Economy of Belize
Belize is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Belize may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Belize exports around $0.63 billion and imports roughly $0.86 billion. 7.6% of population in the country are unemployed. The total number of unemployed people in Belize is 29,066. In Belize, 41% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Belize is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 5.7% of GDP. The Gini Index of the country is 53.1. Belize is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Belize has a Human Development Index (HDI) of 0.732. Belize has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Belize is 4. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Belize is Belize dollar. The plural form of the word Belize dollar is dollars. The symbol used for this currency is $, and it is abbreviated as BZD. The Belize dollar is divided into Cent; there are 100 in one dollar.
According to the S&P credit-rating agency, Belize has a credit rating score of B-, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Belize has a credit rating score of B3, and the prospects of this rating are stable.
The prime lending rate of Belize's commercial banks is 12. In Belize, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Belize. The average deposit interest rate offered by local banks in Belize is 2.9%.
Belize has a government debt of 110.% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Belize is set at 1.75%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Belize is 12.5%, and it is known as General Sales Tax.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Belize is $2975 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Belize was last recorded at $8 million. PPP in Belize is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Belize is 1,624 billion. Based on this statistic, Belize is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Belize was last recorded at $4 million. The average citizen in Belize has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Belize averaged 2% in 2014. According to this percentage, Belize is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Belize.
Major industries in the country are garment production, food processing, tourism, construction, oil. The total labor force of Belize is 172,380 people, wherein 7.6% of population in the country are unemployed. The total number of unemployed people in Belize is 29,066. The Industrial Production growth rate of Belize is 1.4%.To read more about industrial information within Belize click on industry of Belize.
There are 696 km2 of arable land in Belize, and it comprises 3% of the country's total territory. There are 1013 km2 of cultivated land in Belize. The country's major agricultural crops and products are bananas, cacao, citrus, sugar, fish, cultured shrimp, lumber.To read more about agriculture click on agriculture of Belize.