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Belize banking
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Information
Economy—overview: The small essentially private enterprise economy is based primarily on agriculture agro-based industry and merchandising with tourism and construction assuming greater importance. Sugar the chief crop accounts for more than one-third of exports while the banana industry is the country's largest employer. The government's tough austerity program in 1997 resulted in an economic slowdown that is likely to continue in 1998. Political tension in the run-up to the elections will tend to discourage investment already suffering as a result of tight monetary and fiscal policies. The trade deficit has been growing mostly as a result of low export prices for sugar and bananas and could increase further if a pre-election boost in government spending leads to a rise in imports. The ruling in 1997 by the World Trade Organization against the European Union's banana import regime—which had granted Belize preferential treatment - is also hurting the prospects for growth and could contribute to an increase in already high unemployment.
GDP: purchasing power parity—$680 million (1997 est.)
GDP—real growth rate: 2.9% (1997 est.)
GDP—per capita: purchasing power parity—$3 000 (1997 est.)
GDP—composition by sector:
agriculture: 20%
industry: 27%
services: 53% (1996 est.)
Inflation rate—consumer price index: 1% (1997 est.)
Labor force:
total: 71 000
by occupation: agriculture 30% services 16% government 15.4% commerce 11.2% manufacturing 10.3%
note: shortage of skilled labor and all types of technical personnel (1997 est.)
Unemployment rate: 13% (1997 est.)
Budget:
revenues: $140 million
expenditures: $142 million including capital expenditures of $NA (FY97/98 est.)
Industries: garment production food processing tourism construction
Industrial production growth rate: 0.2% (1996 est.)
Electricity—capacity: 23 000 kW (1995)
Electricity—production: 105 million kWh (1995)
Electricity—consumption per capita: 491 kWh (1995)
Agriculture—products: bananas coca citrus sugarcane; lumber; fish cultured shrimp
Exports:
total value: $166 million (f.o.b. 1996)
commodities: sugar citrus fruits bananas clothing fish products molasses wood
partners: US 44% UK 42% other EU 5% Canada 3% (1996)
Imports:
total value: $262 million (c.i.f. 1996)
commodities: machinery and transportation equipment food manufactured goods fuels chemicals pharmaceuticals
partners: US 55% Mexico 12% UK 5% (1997)
Debt—external: $217 million (1996)
Economic aid:
recipient: ODA $NA
Currency: 1 Belizean dollar (Bz$) = 100 cents
Exchange rates: Belizean dollars (Bz$) per US$1—2.0000 (fixed rate)
Fiscal year: 1 April—31 March
Source - world66.com
*If you have assets worth $300,000 USD or more and would like it safeguarded in an Belize Bank Account, click here for a consultation request..