Belize's Gdp Per Capita: Understanding The Country's Economic Landscape

Belize is an upper-middle-income country in Central America with a GDP per capita of USD 6,345 in 2022, according to Worldometer. This was an increase of $612 from the previous year, representing a 10.7% change in GDP per capita. Belize's GDP per capita has been steadily increasing over the past decade, from USD 5,825 in 2012 to a projected USD 7,909.49 in 2029. The country's economy is largely driven by tourism and agricultural exports, with tourism being the most important source of foreign exchange. Belize also benefits from its proximity to large markets such as the United States and Mexico. The country's unique cultural heritage and diverse ecology, including the largest coral reef in the Americas, also contribute to its economic growth.

GDP per capita in 2022

In 2022, the GDP per capita in Belize was approximately $6,350, a significant increase from \$5,825 a decade earlier. The GDP per capita is calculated by converting the gross domestic product from national currency to US dollars and then dividing it by the total population. In 2022, Belize had a population of 405,000 people and a GDP of $2.5 billion, resulting in a GDP per capita of around $6,049. This increase in GDP per capita indicates a growing economy and can be attributed to various factors, including the country's export-oriented economy, tourism industry, and agricultural exports.

Belize experienced a notable economic rebound in recent years, with real GDP per capita surpassing its pre-pandemic level in 2022. The GDP growth rate reached 15.2% in 2021 and is estimated to have been 9.6% in 2023. This growth is fuelled by increased tourism and tourism-related construction. Additionally, Belize's proximity to large markets like the United States and Mexico has positively impacted its economic growth.

The country's unique cultural heritage and ecological diversity also play a role in its economic development. As the only English-speaking country in Central America, Belize has close sociopolitical and economic ties to the Caribbean through its membership in CARICOM, which provides access to members' markets and beneficial trade agreements.

Despite the positive economic indicators, Belize faces challenges such as high public debt, which stood at 72.8% of GDP in 2022, and low female labour force participation, which hinders poverty reduction efforts. Addressing these issues and maintaining environmental preservation and economic resilience are crucial for the country's sustainable growth and inclusion.

Overall, Belize's GDP per capita in 2022 reflects a recovering and growing economy, and the country is expected to continue on this trajectory in the medium term, with a projected growth rate of 2-3%.

GDP growth rate in 2022

Belize's GDP per capita in 2022 was USD 6,356, a significant increase from USD 5,825 a decade earlier. The country's GDP per capita surpassed its pre-pandemic level in 2022, after the GDP growth rate reached 15.2% in 2021 and an estimated 9.6% in 2023. The economy recorded average annual growth of 2.8% in the decade to 2022, with an average real GDP growth of 2.9% over the last decade.

Belize's economic growth in 2022 was driven by a rebound in the industrial and services sectors. Construction and electricity output returned to growth, while the services sector benefited from expansions in transport, wholesale, and retail trade. In addition, Belize's exports and tourism saw a sharp increase in momentum in 2022, with exports rebounding and tourist arrivals surging by over 50%. The country's GDP was USD 2.5 billion in 2022, with a nominal GDP of USD 2.8 billion.

Belize's economic outlook for the medium term remains positive, with an expected growth rate of 2-3%. The country's economic rebound was fuelled by increased tourism and tourism-related construction. Tourism is the most important source of foreign exchange for Belize, followed by agricultural exports. Remittance inflows are another significant source of foreign exchange, providing substantial support for consumption.

Belize is an upper-middle-income country in Central America, with close sociopolitical and economic ties to the Caribbean. As a CARICOM member, Belize benefits from access to members' markets and trade agreements. The country has an export-oriented economy, leveraging its proximity to large markets like the United States and Mexico.

Belize's GDP per capita in 2029

Belize's GDP per capita is projected to increase steadily between 2024 and 2029. By 2029, the GDP per capita is estimated to reach a new peak of 7,909.49 US dollars, an increase of 739.3 dollars (+10.31%) from 2024. This projection indicates a positive trajectory in Belize's economic productivity and growth over this period.

GDP per capita is a measure of a country's economic productivity and refers to the total value of goods and services produced in a given time frame, typically a year. To calculate it, the gross domestic product (GDP) is converted from the national currency to US dollars at current exchange prices and then divided by the total population.

In 2022, Belize's GDP per capita was 6,356 US dollars, which already represented a notable increase from 5,825 dollars a decade earlier in 2014. This positive trend is expected to continue in the coming years, as indicated by the projections for 2029.

The projected increase in GDP per capita suggests that Belize's economy is expanding and becoming more productive. It reflects the country's ability to generate greater economic value for each person within its population. This growth can be attributed to various factors, such as improvements in economic policies, investments, and the development of various economic sectors.

However, it is important to consider other economic indicators alongside GDP per capita to fully understand the country's economic health and outlook. Factors such as inflation, unemployment rate, and trade balance also play crucial roles in assessing the overall well-being of an economy.

Belize's GDP per capita in 2021

In 2022, Belize's GDP per capita was $6,984, a 15.23% increase from the previous year. This growth trend is projected to continue, with an estimated increase of $739.3 (+10.31%) between 2024 and 2029. By 2029, the GDP per capita is forecast to reach $7,909.49, which would be a new peak for the country.

Comparing the GDP per capita of Belize to other countries, in 2022, the country ranked 100th out of 196 countries. This ranking is based on the GDP per capita in US dollars, with Belize's GDP per capita at $6,404.

Looking back at previous years, Belize's GDP per capita in 2020 was $5,185, a 15.47% decline from 2019. In 2019, the GDP per capita was $6,134, a 2.22% increase from 2018. While there may be fluctuations from year to year, the overall trend for Belize's GDP per capita has been generally positive, with a steady increase over the last few years.

GDP per capita in 2014

Belize is an upper-middle-income country in Central America with strong sociopolitical and economic ties to the Caribbean. The country's GDP per capita has been on an upward trajectory over the past decade, with a notable increase between 2021 and 2022.

In 2014, Belize's GDP per capita was USD 5,578. This figure represented a slight decrease from the previous year's amount of USD 5,789. Despite this minor dip, Belize's economy has demonstrated overall resilience and growth over the long term.

The country's GDP per capita continued to fluctuate in the years following 2014, with amounts of USD 5,185 in 2020 and USD 6,061 in 2021. The significant increase between 2020 and 2021 can be attributed to various factors, including the country's economic rebound fueled by a rise in tourism and construction.

Belize's GDP per capita reached USD 6,356 in 2022, reflecting a steady improvement in the country's economic performance. This amount indicates a consistent increase from the 2014 figure, showcasing the country's ability to sustain and develop its economy over time.

Tourism plays a pivotal role in Belize's economy, serving as the primary source of foreign exchange. Additionally, agricultural exports and remittance inflows contribute significantly to the country's economic landscape. The nation's ecological diversity, including its coral reef and mangrove ecosystems, further enhances its appeal to tourists.

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