FAX: [501] (2) 30802
Flag description: blue with a narrow red stripe along the top and the bottom edges; centered is a large white disk bearing the coat of arms; the coat of arms features a shield flanked by two workers in front of a mahogany tree with the related motto SUB UMBRA FLOREO (I Flourish in the Shade) on a scroll at the bottom, all encircled by a green garland
Belize Economy
Economy - overview: The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming greater importance. Sugar, the chief crop, accounts for nearly half of exports, while the banana industry is the country's largest employer. The government's tough austerity program in 1997 resulted in an economic slowdown that continued in 1998. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas. The tourist and construction sectors strengthened in early 1999, supporting growth of 6% in 1999 and 4% in 2000. Aided by international donors, the government's key short-term objective remains the reduction of poverty.
GDP: purchasing power parity - $790 million (2000 est.)
GDP - real growth rate: 4% (2000 est.)
GDP - per capita: purchasing power parity - $3,200 (2000 est.)
GDP - composition by sector: agriculture: 18%
industry: 24%
services: 58% (2000 est.)