Belize Economic Outlook
Tourism-driven economy:
Belize's economy is heavily reliant on tourism, which accounts for a significant portion of GDP and employment. The country also benefits from agricultural exports, particularly sugar, bananas, and seafood. However, its economic dependence on tourism makes it highly vulnerable to external shocks, such as global recessions and natural disasters, including hurricanes that frequently impact the region. The COVID-19 pandemic dealt a severe blow to Belize’s economy, leading to a sharp decline in tourism revenues and exacerbating pre-existing fiscal challenges.
Debt and fiscal management:Belize has struggled with high public debt levels and frequent debt restructurings. The government has made efforts to improve fiscal management, including negotiating debt relief agreements with creditors and implementing tax reforms. However, structural weaknesses remain, limiting growth prospects. The informal sector is also significant, making taxation and revenue collection difficult.
Challenges:The country faces challenges such as limited economic diversification, climate vulnerability, and high crime rates. These issues deter investment and hinder long-term development. Additionally, its small population and reliance on external markets for goods and services create economic vulnerabilities. In recent years, Belize has explored ways to strengthen its blue economy, focusing on sustainable fisheries and marine conservation to boost economic resilience.
Belize’s economic outlook:Belize's economic growth prospects depend on revitalizing tourism, improving fiscal discipline, and fostering investment in non-tourism sectors such as agribusiness and offshore financial services. Expanding sustainable tourism and improving infrastructure will be key to long-term stability. Efforts to improve governance, reduce corruption, and enhance business conditions could also support economic growth in the coming years.
Belize's Macroeconomic Analysis:
Nominal GDP of USD 3.0 billion in 2023.
Nominal GDP of USD 3.0 billion in 2023.
Nominal GDP of USD 3.0 billion in 2023.
GDP per capita of USD 7,533 compared to the global average of USD 10,589.
GDP per capita of USD 7,533 compared to the global average of USD 10,589.
GDP per capita of USD 7,533 compared to the global average of USD 10,589.
Average real GDP growth of 2.7% over the last decade.
Average real GDP growth of 3% over the last decade.
Average real GDP growth of 3% over the last decade.
Sector Analysis
In 2022, services accounted for 63.0% of overall GDP, manufacturing 6.7%, other industrial activity 21.3%, and agriculture 9.0%. Looking at GDP by expenditure, private consumption accounted for 56.8% of GDP in 2023, government consumption 16.1%, fixed investment 21.3%, and net exports 5.8%.International trade
In 2023, manufactured products made up 3.0% of total merchandise exports, mineral fuels 0.2%, food 95.2%, ores and metals 0.7% and agricultural raw materials 0.9%, with other categories accounting for 0.0% of the total. In the same period, manufactured products made up 64.0% of total merchandise imports, mineral fuels 14.8%, food 18.7%, ores and metals 0.5% and agricultural raw materials 1.8%, with other goods accounting for 0.2% of the total. Total exports were worth USD 0.50 billion in 2024, while total imports were USD 1.40 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.7% in the decade to 2023. To read more about GDP growth in Belize, go to our dedicated page.
Fiscal policy
Belize's fiscal deficit averaged 3.0% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 9.6% in the decade to 2023. For more information on Belize's unemployment click here.
Inflation
Inflation averaged 1.8% in the decade to 2024. Go to our Belize inflation page for extra insight.
Monetary Policy
Belize's monetary policy rate ended 2022 at 11.00%, on the same level as a decade earlier. See our Belize monetary policy page for additional details.
Exchange Rate
From end-2014 to end-2024 the Belize dollar stayed on the same level vs the U.S. dollar. For more info on the Belize dollar, click here.
Economic situation in Belize
The economy started 2025 on softer footing: Annual GDP growth dipped to 2.0% in Q1 (Q4 2024: +6.7% yoy), marking the lowest reading since Q4 2023. The services sector—which makes up over 60% of GDP—rose at the weakest pace in over a year; cooling consumer spending in the U.S. hit tourist arrivals. Moreover, the industrial sector shrank for the first time since late 2023, and the decline in agricultural production deepened from Q4 2024. Turning to Q2, available data points to further headwinds to GDP growth. In April–May, tourist arrivals from the U.S. trailed last year’s levels, and goods exports fell, capped by a 10% U.S. duty introduced in April. Meanwhile, the sugar industry—which accounts for nearly a third of exports—has recently suffered floods and a fungus outbreak, boding ill for export receipts and private spending; almost 15% of the population is employed in the sector.Belize Economic Forecasts
Projections out to 2034.35 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 6 expert analysts.
Want to get insight on the economic outlook for Belize in the coming years? FocusEconomics collects projections out to 2034 on 35 economic indicators for Belize from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Belize economy. To download a sample report on the Belize's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.