Monetary & Banking 

Country name:

conventional long form: none
conventional short form: Belize
former: British Honduras
 

 

Capital:

Belmopan

 

Location:

Central America, bordering the Caribbean Sea, between Guatemala and Mexico
 

 

Area:

 total: 22,966 sq km
land: 22,806 sq km
water: 160 sq km
 

 

Population:

307,899 (July 2009 est.)
0-14 years: 37.9% (male 59,462/female 57,117)
15-64 years: 58.6% (male 91,298/female 89,170)
65 years and over: 3.5% (male 5,185/female 5,667) (2009 est.)
 

 

Languages:

Spanish 46%, Creole 32.9%, Mayan dialects 8.9%, English 3.9% (official), Garifuna 3.4% (Carib), German 3.3%, other 1.4%, unknown 0.2% (2000 census)
 

 

Economy- Overview:

In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to sturdy GDP growth averaging nearly 4% in 1999-2007, though growth slipped to 3.8% in 2008 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue and a small increase in production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 70% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieve some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.

 

 

Economy:
In this small, essentially private-enterprise economy, tourism is the number one foreign exchange earner followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to sturdy GDP growth averaging nearly 4% in 1999-2007, though growth slipped to 3.8% in 2008 as a result of the global slowdown, natural disasters, and the drop in the price of oil. Oil discoveries in 2006 bolstered the economic growth. Exploration efforts continue and a small increase in production is expected in 2009. Major concerns continue to be the sizable trade deficit and unsustainable foreign debt equivalent to nearly 70% of GDP. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieve some of the country's liquidity concerns. A key short-term objective remains the reduction of poverty with the help of international donors.
 

 

Industries:

garment production, food processing, tourism, construction, oil

 

Exports - commodities:

$458 million (2008 est.)
sugar, bananas, citrus, clothing, fish products, molasses, wood, crude oil
Exports - partners: US 35%, UK 21.1%, Cote d'Ivoire 5.2%, Italy 4.4% (2008)
 

 

Imports - commodities:

$740 million (2008 est.)
machinery and transport equipment, manufactured goods; fuels, chemicals, pharmaceuticals; food, beverages, tobacco
Imports - partners: US 37.7%, Mexico 12.5%, Cuba 7.8%, Guatemala 7.3%, Russia 5.1% (2008)

 

Exchange rates:

Belizean dollars (BZD) per US dollar - 2 (2008), 2 (2007), 2 (2006), 2 (2005), 2 (2004)

 

GDP :
$2.536 billion (2008 est.)
$2.462 billion (2007 est.)
$2.424 billion (2006 est.)