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Indicators of economy in Belize

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Belize, on the other hand, reached USD 6,228 per capita, or 2.49 billion USD for the whole country. Belize is currently at number 182 among the international economies and is therefore one of the less significant. If this is calculated per inhabitant, taking purchasing power parity into account, then Belize ranks 123rd in the list of the richest countries.

Inflation in Belize in 2021 was around 3.24%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

The index for perceived corruption in the public sector is 29, which is rather poor by global standards.


Back to overview: Belize

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Belize. Overall, gross domestic product in 2020 fell from 2.42 billion US dollars to 2.08 billion US dollars. With a large drop of 13.93 percent, the economy in Belize has struggled significantly more than other countries. The unemployment rate rose from 9.1 to 10.8 percent. The inflation rate fell from 0.2 percent previously to 0.1 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 2.49 billion US dollars (=103.1% of 2019).

Income and purchasing power

The average monthly income in Belize is 506 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 31.2 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Belize than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 87.6 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Belize
Total		Belize
per capita		EU
Total		EU
per capita
GDP2.49 bn USD6,228.27 USD17.177 tn USD33,384.92 USD
Gross national product2.43 bn USD6,072.54 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in millions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Belize
› Cost of living in a global comparison

Imports and Exports 2021

 Belize
Total		Belize
per capita		EU
Total		EU
per capita
Imports1.25 bn USD3,131.43 USD8.916 tn USD17,329.02 USD
Exports1.04 bn USD2,604.92 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1984 - 2021

Exports
Imports



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