Belize Economic Outlook
September 13, 2016Belize’s exports, which had been declining since May, rebounded in August by growing 66.9% annually. The print was mainly driven by a strong rebound in sugar exports, which accounted for more than half of all exports in August. The news comes as a relief for Belize’s battered economy, which entered into technical recession in Q2. Imports also increased in August, albeit at a much slower pace. In other news, a recent IMF mission to Belize found the country’s economy to be saddled by “high public debt, large fiscal and external deficits, and declining international reserves.” The Fund therefore advised the government to increase taxes and to cut the wage bill in order to cope with the economic crisis.
Belize Economy Data
|GDP per capita (USD)||4,478||4,615||4,645||4,812||-|
|GDP (USD bn)||1.5||1.6||1.6||1.7||-|
|Economic Growth (GDP, annual variation in %)||2.1||3.7||1.3||4.1||-|
|Fiscal Balance (% of GDP)||-0.8||-0.8||-1.1||-2.8||-|
|Public Debt (% of GDP)||79.4||75.4||75.5||77.3||-|
|Inflation Rate (CPI, annual variation in %, eop)||3.8||0.8||1.6||-0.2||-0.7|
|Inflation Rate (CPI, annual variation in %)||1.7||1.3||0.5||1.2||-0.9|
|Benchmark Interest Rate (%)||13.02||11.99||11.12||10.62||10.03|
|Current Account (% of GDP)||-1.1||-1.2||-4.5||-7.5||-|
|Current Account Balance (USD bn)||0.0||0.0||-0.1||-0.1||-0.2|
|Trade Balance (USD billion)||-0.5||-0.5||-0.6||-0.7||-0.8|
|Exports (USD billion)||0.3||0.3||0.3||0.3||0.3|
|Imports (USD billion)||0.8||0.9||0.9||1.0||1.0|
|Exports (annual variation in %)||26.1||-0.3||-2.7||-6.9||-12.9|
|Imports (annual variation in %)||18.4||3.6||8.1||7.7||2.7|
|International Reserves (USD)||0.2||0.3||0.4||0.5||-|
|External Debt (% of GDP)||68.7||64.4||66.5||65.6||-|
5 years of Belize economic forecasts for more than 30 economic indicators.
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Belize Economic Growth
September 13, 2016While the effects of Hurricane Earl should eventually fade, Belize’s economy will likely continue to struggle as a result of dwindling productivity, competitiveness and public investment. FocusEconomics Consensus Forecast panelists expect the economy to expand 1.6% in 2016, which is up 0.1 percentage points from last month’s forecast, and see it accelerating to 2.1% in 2017.