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#437801 - 05/12/12 01:46 PM Understanding Complexity of Belizean Economy
Marty Offline

An enlargeable map of Belize
An enlargeable map of Belize (Photo credit: Wikipedia)

Belize has a small, domestically focused economy that has experienced solid but unspectacular growth over the past twenty years thanks to strong population growth and the gradual development of its tourism sector, as well as a generally pro-business policy by both major political parties.

Belize benefits strongly from its historic links to the United Kingdom and the tradition of free market capitalism it inherited, as well as the corporate legal framework integral to the British Common Law system. Although once dominated by a small number of “colonial” corporate entities, Belize now has a remarkably open economy where major international investors have been able to acquire and control significant assets such as the major electricity and water utilities. Nonetheless it should be noted that shortly after gaining power in 2008, the Barrow administration re-nationalized Belize Telemedia Ltd. (the dominant telecom utility) in order to remove it from the control of British financier Michael Ashcroft, which the Barrow administration appeared to feel was playing too large a role in Belize’s economy as he also owned the country’s largest bank.

Belize’s 2010 GDP was estimated at USD 1.40 billion (official exchange rates) and USD 2.65 billion on a purchasing power parity basis. GDP grew at about a 4% compound rate from 1990-2008, although growth slowed considerably since then as a result of the global financial crisis. After remaining flat in 2009, it is estimated that Belize’s GDP grew by 2.0% in 2010, and is poised to return to trend-line growth of 3%-5% in 2011.

Belize’s 2010 GDP was categorized into three major sectors (CIA Fact Book):

· Agriculture: 22%

· Industry: 20%

· Services: 58%

Within the Services category, Tourism is estimated to represent less than 10% of GDP. 2010 Imports (All categories) totaled USD 647 million, with the main trading partners being the U.S. (34%) and Central America (21%). 2010 Exports (All categories) totaled USD 476 million, with the main trading partners being the U.S. (46%), the UK (26%), and the Central America/CARICOM region (17%)

Belize’s major crops in 2010, based on export values were:

· Orange Juice concentrate: USD 47.0 million

· Sugar & Molasses: USD 32.0 million

· Bananas: USD 36.0 million

USA Passport: Canada, Mexico, Belize, USA
USA Passport: Canada, Mexico, Belize, USA (Photo credit: dcgreer)

No specific data for the Tourism Sector are available from either the Central Bank of Belize or the Belize Central Statistical Office, but Tourism is estimated to generate in excess of USD 200 million in foreign currency revenues according to Central Bank of Belize statistics.

Belize exported an estimated 4,000 bbl./day of crude petroleum in 2009 and imported some 7,200 bbl./day of refined petroleum products. There are no crude oil refineries in Belize.

Belize’s labor force was estimated at 120,500 in 2007, of which 10.2% was employed in agriculture, 18.1% in industry and 71.7% in services.

2009 Unemployment was estimated at 13.1%.

Construction was estimated to represent 3.9% of GDP in 2008.

Coat of arms of Belize
Coat of arms of Belize (Photo credit: Wikipedia)

According to the Ministry of Finance and the Central Bank of Belize, as of 12/31/2010 the Government of Belize had approximately 368 million Belize dollars of internal debt, mostly in the form of short term Treasury Bills (BZD 153 million) used by the Central Bank to regulate the domestic money supply and long term Treasury Notes (BZD 137 million) used for general government funding.

According to the Central Bank of Belize, external debt (12/2010) was USD 2.02 billion, of which US$1.113 billion was commercial debt and USD 905 million was intergovernmental/agency debt.

External commercial debt represents 80% of GDP at official rates, total external debt represents 144% of GDP and total government debt, internal and external, represents 151% of GDP.

***

Geoffrey de Sibert is the Joint Executive Manager of Belize Agricultural Enterprises, an investment and development firm based on Soledad, California.

SOURCE


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#438663 - 05/23/12 05:34 PM Re: Understanding Complexity of Belizean Economy [Re: Marty]
SFJeff Offline
Confused...

If "Services" represents 58% of the GDP, yet "Tourism" represents "less than 10% of the GDP", what other "Services" does Belize excel in that represent some 48% of the nation's GDP???

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#438673 - 05/23/12 06:05 PM Re: Understanding Complexity of Belizean Economy [Re: Marty]
C2C
From the CIA Factbook:
Quote:
This entry gives the percentage contribution of agriculture, industry, and services to total GDP. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete.

agriculture: 9.7%
industry: 19.8%
services: 70.5% (2011 est.)

Note: The 58% was a 2010 estimate.

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#438695 - 05/23/12 09:53 PM Re: Understanding Complexity of Belizean Economy [Re: Marty]
SFJeff Offline
Even more confused now...

...if "Services" is responsible for 70.5% of the GDP of Belize (2011), yet "Tourism" contributes to less than 10% of the GDP (2010), there must be some all but invisible yet lucrative, important and viable "Services" that are the true bread and butter of the Belize economy...??? Silly me thought it was tourism. Heck, if that's true, we could pretty much ELIMINATE "tourism" in Belize and it would be merely a hiccup as far as the GDP is concerned!!! Someone clue me in on what it is so we can close this place down (resort/restaurant) and get in on the real action!!!!

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#438710 - 05/23/12 11:17 PM Re: Understanding Complexity of Belizean Economy [Re: Marty]
shuffles Offline
Yeah, I'm with you SFJ.... I thought it was the tourism too. Once we figure out what that "services" is, I'm ready to jump on that train.
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#438715 - 05/24/12 12:27 AM Re: Understanding Complexity of Belizean Economy [Re: Marty]
t42 Offline
Well there are not that many hotel rooms to fill (?) which explains so few flights a day so other than cruiseship tourism adding a bit to employment maybe it does make sense. Isn't employment in tourism a high percentage like 40% but actual revenue maybe not as much as we think.

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#438716 - 05/24/12 12:35 AM Re: Understanding Complexity of Belizean Economy [Re: t42]
SP Daily Offline
Yah...especially when the US resort owners collect in the US and keep the $$ there....

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#438720 - 05/24/12 01:45 AM Re: Understanding Complexity of Belizean Economy [Re: SP Daily]
bywarren Offline
Originally Posted By: SP Daily
Yah...especially when the US resort owners collect in the US and keep the $$ there....


So what is your point? It is still reported as sales, hotel tax is paid along with all the other expenses related to operating the business in Belize. Any money that is left over i.e. net profit, has no effect on the figures discussed.

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#438721 - 05/24/12 02:08 AM Re: Understanding Complexity of Belizean Economy [Re: Marty]
SFJeff Offline
Yeah, 'cause boy, let me tell you, if net profits from running hotels was calculated into the GDP of Belize, Belize would rank alongside say Saudi Arabia... this industry is a goldmine...

but seriously, either the figures quoted are in error (probable,) or data is incomplete/erroneous (even more probable) or Tourism really does contribute to less than 10% of the GDP of the country...??? I'd like to see a clarification of what is considered "tourism" ...IE, hotel, yes, obviously... restaurant dependent on tourists??? Cart rental? Dive shop???

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#438726 - 05/24/12 03:47 AM Re: Understanding Complexity of Belizean Economy [Re: SFJeff]
Mike Campbell Offline
If I am not mistaken tourism income is calculated from hotel room rates and head charge from cruise ships. everything else is services including, dive shop, restaurant, doctor, lawyer, etc. Even so the real number is closer to 20% which is huge for that narrow definition. If you use their number of 1.4Billion and 200 million foreign revenue from tourism gives more than 14%. If you put in all the tourism generated income it is probably closer to 45% of the economy or more.


Edited by Mike Campbell (05/24/12 03:49 AM)

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