Belize: Panorama econòmic

Economic Indicators

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.

Source: World Bank - Latest available data.

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Latest Update: February 2026