Belize economy is based mainly on agriculture and agro-based industry, business sectors and tourism industry. With a purchasing power parity of $649 million, the real GDP growth rate of the country is 3%, as estimated in the year 1996. The per capital purchasing power parity with respect to the GDP is $2,960 as estimated in the year 1996. The Gross Domestic Product of the country is distributed among the following sectors:
- Agriculture, which accounts for 20% of the total composition in the GDP. The Belize agriculture constitutes 75% of the total export earnings. 40% of this earning is accounted by sugar, which is the chief crop of the country.
- Industry, which accounts for 27% of the total GDP compositions.
- The other services that account for 53% of the total composition. This is according to the survey conducted in the year 1995.
Belize Economy Facts
Some of the most important facts about Belize economy are:
- The chief industries that cater to the GDP of the country are garment industries, food processing industries and construction industries.
- While the total labor force of the country is 51,500, the unemployment rate is 15%.
- The agricultural goods that are exported chiefly comprise bananas, coca, citrus and sugarcane. Among the other exports are lumber, fish and cultured shrimp. The products that are chiefly imported into Belize are machinery and transportation equipments, manufactured goods, chemicals, pharmaceuticals, fuels and food. The inter-continental Belize trade and business partners are UK, USA and the other European Union countries.
Even after lots of ups and downs in the
Belize economy, the Belize infrastructure has persisted to rule the global capital market.
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