Belize: Economic Outline
Belize depends largely on tourism, agriculture, and remittances for foreign exchange. Its economy is closely linked to the United States, the main source of tourists, remittances, exports, and investment. Being a net importer of oil and gas with a USD–pegged exchange rate, Belize’s economy is vulnerable to energy price changes. In recent years, the country has been showing encouraging signs of growth derived from strong tourism inflows and the external sector, particularly merchandise sales. According to the World Bank, GDP growth was estimated at 8.2% in 2024, rising from 1.1% in 2023, mainly due to increased tourist arrivals, electricity and water production, and construction. Looking ahead, growth is expected to slow to an average of 2.5% in the following years.
Belize boasts a revenue-to-GDP ratio that is higher than other countries in the region, and, despite facing a significant level of public debt in recent years, that figure has been decreasing (landing at an estimated 62.9% in 2024, from 71.2% one year earlier). Moreover, the country has recently sustained a primary surplus through better revenue collection and spending control. The primary surplus is expected to stay just under 1% of GDP, with the overall fiscal deficit stable at around 1.5% of GDP, as revenues are forecast to fall slightly from 22.9% of GDP in FY2023/24 to 22.5% in FY2024/25, while total expenditure is projected to decrease from 24.4% to 24.2% of GDP. Meanwhile, average inflation reached 3.3% in 2024, driven mainly by rises in food and beverages (5.6%) and restaurants and accommodation (7.4%). According to the World Bank, inflation is expected to decline from 2.1% in 2025 to 1.3% by 2027. The current account deficit widened to 1.5% of GDP in 2024, up from 0.6% in 2023, largely due to increased imports. Monetary policy has aimed to support stability and growth, with the exchange rate remaining pegged to the US dollar. The Central Bank of Belize maintained sufficient international reserves, covering four months of imports by the end of 2024, to uphold the currency peg.
Improving labour market conditions are supporting poverty reduction, with unemployment falling from 3.9% in September 2023 to 2.1% in September 2024 (Statistical Institute of Belize). However, labour force participation remains low at 56.3%, and gender disparities persist: only 43.6% of women participate in the labour force compared to 69.7% of men (down from 44.5% and 71.4% in 2023). There are still high levels of poverty and income disparity, with an estimated 15% of the population living on less than USD 6.85 per day in 2024 (2017 PPP – World Bank). Belize also has a problem with violent crime, largely drug-related, and the trafficking of narcotics to the United States. Increasing investment in infrastructure, implementing targeted social programs, and enhancing crime prevention measures could alleviate the negative impacts of fiscal consolidation on vulnerable households. Simultaneously, these measures would stimulate growth, foster inclusivity, and enhance resilience to climate-related shocks. Overall, the country’s GDP was estimated at USD 15,324 in 2024 by the IMF.
| Main Indicators | 2024 (E) | 2025 (E) | 2026 (E) | 2027 (E) | 2028 (E) |
|---|---|---|---|---|---|
| GDP (billions USD) | 3.43 | 3.61 | 3.76 | 3.89 | 4.03 |
| GDP (Constant Prices, Annual % Change) | 8.2 | 3.2 | 2.5 | 2.4 | 2.2 |
| GDP per Capita (USD) | 8,339 | 8,648 | 8,855 | 9,038 | 9,214 |
| General Government Gross Debt (in % of GDP) | 61.0 | 59.5 | 58.8 | 58.2 | 57.8 |
| Inflation Rate (%) | 3.3 | 2.1 | 1.5 | 1.3 | 1.3 |
| Current Account (billions USD) | -0.05 | -0.06 | -0.06 | -0.05 | -0.06 |
| Current Account (in % of GDP) | -1.5 | -1.6 | -1.5 | -1.4 | -1.4 |
Source: IMF – World Economic Outlook Database - Latest data available.
Note: (e) Estimated Data
| Monetary Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Belize Dollar (BZD) - Average Annual Exchange Rate For 1 GBP | 2.56 | 2.75 | 2.47 | 2.49 | 2.56 |
Source: World Bank - Latest available data.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
|---|---|---|---|
| Employment By Sector (in % of Total Employment) | 15.6 | 17.8 | 66.5 |
| Value Added (in % of GDP) | 8.1 | 14.3 | 62.4 |
| Value Added (Annual % Change) | -2.0 | 4.8 | 10.5 |
Source: World Bank - Latest available data.
| Socio-Demographic Indicators | 2026 (e) | 2027 (e) | 2028 (e) |
|---|---|---|---|
| Unemployment Rate (%) | 2.6 | 2.6 | 2.6 |
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Labour Force | 173,734 | 178,991 | 172,711 |
Source: International Labour Organization, ILOSTAT database
| 2017 | 2018 | 2019 | |
|---|---|---|---|
| Total activity rate | 67.19% | 67.46% | 67.71% |
| Men activity rate | 83.39% | 83.52% | 83.76% |
| Women activity rate | 51.42% | 51.87% | 52.15% |
Source: International Labour Organization, ILOSTAT database
The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
See the country risk analysis provided by Coface.
The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House
The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
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Latest Update: October 2025
