislation for Belize
IBCs which was subsequently amended to reflect the changes required to provide efficient Belize
offshore services.

Efficient incorporation/registration

incorporation is very efficient under normal circumstances, a Belize
IBC can be incorporated in a couple of working days.

Flexibility in company structure

There is no requirement for a secretary, resident or otherwise Only one director or shareholder required for the company formation Shareholder(s) and director(s) may be the same person The shareholder(s) and director(s) can be a natural person or a corporate body There is no requirement for appointing local shareholder(s) and director(s)

Privacy of identity of principals

The documents for Belize
offshore Incorporation do not carry the name or identity of any shareholder or director. The names or identities of these persons do not appear in any public record.

Taxation in Belize

According to the IBC Act of 1990, offshore companies are exempted from all taxes.[13]

See also[edit]

dollar Central Bank of Belize Telecommunications in Belize List of Commonwealth of Nations countries by GDP List of Latin American and Caribbean countries by GDP growth List of Latin American and Caribbean countries by GDP (nominal) List of Latin American and Caribbean countries by GDP (PPP)


^ a b c d "Statistics of the Nation". Statistical Institute of Belize. Retrieved 5 April 2017.  ^ "Labor Force, Total". The World Bank. Retrieved 29 November 2014.  ^ "Ease of Doing Business in Belize". Doingbusiness.org. Retrieved 2017-01-24.  ^ "Export Partners of Belize". CIA World Factbook. 2015. Retrieved 2017-04-05.  ^ "Import Partners of Belize". CIA World Factbook. 2015. Retrieved 2017-04-05.  ^ "Sovereign Ratings List". Standard & Poor's. January 6, 2017. Retrieved November 28, 2014.  ^ Burnett, John (2006). Maya Homeland. Large Oil Field Is Found in Belize; the Angling Begins, 4 January 2007. ^ Belize
dollar ^ a b "Belize:Agriculture". Nations Encyclopedia. Archived from the original on 28 September 2008. Retrieved August 30, 2008.  ^ "Doing Business in Belize: 2012 Country Commercial Guide for U.S. Companies" (PDF). U.S. Commercial Service, U.S. Department of Commerce. Retrieved 26 November 2012.  ^ "BELIZE Travel & Tourism
Economic Impact Report 2012" (PDF). World Travel & Tourism
Council. Archived from the original (PDF) on 2012-05-31. Retrieved 2012-11-29.  ^ "Archived copy". Archived from the original on 2008-12-16. Retrieved 2008-10-16.  ^ http://www.offshoreprivacy.org/Incorporation.html

CIA Factbook Belize Country Commercial Guides 2001: Western Hemisphere
Western Hemisphere
- U.S. Department of State, 2000 July 2000 Belize
from the Caribbean Connect

External links[edit]

Tariffs applied by Belize
as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements.

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