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Belize

Author(s):
International Monetary Fund
Published Date:
July 1997
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Belize: Basic Data

I. Social and Demographic Indicators
Area2,963 sq. kilometers
Population (April 1996)221 thousand (est.)
Population density9.6 per sq. km.
Annual rate of population increase (1993-96)2.8 percent
Crude birth rate (1995)25.2 per 1,000
Crude death rate (1995)4.3 per 1,000
Infant mortality rate (1995)26.2 per 1,000 live births
Population per physician (1995)1,546
Population per hospital bed (1987)300
Adult literacy rate (1996)75.1 percent
Primary school enrollment (1993)83.2 percent
Unemployment rate (April 1996)13.8 percent
GDP (1996)US$639.9 million
GDP per capita (1996)US$2,894
II. Economic Indicators, 1991-96

Fiscal years (April through March)

Including deposit liabilities of the credit unions.

Consolidated banking system.

In relation to the financial system liabilities to the private sector at the beginning of the period.

Includes official international reserves and those of commercial banks.

1991199219931994Prel.

1995
Est.

1996
(percent)
Origin of GDP (at constant factor cost)
Agriculture13.313.713.213.313.814.7
Manufacturing16.316.716.517.017.117.5
Construction7.47.68.56.76.56.5
Trade and tourism18.217.517.617.617.617.0
Other44.844.544.245.445.044.3
Ratios to GDP (at current market prices)
Exports of goods and nonfactor services59.858.554.352.049.845.4
Imports of goods and nonfactor services71.567.365.057.453.449.0
Current account of balance of payments-6.9-6.0-8.9-4.1-1.7-2.6
Central government revenue and grants 1/32.030.624.825.022.423.0
Central government expenditures 1/-36.0-36.8-31.4-30.9-25.7-25.2
Public sector savings 1/11.78.95.84.44.04.3
Public sector overall surplus or deficit (-) 1/-4.1-7.6-6.9-5.6-2.6-2.7
External public debt (end of period)34.930.931.832.730.333.1
Gross domestic investment29.729.932.024.420.019.4
Money and quasi-money (end of period) 2/44.847.145.747.451.049.0
Annual changes in selected economic indicators
Real GDP at factor cost3.19.33.31.83.33.0
GDP at current market prices6.812.38.94.67.48.1
GDP deflator3.72.85.42.73.95.0
Consumer prices (annual average)3.22.41.42.52.96.3
Consumer prices (end of period)3.12.02.31.83.96.3
Central government revenue and grants20.66.7-12.65.9-3.59.9
Central government expenditures38.813.8-8.03.6-10.45.0
Liabilities to private sector 3/11.318.55.17.217.86.2
Money10.513.26.95.64.24.7
Quasi-money11.118.83.89.823.24.1
Net domestic assets of banking system 4/20.724.316.410.111.0-2.9
Credit to the public sector (net)3.211.112.05.86.2-7.6
Credit to the private sector18.411.52.84.15.86.5
Annual changes in selected economic indicators
Domestic merchandise exports (f.o.b in U.S. dollars)-9.017.32.47.812.06.1
Merchandise imports (f.o.b. in U.S. dollars)3.19.34.9-9.01.1-1.0
Terms of trade (deterioration -)-2.0-3.42.01.2-0.2-1.4
Real effective exchange rate (depreciation -)4.12.18.64.80.43.1
Real effective exchange rate (depreciation -)1.7-2.12.4-4.5-2.45.0
(In millions of Belize dollars)
Central government finances 1/
Revenue and grants284303265281271298
Expenditures320364335347311327
Current account surplus or deficit (-)635931232127
Overall surplus or deficit (-)-36-61-70-67-40-29
External financing (net)33412816448
Domestic financing (net)320425136-20
(In millions of U.S. dollars)
Balance of payments
Current account balance-30-29-47-22-10-17
Merchandise exports129148142156164166
Merchandise imports-251-275-288-262-265-262
Services (net)656770545846
Transfers (net)283030293333
Capital account82927181338
Official capital915116-332
Private capital (including errors and omissions)-1151612166
Overall balance (deficit -)-221-20-4321
Change in reserves (increase -)22-1204-3-21
International reserve position (end of period)
Net international reserves 5/52411582553
Net official international reserves484929252849
Commercial banks’ international reserves (net)3-8-14-17-33
Gross official reserves515332273151
(in months of imports and nonfactor services)2.12.01.11.01.22.0
External debt outstanding150150168180179212
IMF data (as of March 31,1997)
Article VIII status
Intervention currency and rateat BZ$2.00 per U.S. dollar
QuotaSDR 13.5 million
Fund holdings of Belize dollarsSDR 10.6 million
Special Drawing Rights Department
Net cumulative SDR allocationNone
Holdings of SDRsSDR 0.63 million

Fiscal years (April through March)

Including deposit liabilities of the credit unions.

Consolidated banking system.

In relation to the financial system liabilities to the private sector at the beginning of the period.

Includes official international reserves and those of commercial banks.

Fiscal years (April through March)

Including deposit liabilities of the credit unions.

Consolidated banking system.

In relation to the financial system liabilities to the private sector at the beginning of the period.

Includes official international reserves and those of commercial banks.

Table 1.Belize: Selected Economic Indicators, 1991-96
1991199219931994Prel.

1995
Est.

1996
(Annual percentage change)
GDP at current market prices6.812.38.94.67.48.1
GDP deflator3.72.85.42.73.95.0
Real GDP at market prices3.19.33.31.83.33.0
Consumer price index
Average3.22.41.42.52.96.3
End of period3.12.02.31.83.96.3
Terms of trade-2.0-3.42.01.2-0.2-1.4
Export prices 1/-2.6-1.03.32.810.30.5
Import prices-0.62.51.21.510.61.9
(In percent of GDP)
Gross domestic expenditure110.9108.7110.7105.4103.6103.6
Consumption81.278.978.881.083.684.2
Investment29.729.932.024.420.019.4
Private 2/9.310.618.413.312.212.9
Public20.419.313.511.17.86.5
External savings 3/6.96.08.94.11.72.6
Gross national savings22.823.923.120.318.316.8
Private11.014.416.615.614.212.6
Public11.89.56.54.74.14.2
Gross domestic savings18.821.121.219.016.415.8
Sources: Central Bank of Belize; Central Statistical Office; and Fund staff estimates.

Includes tourism.

In 1996, it includes expenditure related to construction of the Central Bank building. Net of such expenditure, private investment is equivalent to 12.2 percent of GDP.

Current account deficit of the balance of payments.

Sources: Central Bank of Belize; Central Statistical Office; and Fund staff estimates.

Includes tourism.

In 1996, it includes expenditure related to construction of the Central Bank building. Net of such expenditure, private investment is equivalent to 12.2 percent of GDP.

Current account deficit of the balance of payments.

Table 2.Belize: Main Agricultural Crops, Acreage, and Production 1/
1991199219931994Prel.

1995
Est.

1996
(Units as indicated)
Sugarcane
Acreage60,00060,00065,00065,00060,000
Production (‘000 long tons)
Sugarcane1,1141,1041,1411,1991,0251,236
Sugar102101100105105109
Sugar exports (‘000 long tons)929090939295
Oranges
Acreage41,12447,38355,40360,48347,907
Production (‘000 90 lb. boxes)1,2032,4071,7932,0203,1333,161
Grapefruit
Acreage11,93012,25013,67113,6718,281
Production (‘000 80 lb. boxes)7921,1921,0158331,2141,158
Bananas
Acreage5,1135,2004,3535,3004,8475,072
Production for exports
(‘000 42 lb. boxes)1,1571,5452,1402,6422,4533,202
Corn
Acreage27,64129,45432,19929,91039,061
Production (million lbs.)7056605162
Imports (million lbs.)8.90.30.35.50.1
Rice
Acreage9,1777,25011,00311,11712,181
Production paddy (million lbs.)1115211421
Imports rice (million lbs.)6.05.83.30.32.5
Red kidney beans
Acreage8,3498,4099,9177,1669,572
Production7,8335,5187,9887,0716,925
Imports (‘000 lbs.)608290
(Output per acre)
Sugar
Cane per acre (long tons)1918181817
Cane to sugar ratio1111111110
Oranges (90 lbs. boxes per acre)2951323365
Grapefruit (80 lbs. boxes per acre)66977461147
Bananas (42 lbs boxes per acre)226297492498506631
Corn (lbs. per acre)2,5391,9091,8621,7151,592
Rice (lbs. per acre)1,1512,0211,9531,2861,743
Red kidney beans (lbs. per acre)938656805987723
Sources: Central Statistical Office; and Ministry of Agriculture.

Production data on a crop year basis.

Sources: Central Statistical Office; and Ministry of Agriculture.

Production data on a crop year basis.

Table 3.Belize: Indices of Industrial Products (1984 = 100)
Weight

(percent)
1991199219931994Prel.

1995
Est.

1996
Sugar 1/53.41009999104104107
Molasses 1/1.9165139164173141181
Flour1.597310231071105110051098
Fertilizer2.0246303385591573533
Cigarettes4.9161161163156146122
Beer6.0150160239196172143
Soft drinks11.5123124141181193183
Batteries0.3201202179172200251
Roofing1.21297543
Garments6.1198207217168118125
Citrus concentrates11.3138212181191313318
Industrial production 2/100.0136146153159167168
(Change in percentage)1.37.64.44.25.40.2
Source: Statistical Appendix Table 22.

Production data are on a crop-year basis.

Based on value added of the manufacturing sector.

Source: Statistical Appendix Table 22.

Production data are on a crop-year basis.

Based on value added of the manufacturing sector.

Table 4.Belize: Average Prices for Selected Products and Services(Annual percentage changes)
199119921993199419951996
Food, beverages and tobacco4.42.91.70.74.06.6
Clothing and footwear3.22.50.6-2.30.83.2
Household goods and maintenance2.53.33.22.3-0.56.1
Rent, water, fuel, and power0.70.51.47.17.68.8
Medical care4.53.41.71.59.14.6
Transportation and communication3.31.20.21.92.75.7
Recreation, education, and culture1.90.110.51.34.55.9
Personal care4.82.74.6-0.34.85.9
Premium gasoline8.20.0-2.24.45.31.4
Regular gasoline8.9-0.2-2.23.46.80.0
Kerosene-2.40.02.02.08.314.2
Diesel-8.0-1.72.72.39.310.6
Sources: Statistical Appendix Tables 24 and 25.
Sources: Statistical Appendix Tables 24 and 25.
Table 5.Belize: Summary Operations of the Nonfinancial Public Sector 1/(In percent of GDP)
1991/92 2/1992/931993/941994/95Prel.

1995/96
Est.

1996/97
Total revenue and grants37.433.329.128.626.126.4
Current revenue30.029.227.727.125.124.6
Central government24.625.123.423.421.521.2
Social Security Board2.32.62.32.12.42.1
Nonfinancial public enterprises’ current surplus3.11.61.91.51.31.3
Grants and capital revenue 3/7.44.11.41.61.01.8
Total expenditure41.540.936.034.328.729.1
Current expenditure18.320.321.922.721.120.4
General government18.320.321.922.721.120.4
Central government17.519.120.621.419.719.1
Social Security Board0.91.21.41.31.41.3
Capital expenditure23.220.614.111.67.68.8
General government19.119.212.810.36.46.5
Central government17.517.010.99.66.06.1
Social Security Board1.62.21.90.70.40.4
Nonfinancial public enterprises4.11.51.31.31.22.3
Current account surplus11.78.95.84.44.04.3
Overall balance-4.1-7.6-6.9-5.6-2.6-2.7
Financing4.17.66.95.62.62.7
External3.04.12.20.90.24.9
Domestic1.13.54.74.72.4-2.2
Banking system2.93.25.93.41.6-2.9
Central bank1.34.82.61.20.70.5
Commercial banks1.6-1.63.32.20.9-3.4
Other-1.70.3-1.21.30.80.7
Sources: Ministry of Finance; Statutory Boards; and Fund staff estimates.

Fiscal year (April through March).

Data for 1991/92 is not comparable with following years data because the Belize Telecommunications Company was privatized in February 1992.

In FY 1991/92 and FY 1992/93, includes proceeds from the privatization of the Belize Telecommunications Company (BLT) and the Belize Electricity Company (BEL).

Sources: Ministry of Finance; Statutory Boards; and Fund staff estimates.

Fiscal year (April through March).

Data for 1991/92 is not comparable with following years data because the Belize Telecommunications Company was privatized in February 1992.

In FY 1991/92 and FY 1992/93, includes proceeds from the privatization of the Belize Telecommunications Company (BLT) and the Belize Electricity Company (BEL).

Table 6.Belize: Summary Operations of the Central Government 1/
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
(In percent of GDP)
Revenue and grants32.030.624.825.022.423.0
Revenue28.228.624.223.822.322.2
Current revenue24.625.123.423.421.521.2
Tax20.820.920.620.619.319.1
Nontax3.84.22.92.82.22.1
Capital 2/3.73.50.80.40.91.0
Grants3.72.00.71.20.10.8
Total expenditure36.036.831.430.925.725.2
Current expenditure17.519.120.621.419.719.1
Of which: wage bill 3/9.410.611.311.710.910.4
domestic private transfers1.51.51.61.81.71.7
Capital expenditure18.617.710.99.66.06.1
Current account surplus7.16.02.92.11.72.1
Overall balance (deficit —)-4.1-6.2-6.6-5.9-3.3-2.2
Financing4.16.26.65.93.32.2
External (net)3.74.22.61.40.43.7
Domestic0.32.03.94.53.0-1.5
Banking system1.72.54.53.52.4-2.2
Other-1.4-0.5-0.61.00.60.7
(Annual percentage change)
Revenue and grants20.66.7-12.65.9-3.59.9
Of which: revenue12.812.8-8.93.60.96.6
Total expenditure38.813.8-8.03.6-10.45.0
Current expenditure11.422.015.99.4-0.74.0
Capital expenditure80.46.2-33.8-7.4-32.18.1
Sources: Ministry of Finance; and Fund staff estimates.

Fiscal year (April through March).

In FY 1991/92 and FY 1992/93, includes proceeds from the privatization of the Belize Telecommunication Company (BLT) and the Belize Electricity Company (BEL).

The wage bill net of severance payments in 1995/96 and 1996/97 were 10.5 percent and 10.4 percent of GDP, respectively. A residual amount of severance payment was made in FY 1996/97.

Sources: Ministry of Finance; and Fund staff estimates.

Fiscal year (April through March).

In FY 1991/92 and FY 1992/93, includes proceeds from the privatization of the Belize Telecommunication Company (BLT) and the Belize Electricity Company (BEL).

The wage bill net of severance payments in 1995/96 and 1996/97 were 10.5 percent and 10.4 percent of GDP, respectively. A residual amount of severance payment was made in FY 1996/97.

Table 7.Belize: Summary Central Government Revenue
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
(Percentage of GDP)
Total revenue and grants32.030.624.825.022.423.0
Total revenue28.228.624.223.822.322.2
Tax revenue20.820.920.620.619.319.1
Income tax5.26.15.65.74.94.1
Property tax0.10.30.10.10.10.1
Taxes on goods and services2.32.12.82.62.47.6
Taxes on international trade12.711.911.611.611.46.7
Nontax revenue3.84.22.92.82.22.1
Capital revenue3.73.50.80.40.91.0
Grants3.72.00.71.20.10.8
(Percent of total revenue)
Income tax18.421.223.323.821.918.4
Property tax0.51.00.50.60.40.5
Taxes on goods and services8.27.411.410.910.634.3
Taxes on international trade45.041.547.848.950.930.4
Nontax revenue13.314.511.911.79.79.3
Capital revenue13.012.33.11.63.94.4
(Annual percentage change)
Tax revenue4.712.15.85.70.66.4
Income tax11.830.40.25.8-7.2-10.3
Taxes on goods and services2.01.440.0-0.9-1.9245.6
Taxes on international trade3.94.24.86.15.0-36.3
Nontax revenue-4.923.2-25.51.9-16.62.7
Sources: Belize authorities; and Fund staff estimates.
Sources: Belize authorities; and Fund staff estimates.
Table 8.Belize: Summary Central Government Expenditure
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
(Percentage of GDP)
Total expenditure36.036.831.430.925.725.2
Current expenditure17.519.120.621.419.719.1
Wages and salaries9.410.611.311.710.910.4
Goods and services3.94.24.24.13.53.3
Interest payments1.01.32.01.91.91.9
Subsidies and current transfers2.11.91.92.32.12.2
Capital expenditure and net lending18.617.710.99.66.06.1
Development expenditure17.517.010.69.35.85.9
Transfers and net lending1.10.70.20.30.30.2
(Percent of total expenditure)
Current expenditure48.451.965.469.176.675.9
Wages and salaries26.128.736.038.042.541.3
Goods and services10.811.413.413.313.513.0
Interest payments2.83.56.26.37.57.5
Subsidies and current transfers5.85.26.07.48.08.5
Capital expenditure and net lending51.648.134.630.923.424.1
Development expenditure48.646.133.930.022.423.4
Transfers and net lending3.02.00.70.91.00.8
(Annual percentage change)
Total expenditure38.813.8-8.03.6-10.45.0
Current expenditure11.422.015.99.4-0.74.0
Wages and salaries8.025.315.29.40.22.0
Goods and services10.320.58.32.3-8.70.8
Subsidies and current transfers38.41.87.026.5-2.612.0
Capital expenditure and net lending80.46.2-33.8-7.4-32.18.1
Sources: Belize authorities; and Fund staff estimates.
Sources: Belize authorities; and Fund staff estimates.
Table 9.Belize: Operations of the Nonfinancial Public Enterprises 1/(In percent of GDP)
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
Revenues and grants15.99.08.48.17.57.4
Current revenue14.88.28.48.07.57.4
Operating revenue14.37.78.27.97.47.3
Nonoperating revenue0.50.50.20.10.10.1
Transfers from government0.20.20.00.00.00.0
Other0.30.30.20.10.10.1
Capital transfers from government1.10.70.00.00.00.0
Grants0.00.10.00.00.00.0
Expenditure15.89.67.87.87.38.4
Current expenditure11.76.66.56.56.26.1
Operating expenditure8.55.75.85.85.55.5
Nonperating expenditure3.10.90.70.70.70.6
Transfers to government 2/1.90.50.00.00.00.0
Interest and dividend expenses1.30.50.70.70.60.6
Capital expenditure 3/4.13.01.31.31.22.3
Operating balance5.82.02.42.11.91.8
Current balance3.11.61.91.51.31.3
Overall balance0.1-0.60.60.20.1-1.0
Sources: Belize authorities; and Fund staff estimates.

Beginning in FY 1992/93, it excludes Belize Telecommunications Limited, which was privatized in February 1992.

Includes dividend payments and other transfers.

Includes transfers to the central government.

Sources: Belize authorities; and Fund staff estimates.

Beginning in FY 1992/93, it excludes Belize Telecommunications Limited, which was privatized in February 1992.

Includes dividend payments and other transfers.

Includes transfers to the central government.

Table 10.Belize: Summary Accounts of the Financial Sector
19911992199319941995Prel.

1996 1/
(In millions of Belize dollars)
International reserves (net)108.186.334.922.757.9112.8
Of which net official reserves96.697.758.349.356.198.4
Domestic credit352.4449.2533.1583.3645.8617.6
Credit to the public sector-39.23.456.676.7106.560.6
Central government (net)21.147.478.8102.9135.094.2
Rest of public sector (net)-60.3-44.0-22.2-26.2-28.5-33.6
Credit to private sector417.9472.6504.6536.8574.8618.0
Other assets (net)-26.3-26.9-28.1-30.2-35.6-61.1
Foreign liabilities (medium- and long-term)32.131.128.228.028.727.1
Liabilities to private sector428.4504.4539.7578.0675.0703.3
Money and quasi-money386.0455.7482.1522.2604.1626.8
Money107.9125.9134.1142.0146.5154.9
Quasi-money 2/278.1329.8348.0380.2457.6471.8
CBB construction bonds4.14.14.14.14.1
Capital and reserves42.344.653.551.766.872.4
Memorandum:
Monetary base86.4104.5104.0101.9115.2118.3
Foreign reserve coverage111.893.656.048.448.783.1
(Annual changes, as percent of liabilities to the private sector) 3/
Domestic credit21.822.616.69.310.8-4.2
Credit to the public sector2.99.910.53.75.2-6.8
Central government (net)5.26.16.24.55.5-6.0
Rest of public sector (net)-2.33.84.3-0.7-0.4-0.8
Credit to the private sector20.012.86.36.06.66.4
Other assets (net)-1.0-0.1-0.2-0.4-0.9-3.8
(Annual percentage change)
Liabilities to the private sector13.917.87.07.116.84.2
Money and quasi-money13.018.15.88.315.73.7
Money9.416.76.55.93.25.7
Quasi-money14.518.65.59.320.33.1
Capital and reserves22.55.320.1-3.529.28.5
(In percent of GDP)
Domestic credit40.946.450.652.954.548.3
Credit to the public sector-4.50.45.47.09.04.7
Central government (net)2.44.97.59.311.47.4
Rest of public sector (net)-7.0-4.5-2.1-2.4-2.4-2.6
Credit to the private sector48.548.847.948.748.648.3
Other assets (net)-3.0-2.8-2.7-2.7-3.0-4.8
Liabilities to the private sector49.752.151.252.457.054.9
Money and quasi-money44.847.145.747.451.049.0
Money12.513.012.712.912.412.1
Quasi-money32.334.133.034.538.636.9
Capital and reserves4.94.65.14.75.65.7
(Annual percentage change)
Memorandum items:
Monetary base5.821.0-0.4-2.113.12.7
Credit to the private sector22.013.16.86.47.17.5
Source: Statistical Appendix Table 29.

Data for DFC and credit unions was estimated based on information available up to September 1996.

Includes deposit liabilities of the credit unions.

At the beginning of the year.

Source: Statistical Appendix Table 29.

Data for DFC and credit unions was estimated based on information available up to September 1996.

Includes deposit liabilities of the credit unions.

At the beginning of the year.

Table 11.Belize: Legal Minimum Interest Rates(In percent per annum)
December 12, 1986

to

July 31, 1988
August 1, 1988

to

March 31, 1989
April 1, 1989

to

March 25, 1994
March 26, 1994

to

January 2, 1995
January 3, 1995

to

Present
Commercial bank interest rates 1/
Savings deposits
Passbook5.04.55.04.54.5
Premium8.06.06.00.00.0
Time deposits
1 month8.00.00.06.50.0
1-3 months0.07.07.06.50.0
3-6 months10.08.08.06.50.0
6 months-1 year0.08.58.56.50.0
1 year11.00.00.06.50.0
2 years12.00.00.06.50.0
Loans
Minimum lending rate12.010.010.09.00.0
Memorandum item
Central bank lending rate12.010.012.011.012.0
Source: Central Bank of Belize.

Minimum rates set by the Central Bank of Belize.

Source: Central Bank of Belize.

Minimum rates set by the Central Bank of Belize.

Table 12.Belize: Commercial Bank’s Liquidity Position
December1996
Prel.
19911992199319941995Mar.Jun.Sep.Dec.
(Ratio to average deposits liabilities)
Required minimum liquidity 1/25.027.028.028.026.026.026.026.026.0
Cash reserve requirement 2/6.07.07.07.07.07.07.07.07.0
Other liquid assets requirement 3/19.020.021.021.019.019.019.019.019.0
Actual liquidity28.028.130.331.229.232.934.331.128.4
Cash reserve requirement 2/6.38.08.07.37.68.27.87.67.0
Other liquid assets requirement 3/21.620.222.323.921.624.726.523.421.4
Of which
Foreign assets6.86.58.68.97.810.311.89.411.9
Treasury bills12.311.211.39.510.011.211.410.96.2
Excess liquidity3.01.12.33.23.26.98.35.12.4
(In millions of Belize dollars)
Memorandum items
Average deposits liabilities409.6451.1456.6489.7560.9574.0605.9608.0607.3
Total deposits (end of period)410.8442.5445.3466.8527.1554.2557.0555.3553.0
Of which:
Central government36.031.229.422.63.92.93.34.14.0
Social Security Board50.843.020.018.619.723.823.327.523.8
Total loans and advances341.8385.5398.0417.6446.9437.6454.8469.4485.6
Credit/deposit ratio83.287.189.489.584.879.081.684.587.8
Source: Central Bank of Belize.

The required minimum liquidity rates were reduced in October 1991, increased in October 1992, increased again in October 1993, reduced in January 1995, and increased in December 1995.

Deposits at the Central Bank.

Includes cash in vault, Belize government treasury bills, foreign assets, and other approved assets.

Source: Central Bank of Belize.

The required minimum liquidity rates were reduced in October 1991, increased in October 1992, increased again in October 1993, reduced in January 1995, and increased in December 1995.

Deposits at the Central Bank.

Includes cash in vault, Belize government treasury bills, foreign assets, and other approved assets.

Table 13.Belize: Balance of Payments
1991199219931994Prel.

1995
Est.

1996
(In millions of U.S. dollars)
Current account balance-29.8-28.8-46.7-22.5-9.8-16.9
Trade balance-122.3-126.6-146.2-105.5-100.5-95.9
Exports, f.o.b.128.8148.1141.8156.4164.4166.3
Of which
Re-exports30.132.323.228.621.214.6
Imports, c.i.f. 1/-251.2-274.6-288.0-261.9-264.9-262.2
Sevices (net)64.567.469.853.857.545.5
Non-factor services75.384.289.675.679.072.7
Tourism44.859.767.371.477.673.7
Embassy and military26.524.126.716.19.64.0
Other4.00.5-4.3-11.8-8.2-5.0
Factor services-10.8-16.8-19.8-21.9-21.4-27.1
Interest on public debt-4.7-4.9-5.4-6.7-7.7-8.2
Other-6.1-12.0-14.4-15.1-13.8-18.9
Transfers28.130.329.729.333.133.4
Private (net)15.517.615.514.519.717.8
Official (net)12.612.714.114.813.415.6
Capital account balance8.129.427.018.013.238.1
Public sector9.114.611.46.3-2.731.9
Drawings20.226.425.326.620.455.2
Amortization-11.0-9.2-12.2-17.7-21.7-22.7
Other 2/-0.1-2.6-1.7-2.6-1.5-0.6
Private capital 3/-1.014.815.711.716.06.2
Overall balance-21.70.6-19.7-4.53.421.1
Change in reserves (- increase)21.7-0.619.74.5-3.4-21.1
(In percent of GDP)
Current account balance-6.9-6.0-8.9-4.1-1.7-2.6
Trade balance-28.4-26.1-27.7-19.1-17.0-15.0
Capital account1.96.15.13.32.25.9
Public sector2.13.02.21.1-0.55.0
Private sector 3/-0.23.13.02.12.71.1
Overall balance-5.00.1-3.7-0.80.63.3
Public external debt (end of period)34.930.931.832.730.333.1
(Percentage changes, unless otherwise indicated)
Real GDP3.19.33.31.83.33.0
Export volume-4.919.1-1.54.80.56.0
Import volume19.66.63.6-10.4-8.6-2.9
Terms of trade-2.0-3.42.01.2-0.2-1.4
Public debt service ratio (in percent of exports of goods and nonfactor services)6.75.06.28.510.010.6
Gross reserves (in months of imports of goods and nonfactor services)2.12.01.11.01.22.0
Sources: Central Bank of Belize; Central Statistical Office; and Fund staff estimates.

Imports include imports through parcel post.

Subscription to international organizations.

Includes errors and omissions.

Sources: Central Bank of Belize; Central Statistical Office; and Fund staff estimates.

Imports include imports through parcel post.

Subscription to international organizations.

Includes errors and omissions.

Table 14.Belize: Sugar Exports by Market, 1991-96(In millions of U.S. dollars; volume in tousands of long tons; prices in U.S. cents per pound)
1991199219931994Prel.

1995
Est.

1996
Total sugar exports
Value41.737.641.540.347.747.1
Volume91.989.990.392.892.394.8
Unit Value (U.S. cents/lb.)20.218.720.519.423.122.2
United States
Value10.26.35.44.66.310.7
Volume21.213.812.110.214.123.2
Unit Value (U.S. cents/lb.)21.520.419.919.919.920.6
EEC
Value26.024.528.225.734.831.0
Volume45.242.142.242.654.550.3
Unit Value (U.S. cents/lb.)25.726.029.826.928.527.5
Free market
Value5.67.07.910.16.75.4
Volume25.434.035.940.123.721.3
Unit Value (U.S. cents/lb.)9.89.29.811.212.611.3
Memorandum item:
Share of sugar exports in domestic exports (in percent)32.425.429.227.929.028.3
Sources: Central Statistical Office; Fund staff estimates.
Sources: Central Statistical Office; Fund staff estimates.
Table 15.Belize: External Public Debt
1991199219931994Prel.

1995
Est.

1996
(In millions of U.S. dollars)
Debt outstanding (end-of-period) 1/150.4149.8167.9180.4179.1211.6
Central government92.2104.6126.6143.2144.6166.4
Rest of the public sector33.222.820.418.317.115.9
Financial public sector25.022.420.918.917.529.3
Transactions during the period
Drawings (including IMF)20.226.425.326.620.455.2
Debt service (including IMF)16.114.117.624.429.430.9
Amortization11.49.212.217.721.722.7
Interest4.74.95.56.77.78.2
Debt service (excluding IMF)15.614.117.624.429.430.9
(In percent of GDP)
External debt (including IMF) 2/34.930.931.832.730.333.1
External debt (excluding IMF)34.930.931.832.730.333.1
Debt service (including IMF) 3/3.72.93.34.45.04.8
Amortization2.61.92.33.23.73.6
Interest1.11.01.01.21.31.3
Debt service (excluding IMF)3.62.93.34.45.04.8
(In percent of exports of goods and nonfactor services)
External debt (including IMF)62.352.958.762.960.772.9
External debt (excluding IMF)62.352.958.762.960.772.9
Debt service (including IMF)6.75.06.28.510.010.6
Amortization4.73.24.36.27.47.8
Interest1.91.71.92.32.62.8
Debt service ratio (excluding IMF)6.55.06.28.510.010.6
Sources: Central Bank of Belize; IMF’s Treasury.

Includes valuation adjustments for changes in the stock of debt resulting from changes in the exchange rates.

IMF debt in U.S. dollars was calculated using the end period US$/SDR exchange rate.

IMF debt service in U.S. dollars was calculated using the average US$/SDR exchange rate.

Sources: Central Bank of Belize; IMF’s Treasury.

Includes valuation adjustments for changes in the stock of debt resulting from changes in the exchange rates.

IMF debt in U.S. dollars was calculated using the end period US$/SDR exchange rate.

IMF debt service in U.S. dollars was calculated using the average US$/SDR exchange rate.

STATISTICAL APPENDIX
Table 16.Belize: Sectoral Origin of Real Gross Domestic Product
1991199219931994Prel.

1995
Est.

1996
(In millions of Belize Dollars at constant 1984 prices)
GDP at constant market prices701.8767.1792.4806.7833.3857.9
Primary activities116.1132.7131.8138.6147.4156.9
Agriculture78.389.789.191.598.5107.6
Forestry17.019.118.120.517.720.8
Fishing15.518.819.221.625.923.3
Mining5.35.15.44.95.35.3
Secondary activities151.8172.7184.2178.7184.8192.2
Manufacturing96.2109.1111.5116.8121.9127.9
Electricity and water supply11.913.615.016.016.517.0
Construction43.850.057.745.846.347.3
Services322.7348.7360.3369.4380.6383.8
Trade and tourism107.8114.4118.8120.6125.2124.7
Transport and communication79.994.998.299.4102.4105.5
Finance and insurance28.130.931.833.234.435.7
Real estate30.031.833.034.436.137.7
Public administration53.153.654.957.157.554.7
Other services43.945.046.247.548.850.1
Banking charges 1/-20.1-21.9-22.6-22.8-23.7-24.6
Net indirect taxes111.2113.0116.1120.1120.5125.0
GDP at constant factor cost590.6654.1676.3686.6712.8732.9
GDP per capita3,7053,8543,8933,8393,8673,880
(Annual percentage change)
GDP at constant market prices3.19.33.31.83.33.0
Primary activities5.214.3-0.75.26.46.4
Agriculture-1.814.5-0.72.77.79.2
Forestry31.912.6-5.113.4-13.617.0
Fishing11.021.32.112.719.7-10.1
Mining40.9-2.75.0-9.17.5-0.2
Secondary activities2.713.76.7-3.03.44.0
Manufacturing-0.913.42.24.84.44.9
Electricity and water supply17.214.310.66.43.23.2
Construction7.714.215.3-20.51.12.1
Services3.48.03.32.53.00.8
Trade and tourism-1.76.23.81.53.8-0.4
Transport and communication11.418.83.51.33.03.1
Finance-1.29.73.24.13.83.6
Real estate3.55.93.74.44.74.6
Public administration4.31.02.44.00.7-4.9
Other services2.82.42.62.92.62.7
Banking charges 1/1.2-9.3-3.01.13.83.6
Net indirect taxes0.51.62.83.40.33.7
GDP at constant factor cost3.610.73.41.53.82.8
GDP per capita0.34.01.0-1.40.70.3
(Percentage distribution) 2/
Primary activities19.720.319.520.220.721.4
Agriculture13.313.713.213.313.814.7
Forestry2.92.92.73.02.52.8
Fishing2.62.92.83.13.63.2
Mining0.90.80.80.70.70.7
Secondary activities25.726.427.226.025.926.2
Manufacturing16.316.716.517.017.117.5
Electricity and water supply2.02.12.22.32.32.3
Construction7.47.68.56.76.56.5
Services54.653.353.353.853.452.4
Trade and tourism18.217.517.617.617.617.0
Transport and communication13.514.514.514.514.414.4
Finance4.84.74.74.84.84.9
Real estate5.14.94.95.05.15.1
Public administration9.08.28.18.38.17.5
Other services7.46.96.86.96.86.8
Banking charges (-) 1/-3.4-3.4-3.3-3.3-3.3-3.4
GDP at constant factor cost100.0100.0100.0100.0100.0100.0
Sources: Central Statistical Office, and Fund staff estimates.

Adjustment for double counting of bank service charges already considered as part of finance and insurance.

At constant factor cost.

Sources: Central Statistical Office, and Fund staff estimates.

Adjustment for double counting of bank service charges already considered as part of finance and insurance.

At constant factor cost.

Table 17.Belize: National Accounts at Current Prices
1991199219931994Prel.

1995
Est.

1996
(In millions of Belize dollars)
Gross domestic expenditure956.21053.21167.61162.51226.51326.3
Consumption700.0764.0830.5893.4989.81078.0
Private sector584.3624.8669.8718.6814.5901.5
Public sector115.7139.2160.7174.9175.2176.5
Gross domestic investment256.2289.2337.1269.1236.8248.3
Fixed capital formation245.9283.5314.4265.6244.2248.3
Private sector70.196.6171.8143.6151.3165.3
Public sector175.8186.9142.7122.092.983.0
Of which
Nonfinancial public enterprises35.320.014.114.514.425.7
Change in inventories10.35.722.73.5-7.40.0
Balance of goods and nonfactor services-94.1-84.7-113.2-59.8-42.6-46.4
Exports482.7566.8572.0573.5589.7580.5
Imports576.8651.5685.2633.3632.3626.9
GDP at market prices862.1968.51054.41102.71183.91279.9
Net factor income payments abroad-21.6-33.6-39.6-43.7-42.9-54.3
GNP at market prices840.4934.91014.71059.01141.01225.6
Net indirect taxes-136.6-142.7-154.5-164.2-171.3-186.5
GNP at factor cost703.8792.2860.2894.8969.81039.1
Consumption of fixed capital-55.0-59.4-71.4-74.2-76.8-79.4
National income648.9732.8788.7820.6893.0959.7
(In percent of GDP at market prices)
Gross domestic expenditure110.9108.7110.7105.4103.6103.6
Consumption81.278.978.881.083.684.2
Private sector67.864.563.565.268.870.4
Public sector13.414.415.215.914.813.8
Gross domestic investment29.729.932.024.420.019.4
Fixed capital formation28.529.329.824.120.619.4
Private sector8.110.016.313.012.812.9
Public sector20.419.313.511.17.86.5
Of which
Nonfinancial public enterprises4.12.11.31.31.22.0
Change in inventories1.20.62.20.3-0.60.0
Balance of goods and nonfactor services-10.9-8.7-10.7-5.4-3.6-3.6
Exports56.058.554.352.049.845.4
Imports66.967.365.057.453.449.0
GDP at market prices100.0100.0100.0100.0100.0100.0
Net factor income payments abroad-2.5-3.5-3.8-4.0-3.6-4.2
GNP at market prices97.596.596.296.096.495.8
Net indirect tax-15.8-14.7-14.7-14.9-14.5-14.6
GNP at factor cost81.681.881.681.181.981.2
Consumption of fixed capital-6.4-6.1-6.8-6.7-6.5-6.2
National income75.375.774.874.475.475.0
Ratio of private consumption to national income90.185.384.987.691.293.9
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 18.Belize: Savings and Investment
1991199219931994Prel.

1995
Est.

1996
(In millions of Belize dollars at current prices)
Gross domestic investment256.2289.2337.1269.1236.8248.3
Fixed capital formation245.9283.5314.4265.6244.2248.3
Private sector70.196.6171.8143.6151.3165.3
Public sector175.8186.9142.7122.092.983.0
Of which
Nonfinancial public enterprises35.320.014.114.514.425.7
Change in inventories10.35.722.73.5-7.40.0
Gross national savings196.6231.5243.6224.1217.1214.4
Private sector94.7139.1175.4171.8168.1160.6
Public sector101.992.468.252.349.053.8
Of which
Nonfinancial public enterprises24.018.819.318.216.216.7
Foreign savings 1/59.657.793.545.019.733.9
(In percent of GDP at market prices)
Gross domestic investment29.729.932.024.420.019.4
Fixed capital formation28.529.329.824.120.619.4
Private sector8.110.016.313.012.812.9
Public sector20.419.313.511.17.86.5
Of which
Nonfinancial public enterprises4.12.11.31.31.22.0
Change in inventories1.20.62.20.3-0.60.0
Gross national savings22.823.923.120.318.316.8
Private sector11.014.416.615.614.212.6
Public sector11.89.56.54.74.14.2
Of which
Nonfinancial public enterprises2.81.91.81.61.41.3
Foreign savings 1/6.96.08.94.11.72.6
Savings minus investments-6.9-6.0-8.9-4.1-1.7-2.6
Private sector1.73.8-1.82.22.0-0.4
Public sector-8.6-9.8-7.1-6.3-3.7-2.3
Sources: Central Statistical Office; and Fund staff estimates.

Current account deficit of the balance of payments.

Sources: Central Statistical Office; and Fund staff estimates.

Current account deficit of the balance of payments.

Table 19.Belize: Cane Deliveries to the Sugar Factories, Cane Prices, Sugar and Molasses Production 1/(In long tons; unless otherwise specified)
1991199219931994Prel.

1995
Est.

1996
Cane deliveries964,505978,318962,5161,026,719952,7641,093,450
By Corozal district480,953492,759484,800517,138477,414544,716
By Orange Walk district481,372483,237475,416507,128473,389545,540
By research farmers2,1802,3222,3002,4531,9613,193
Sugarcane prices paid to farmers (in Belize dollars per ton)57.1950.6153.2451.9665.0260.10
Sugar production101,914100,528100,231105,397105,344108,784
Molasses production53,91345,35453,49256,47145,81459,074
Memorandum items:
Sugarcane per acre18.618.417.618.418.421.9
Cane to sugar ratio10.911.011.411.49.010.1
Sources: Belize Sugar Industry Limited; and Fund staff estimates

Figures based on a crop year basis (December-November).

Sources: Belize Sugar Industry Limited; and Fund staff estimates

Figures based on a crop year basis (December-November).

Table 20.Belize: Agricultural Production
1991199219931994Prel.

1995
Est.

1996
(In units as indicated)
Sugarcane (long tons) 1/1,1141,1041,1411,1991,0251,236
Oranges (‘000 90-lb boxes)1,2032,4071,7932,0203,1333,161
Grapefruit (‘000 80-lb boxes)7921,1921,0158331,2141,158
Corn (million lbs.)7056605162
Rice paddy (million lbs.)111521142128
Cocoa (thousand lbs.)2013161595375
Red kidney beans (‘000 lbs.)7,8335,5187,9887,0716,925
Honey (‘000 lbs.)137136122158213
Pork (fresh)(rsquo;000 lbs.) 2/1,0121,2561,2731,7021,526
Beef (fresh)(rsquo;000 lbs.) 2/3,1193,3413,0073,1843,022
Poultry (‘000 lbs.)14,38417,22716,74314,97015,548
Timber (‘000 bd. ft.)20,49322,54322,14430,44822,200
Bananas (‘000 42-lb boxes) 3/1,1571,5452,1402,6422,4533,202
Milk (‘000 lbs.)2,8512,5042,8683,0193,075
Eggs (‘000 doz.)2,1442,2312,2982,3702,431
(Annual percentage change)
Sugarcane 1/3.9-0.93.45.1-14.520.6
Oranges-29.1100.1-25.512.755.10.9
Grapefruit-28.250.5-14.8-17.945.7-4.6
Corn70.5-19.96.6-14.421.2
Rice paddy3.938.746.7-33.448.331.9
Cocoa-45.356.8-49.7-66.641.5
Red kidney beans38.4-29.644.8-11.5-2.1
Honey-13.8-0.7-10.329.534.8
Pork 2/-29.224.11.433.7-10.3
Beef 2/-3.27.1-10.05.9-5.1
Poultry6.619.8-2.8-10.63.9
Timber (‘000 bd. ft.)24.910.0-1.837.5-27.1
Bananas 3/-32.833.538.523.5-7.230.5
Milk4.2-12.214.55.31.9
Eggs2.74.13.03.12.6
Source: Central Statistical Office.

Production data on a crop year basis (December-November).

In slaughter houses only.

For export only.

Source: Central Statistical Office.

Production data on a crop year basis (December-November).

In slaughter houses only.

For export only.

Table 21.Belize: Production and Exports of Marine Fish Products(In thousands of pounds)
1991199219931994Prel.

1995
Est.

1996
Lobsters
Export volume536523429574800584
Local sales373742616460
Total production573560471634864644
Conch
Export volume343432424328366302
Local sales403040884040
Total production383462464416406342
Shrimp
Export volume4639051,1671,3381,3351,166
Local sales1142842332716460
Total production5781,1901,4001,6091,3991,226
Fin fish and fillet
Export volume41139015085150100
Local sales358223270175175170
Total production769613420260325270
Others
Export volume1121109
Local sales6771177
Total production789121716
Total
Export volume1,7542,2522,1732,3252,5472,458
Local sales556582592606350337
Total production2,3102,8332,7642,9312,8972,795
Sources: Department of Fisheries; and Ministry of Agriculture.
Sources: Department of Fisheries; and Ministry of Agriculture.
Table 22.Belize: Industrial Production
1991199219931994Prel.

1995
Est.

1996
(In units indicated)
Sugar (long tons) 1/101,914100,528100,231105,397105,344108,784
Molasses (long tons) 2/53,91345,35453,49256,47145,81459,074
Flour (‘000 lbs.)24,60825,87327,07226,57225,40027,768
Fertilizer (short tons)11,41414,08217,87927,43626,60624,734
Cigarettes (millions)1041041051019479
Beer (‘000 gals.)9451,0091,5041,2321,086902
Soft drinks (‘000 cases)1,0991,1121,2611,6191,7241,640
Batteries (units)11,14711,2169,9309,55811,09713,942
Roofing (‘000 lbs.)644735251915
Garments (‘000 units)3,9024,0734,2763,3022,3112,459
Citrus concentrates (‘000 gals)1,4692,2611,9342,0333,3353,386
(Annual percentage change)
Sugar 1/1.6-1.4-0.35.2-0.13.3
Molasses 2/83.3-15.917.95.6-18.928.9
Flour6.55.14.6-1.8-4.49.3
Fertilizer3.723.427.053.5-3.0-7.0
Cigarettes2.70.01.0-3.8-6.9-16.0
Beer13.46.849.1-18.1-11.9-16.9
Soft drinks10.71.213.428.46.5-4.9
Batteries0.60.6-11.5-3.716.125.6
Roofing-27.3-26.6-26.6-27.5-24.0-21.1
Garments8.54.45.0-22.8-30.06.4
Citrus concentrates-24.953.9-14.55.164.01.5
Source: Central Statistical Office.

Production data are on a crop year basis.

Data refers to Tower Hill factory.

Source: Central Statistical Office.

Production data are on a crop year basis.

Data refers to Tower Hill factory.

Table 23.Belize: Visitor Arrivals 1/
1991199219931994Prel.

1995
Est.

1996
Total arrivals212,978271,581315,562340,837349,488332,462
Of which
Tourists64,56284,54194,82598,635104,553104,553
Origin
United States76,25682,13991,19993,80999,37594,661
Continental Europe15,36121,57924,29629,31031,64319,226
Canada7,7778,90710,76011,79613,65410,252
United Kingdom11,98313,13913,03511,38910,2418,360
Central America93,006139,196168,636189,871184,334130,979
Other8,5956,6217,6364,66210,24168,984
Arrivals
By air59,46184,46992,93785,01290,51291,975
By land146,838181,871215,724246,352246,225230,396
By sea6,6795,2416,9019,47312,7519,974
Tourism receipts (US$ million)44.859.767.371.477.675.3
(Annual percentage change)
Total arrivals-0.527.516.28.02.5-4.9
Of which
Tourists-3.430.912.24.06.06.0
Tourism receipts0.733.312.76.18.7-3.0
Sources: Belize Tourist Board; Immigration Department; and Fund staff estimates.

Includes migrant labor, returning Belizeans, and tourists.

Sources: Belize Tourist Board; Immigration Department; and Fund staff estimates.

Includes migrant labor, returning Belizeans, and tourists.

Table 24.Belize: Consumer Price Index 1/
Weights199119921993199419951996
(Index numbers: November 1990=100)
End of period 2/100.0103.1105.2107.6109.6113.9121.2
Food, beverages, and tobacco34.7104.4107.4109.2110.0114.4122.0
Clothing and footwear9.2103.2105.9106.5104.1104.9108.3
Household goods and maintenance8.5102.5105.8109.2111.7111.1117.9
Rent, water, fuel, and power16.7100.7101.2102.5109.8118.2128.6
Medical care1.9104.5108.1109.9111.6121.8127.3
Transportation and communication17.2103.4104.6104.8106.8109.7115.9
Recreation, education, and culture8.0101.9102.0112.8114.3119.4126.5
Personal care3.8104.8107.6112.6112.3117.6124.6
Average100.0102.3104.7106.2108.8112.0119.1
Food, beverages, and tobacco34.7103.6106.7108.3109.5112.5119.7
Clothing and footwear9.2102.0106.1105.6105.1104.8107.9
Household goods and maintenance8.5101.9104.8108.6110.5111.1116.2
Rent, water, fuel, and power16.7100.5100.7102.0108.0115.0125.9
Medical care1.9102.7107.1110.3111.1119.6127.3
Transportation and communication17.2101.9104.1104.7106.3108.2114.3
Recreation, education, and culture8.0101.1102.2104.4113.4116.8124.9
Personal care3.8103.4107.1108.9112.5116.2122.8
(Annual percentage change)
End of period 2/100.03.12.02.31.83.96.3
Food, beverages, and tobacco34.74.42.91.70.74.06.6
Clothing and footwear9.23.22.50.6-2.30.83.2
Household goods and maintenance8.52.53.33.22.3-0.56.1
Rent, water, fuel, and power16.70.70.51.47.17.68.8
Medical care1.94.53.41.71.59.14.6
Transportation and communication17.23.31.20.21.92.75.7
Recreation, education, and culture8.01.90.110.51.34.55.9
Personal care3.84.82.74.6-0.34.85.9
Average100.03.22.41.42.52.96.3
Food, beverages, and tobacco34.74.63.01.61.12.76.4
Clothing and footwear9.23.34.01.3-0.5-0.33.0
Household goods and maintenance8.52.52.83.61.80.54.6
Rent, water, fuel, and power16.70.70.22.95.86.59.4
Medical care1.94.74.33.00.77.76.4
Transportation and communication17.23.42.10.51.61.85.6
Recreation, education, and culture8.01.91.12.18.72.97.0
Personal care3.85.02.10.53.33.35.7
Sources: Central Statistical Office; and Fund staff estimates.

Based on the household expenditure survey conducted four times a year: February, May, August, and November.

November of each year.

Sources: Central Statistical Office; and Fund staff estimates.

Based on the household expenditure survey conducted four times a year: February, May, August, and November.

November of each year.

Table 25.Belize: Price Structure of Petroleum Products(Belize dollars per gallon)
December 1994December 1995December 1996
PremiumRegularKeroseneDieselPremiumRegularKeroseneDieselPremiumRegularKeroseneDiesel
Retail price4.734.572.543.114.984.882.753.405.054.883.143.76
Total landed cost1.221.201.371.321.421.281.461.411.671.671.871.68
Acquisition cost1.091.071.231.181.291.151.331.281.511.541.731.55
Handling charges0.110.110.110.110.110.110.110.110.130.130.130.13
Remittance charge0.030.030.030.030.020.020.020.020.030.000.010.00
Government charges2.732.650.531.162.812.900.671.372.612.510.651.46
Stamp duty0.150.150.000.160.180.160.000.180.000.000.000.00
Value added tax0.000.000.000.000.000.000.000.000.430.430.000.39
Import duty0.450.450.000.270.450.450.000.270.450.450.000.27
Revenue replacement value2.122.040.510.712.142.260.630.891.691.600.610.77
Other 1/0.020.020.020.020.030.030.040.040.040.030.040.03
Commercial charges0.770.720.640.640.750.700.620.620.770.700.620.62
Delivery cost to service station0.060.060.060.060.070.070.060.060.070.070.060.06
Gross margin-company0.370.350.260.300.330.320.230.280.350.320.230.28
Gross margin-dealer0.350.310.330.280.350.310.330.280.350.310.330.28
Source: Esso Standard Oil Co. Ltd. (Belize).

Tonnage dues and foreign exchange tax.

Source: Esso Standard Oil Co. Ltd. (Belize).

Tonnage dues and foreign exchange tax.

Table 26.Belize: Consolidated Operations of the Nonfinancial Public Sector(In millions of Belize dollars)
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
I. Consolidated Nonfinancial Public Sector
Total revenue and grants332.5330.0310.6321.5315.1342.3
Revenue299.3309.4303.5308.1314.0332.2
Current revenue266.6289.4295.4303.9303.4319.5
Central government218.2248.3249.9263.0259.2274.9
Social Security Board20.525.325.023.428.427.6
Public enterprise current surplus27.915.820.517.415.817.0
Capital revenue32.720.08.14.210.512.8
Grants33.220.67.113.41.210.1
Total expenditure369.2405.0384.1384.6346.2377.9
Current expenditure162.9200.8234.0254.7254.5264.0
General government162.9200.8234.0254.7254.5264.0
Central government155.1189.2219.2239.9238.1247.7
Social Security Board7.811.614.714.816.416.4
Capital expenditure206.3204.2150.2130.091.7113.8
General government169.6189.8136.2115.377.484.3
Central government155.5167.9116.0107.472.978.8
Social Security Board14.121.920.27.94.55.5
Public enterprises36.714.414.014.714.329.5
Current balance (deficit —)103.788.661.449.248.955.5
Central government63.159.130.623.221.127.2
Social Security Board12.713.710.38.612.011.3
Nonfinancial public enterprises27.915.820.517.415.817.0
Overall balance-36.7-75.1-73.6-63.2-31.0-35.5
Financing36.775.173.663.231.035.5
External26.640.723.410.62.363.8
Domestic10.134.450.152.628.7-28.3
Banking system25.531.562.538.119.4-37.2
Central bank11.347.527.613.78.56.5
Commercial banks14.2-16.034.924.410.9-43.7
Other-15.42.9-12.414.59.49.0
II. General Government
Revenue and grants304.5328.4290.0304.0299.2325.3
Revenue271.4308.4283.0290.7298.2315.2
Central government (budgetary)250.9283.1258.0267.2269.7287.6
Social Security Board20.525.325.023.428.427.6
Grants33.120.07.013.31.110.1
Total expenditure342.0397.9370.1369.9331.9348.4
Current expenditure162.9200.8234.0254.7254.5264.0
Development expenditure and net lending179.1197.1136.2115.377.484.3
Overall balance (deficit —)-37.5-69.6-80.2-66.0-32.6-23.0
Financing37.569.680.266.032.623.0
External33.241.428.216.24.448.3
Domestic4.328.251.949.828.2-25.3
Banking system15.135.265.339.425.9-32.2
Central Bank4.448.128.514.58.56.5
Commercial banks10.7-12.936.824.917.4-38.7
Other-10.8-7.0-13.410.42.46.9
IIa. Central Government
Revenue and grants284.0303.1264.9280.5270.8297.7
Revenue250.9283.1258.0267.2269.7287.6
Current218.2248.3249.9263.0259.2274.9
Tax184.8207.2219.2231.8233.1248.1
Nontax33.441.130.731.226.126.8
Capital32.734.88.14.210.512.8
Grants33.120.07.013.31.110.1
Total expenditure320.2364.4335.3347.2311.0326.5
Current expenditure155.1189.2219.2239.9238.1247.7
Of which
Wages and salaries83.5104.6120.5131.9132.2134.8
Interest payments8.912.720.821.823.224.6
Capital expenditure and net lending165.0175.2116.0107.472.978.8
Of which
Development expenditure155.5167.9113.5104.269.676.4
Current account balance63.159.130.623.221.127.2
Overall balance (deficit —)-36.1-61.3-70.3-66.7-40.2-28.8
Overall deficit-36.1-61.3-70.3-66.7-40.2-28.8
Financing36.161.370.366.740.228.8
External33.241.428.216.24.448.3
External borrowing32.441.329.916.13.0-3.9
Disbursements39.251.246.643.635.831.0
Amortization-6.8-9.9-16.7-27.5-32.8-34.9
Change in deposits abroad0.80.1-1.70.11.40.0
Exceptional financing0.00.00.00.00.052.2
Domestic2.919.942.150.535.8-19.5
Banking system14.924.548.539.228.6-28.3
Central bank5.346.528.514.58.56.5
Commercial banks9.6-22.020.024.720.1-34.8
Social Security Board loans-0.65.42.50.03.3
Other-12.0-4.0-11.88.87.25.5
IIb. Social Security Board
Current revenue20.525.325.023.428.427.6
Contributions12.013.614.814.915.116.3
Investment income8.511.610.28.513.411.3
Total expenditure21.933.534.922.720.921.9
Current expenditure7.811.614.714.816.416.4
Benefit payments4.47.59.89.19.411.1
Administration3.44.1-4.95.77.05.3
Of which
Wages and salaries1.51.82.22.52.82.8
Capital expenditure2.81.91.30.80.11.0
Purchases of shares and net lending11.320.118.97.14.44.6
Current balance (deficit —)12.713.710.38.612.011.3
Overall balance (deficit —)-1.4-8.3-9.90.77.65.7
III. Nonfinancial Public Enterprises
Revenues and grants141.189.489.990.590.295.8
Current revenue131.581.589.890.490.195.8
Operating revenue127.176.487.489.089.094.3
Nonoperating revenue4.45.12.41.41.11.5
Transfers from government2.12.20.10.10.00.2
Other2.32.92.31.31.11.3
Capital transfers from government9.57.30.00.00.00.0
Grants0.10.60.10.10.10.0
Expenditure140.394.983.387.788.6108.3
Current expenditure103.665.769.373.074.378.8
Operating expenditure75.756.361.865.266.470.8
Nonoperating expenditure27.99.47.57.87.98.0
Transfers to government16.74.70.50.50.50.5
Interest and dividend expenses11.24.77.07.37.47.5
Capital expenditure36.714.414.014.714.329.5
Capital transfers to government0.014.80.00.00.00.0
Operating surplus51.420.125.623.822.623.5
Current surplus27.915.820.517.415.817.0
Overall balance (deficit —)0.8-5.56.62.81.6-12.5
IIIa. Operations of Belize Telecommunications Limited 1/
Revenue and grants58.00.00.00.00.00.0
Current revenue58.00.00.00.00.00.0
Operating revenue57.30.00.00.00.00.0
International38.00.00.00.00.00.0
Domestic19.30.00.00.00.00.0
Other current revenue0.70.00.00.00.00.0
Total expenditure55.30.00.00.00.00.0
Current expenditure42.80.00.00.00.00.0
Operating expenditure18.80.00.00.00.00.0
Wages and salaries8.50.00.00.00.00.0
Maintenance2.10.00.00.00.00.0
Other8.20.00.00.00.00.0
Interest1.70.00.00.00.00.0
Transfers to government15.10.00.00.00.00.0
Of which
Profit distribution4.70.00.00.00.00.0
Taxes paid10.40.00.00.00.00.0
Dividends to the private sector7.20.00.00.00.00.0
Capital expenditure12.50.00.00.00.00.0
Operating surplus38.50.00.00.00.00.0
Current surplus15.20.00.00.00.00.0
Overall balance (deficit —)2.70.00.00.00.00.0
IIIb. Operations of the Belize Electricity Board
Revenue and grants45.550.257.859.560.965.0
Current revenue42.250.257.859.560.965.0
Operating revenue41.048.257.059.460.965.0
Of which
Sale of electricity40.045.853.756.458.361.9
Nonoperating revenue1.22.00.80.10.00.0
Capital transfers from government3.30.00.00.00.00.0
Total expenditure55.263.051.856.359.578.2
Current expenditure37.538.345.248.951.254.4
Operating expenditure35.735.539.943.245.448.7
Wages and salaries8.410.010.410.79.39.6
Fuel and lubricants17.814.918.119.524.229.5
Maintenance5.34.46.17.15.06.0
Other4.26.25.35.96.93.6
Interest1.82.85.35.75.85.7
Capital expenditure17.724.76.67.48.223.8
Of which
Transfers to central government0.014.80.00.00.00.0
Operating surplus5.312.717.116.215.516.3
Current surplus4.711.912.610.69.710.6
Overall balance (deficit —)-9.7-12.86.03.21.4-13.2
IIIc. Rest of Public Sector
Revenue and grants37.639.232.131.029.330.8
Current revenue31.331.332.030.929.230.8
Operating revenue28.828.230.429.628.129.3
Nonoperating revenue2.53.11.61.31.11.5
Transfers from government2.12.20.10.10.00.2
Other0.40.91.51.21.11.3
Capital transfers from government6.27.30.00.00.00.0
Grants0.10.60.10.10.10.0
Total expenditure29.831.931.531.429.230.1
Current expenditure23.327.424.124.123.124.4
Operating expenditure21.220.821.922.021.022.1
Nonoperating expenditure2.16.62.22.12.12.3
Capital expenditure6.54.57.47.36.15.7
Operating surplus7.67.48.57.67.17.2
Current surplus8.03.97.96.86.16.4
Overall balance (deficit —)7.87.30.6-0.40.10.7
Sources: Ministry of Finance; and Fund staff estimates.

The Belize Telecommunications Limited was privatized in February 1992.

Sources: Ministry of Finance; and Fund staff estimates.

The Belize Telecommunications Limited was privatized in February 1992.

Table 27.Detailed Central Government Revenue(In millions of Belize dollars)
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
Total revenue and grants284.0303.1264.9280.5270.8297.7
Total revenue250.9283.1258.0267.2269.7287.6
Current revenue218.2248.3249.9263.0259.2274.9
Tax revenue184.8207.2219.2231.8233.1248.1
Income tax46.160.160.263.759.153.0
Of which
BTL9.212.413.713.813.80.0
Taxes on property1.22.71.21.71.21.5
Taxes on goods and services20.721.029.429.128.698.7
Excise on sprits and beer8.17.316.916.614.615.5
Excise on cigarettes2.62.52.62.62.92.0
Excise on soft drinks4.36.14.75.05.83.2
Entertainment tax0.00.00.00.00.00.1
Licenses4.54.35.14.74.74.4
VAT0.00.00.00.00.072.5
Other1.20.70.10.40.61.0
Taxes on international transactions112.9117.6123.3130.7137.387.4
Import duty51.250.750.851.855.549.5
Revenue replacement duty24.027.732.736.237.631.2
Stamp duties (customs)27.027.730.333.435.50.7
Goods in transit charge3.53.51.71.30.80.5
Export duties2.82.32.52.42.70.0
Taxes on foreign currency transactions4.45.75.45.55.15.5
Stamp duties (other dept.)3.95.85.26.57.07.5
Nontax revenue33.441.130.731.226.126.8
Central bank profits1.82.41.43.61.73.2
Contributions to pension fund0.20.50.30.30.50.3
Other23.127.324.421.718.518.4
Of which
Rents and royalties2.53.92.92.93.13.2
Landing fees1.50.00.00.00.00.0
Other19.123.421.518.815.415.2
Extrabudgetary revenue (charities fund)2.91.62.02.41.92.3
Transfers from public enterprises4.04.71.41.72.01.8
Interest on deposits1.54.71.21.41.50.8
Capital revenue32.734.88.14.210.512.8
Citizenship bonds0.00.00.30.10.00.0
Sales of crown land2.92.62.21.41.81.7
Sales of equity29.817.15.22.70.30.0
MED0.00.20.30.10.10.1
Transfers from public enterprises0.014.80.00.00.00.0
Citizenship program0.00.00.00.08.29.5
Capital receipts/capital projects0.00.00.00.00.20.2
Other0.00.00.00.00.01.3
Grants33.120.07.013.31.110.1
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 28.Belize: Detailed Central Government Expenditure(In millions of Belize dollars)
1991/921992/931993/941994/95Prel.

1995/96
Est.

1996/97
Total expenditure320.2364.4335.3347.2311.0326.5
Current expenditure155.1189.2219.2239.9238.1247.7
Wages and salaries83.5104.6120.5131.9132.2134.8
Of which
Severance payments0.00.00.00.05.20.4
Pensions9.711.412.714.515.818.0
Goods and services34.541.645.046.142.142.4
Interest payments8.912.720.821.823.224.6
Domestic5.35.69.39.511.011.5
Foreign3.77.111.512.412.213.1
Subsidies and current transfers18.518.920.225.524.927.9
Foreign2.92.22.53.32.33.6
Domestic13.514.516.920.820.621.6
Nonfinancial public enterprises2.12.20.81.51.92.7
Capital expenditure and net lending165.0175.2116.0107.472.978.8
Development expenditure155.5167.9113.5104.269.676.4
Tranfers to nonfinancial public enterprises9.57.32.53.23.32.5
Memorandum items:
Total development expenditure155.5167.9113.5104.269.676.4
Financed local resources83.296.759.947.433.635.3
Financed external resources72.371.253.656.836.141.1
Loans39.251.246.643.635.831.0
Grants33.120.07.013.31.110.1
Sources: Ministry of Finance; and Fund staff estimates
Sources: Ministry of Finance; and Fund staff estimates
Table 29.Belize: Detailed Accounts of the Financial Sector(In millions of Belize dollars)
19911992199319941995Prel.

1996 1/
I. Central Bank
International reserves (net)96.697.758.349.356.198.4
Assets101.6105.963.854.861.1101.9
Liabilities (-)-5.0-8.2-5.5-5.5-5.0-3.5
Net domestic assets-40.3-41.03.116.615.2-22.1
Credit to nonfinancial public sector (net)14.527.968.170.882.564.6
Central government (net)11.918.160.063.976.459.7
Loans and advances1.323.842.442.047.248.2
Securities20.77.619.125.934.863.8
Treasury bills16.02.914.521.310.331.5
Other securities4.74.74.74.724.432.3
Deposits (-)-10.1-13.3-1.5-4.0-5.6-52.3
Rest of nonfinancial public sector2.69.78.07.06.14.9
Loans and advances8.610.08.57.87.16.4
Deposits-6.00.0-0.2-0.6-0.7-1.3
Social Security Board-6.00.00.0-0.2-0.3-0.3
Other NF public entities0.00.0-0.2-0.4-0.5-1.0
CBB construction bonds held by SSB0.0-0.3-0.3-0.3-0.3-0.3
Net position of commercial banks-27.9-39.7-37.3-34.0-42.4-40.8
Advances2.28.05.31.71.51.3
Deposits (-)-30.1-47.7-42.6-35.6-43.9-42.0
Official capital and reserves-17.4-19.9-17.2-17.8-18.5-19.3
Other assets (net) 2/-9.5-9.3-10.5-2.6-6.4-26.6
Of which
CBB construction bonds (private sector)0.0-4.7-4.7-4.7-4.7-4.7
Currency issue56.256.861.466.371.376.3
II. Commercial Banks
Net foreign position6.7-16.6-28.0-33.3-5.46.7
Foreign assets30.623.346.447.550.975.3
Foreign liabilities-23.9-39.9-74.4-80.8-56.3-68.5
Net claims on Central Bank35.145.444.643.552.353.4
Cash in vault7.35.87.39.59.912.7
Reserve deposits30.047.642.635.643.942.0
Advances (-)-2.2-8.0-5.3-1.7-1.5-1.3
Net domestic credit289.7366.8398.8436.6485.5507.3
Nonfinancial public sector (net)-53.4-23.8-10.114.434.36.5
Central government (net)9.529.519.640.360.035.8
Treasury bills45.460.748.962.963.939.7
Deposits (-)-36.0-31.2-29.4-22.6-3.9-4.0
Rest of public sector (net)-62.9-53.3-29.7-25.9-25.7-29.2
Loans and advances4.91.20.30.42.72.9
Letters of credit4.60.31.4000
Deposits (-)-72.4-55.4-32.0-26.9-29.0-32.7
Social Security Board-50.8-43.0-20.0-18.6-19.7-23.8
Statutory bodies-20.9-11.7-12.0-8.2-9.4-8.9
Local governments-0.6-0.70.00.00.00.0
CBB construction bonds0.00.60.60.60.60.6
Credit to private sector 3/341.8385.5398.0417.6446.9485.6
Deposits of public financial institutions-6.5-2.8-1.7-2.2-2.6-2.0
Deposits of private financial institutions-11.0-13.3-12.8-12.6-14.7-16.9
Other assets (net)18.921.225.419.421.633.9
Liabilities to the private sector331.6395.6415.4446.8532.4567.4
Money and quasi money296.5353.1369.5402.5476.8497.5
Demand deposits64.877.783.588.689.994.8
Time deposits146.9176.8190.7209.5278.1286.1
Savings deposits84.898.695.3104.4108.8116.7
Foreign deposits of residents1.06.93.56.34.712.6
Capital and reserves34.135.642.538.150.857.3
III. Consolidated Banking System (I+11)
International reserves (net)103.381.230.316.050.7105.1
Assets132.2129.3110.2102.4112.0177.2
Liabilities-28.9-48.1-79.9-86.3-61.3-72.1
Domestic credit277.2369.5443.3491.2547.2530.0
Nonfinancial public sector (net)-38.93.557.484.6116.270.5
Central government (net)21.347.779.6104.2136.495.5
Claims67.492.1110.4130.9145.9151.7
Deposits (-)-46.1-44.5-30.9-26.7-9.5-56.2
Rest of the NF public sector-60.3-44.2-22.2-19.5-20.2-25.0
Claims18.111.510.28.29.89.2
Deposits (-)-78.3-55.4-32.2-27.5-29.8-34.0
Social Security Board-56.8-43.0-20.0-18.8-19.9-24.1
Other public agencies-21.5-12.4-12.3-8.7-9.8-9.9
CBB construction bonds0.0-0.3-0.3-0.3-0.3-0.3
Credit to private sector341.8385.5398.0417.6446.9485.6
Deposits of public financial institutions-6.5-2.8-1.7-2.2-2.6-2.0
Deposits of private financial institutions-11.0-13.3-12.8-12.6-14.7-16.9
Official capital and reserves-17.4-19.9-17.2-17.8-18.5-19.3
Interbank float-0.2-0.10.00.00.00.0
Other assets (net) 1/9.316.619.721.519.912.0
Liabilities to the private sector380.5450.7473.6507.6597.9635.1
Money and quasi-money345.4404.1423.6459.2538.3561.2
Currency in circulation48.951.054.156.761.463.6
Demand deposits64.877.783.588.689.994.8
Time deposits146.9176.8190.7209.5278.1286.1
Savings deposits84.898.695.3104.4108.8116.7
Foreign deposits of residents1.06.93.56.34.712.6
CBB construction bonds0.04.14.14.14.14.1
Capital and Reserves34.135.642.538.150.857.3
IV. Development Finance Corporation
Net international reserves-1.2-1.3-1.90.00.00.0
Foreign assets0.00.00.00.00.00.0
Short-term foreign liabilities (-)-1.2-1.3-1.90.00.00.0
Claims on banks-1.5-5.80.91.12.01.4
Deposits3.70.10.91.12.01.4
Loans (-)-5.3-5.90.00.00.00.0
Net claims on central bank1.21.6-2.7-3.0-3.6-6.1
Cash and deposits1.21.60.40.30.50.2
Advances (-)0.00.0-3.1-3.4-4.1-6.3
Net domestic credit33.636.031.528.226.531.9
Credit to nonfinancial public sector-0.3-0.1-0.8-7.9-9.7-10.0
Central government (net)-0.3-0.3-0.8-1.2-1.4-1.3
Rest of public sector (net)0.00.20.0-6.7-8.3-8.6
Credit to private sector33.036.840.845.747.052.0
Capital and reserves6.41.50.3-1.2-3.5-7.7
Other assets (net)-5.6-2.2-8.8-8.4-7.4-2.5
Foreign liabilities (medium- and long-term)32.131.128.228.028.727.1
V. Government Savings Bank
Net foreign position6.06.46.56.77.27.7
Assets6.06.46.56.77.27.7
Liabilities (-)0.00.00.00.00.00.0
Net domestic credit-0.2-0.7-0.7-0.7-0.7-0.7
Credit to nonfinancial public sector0.00.00.00.00.00.0
Of which
Central government (net)0.00.00.00.00.00.0
Official capital and reserves-0.2-0.7-0.7-0.7-0.7-0.7
Liabilities to private sector5.85.75.85.55.85.6
Of which: savings deposits5.85.75.85.55.85.6
VI. Credit Unions
Claims on banks5.55.77.08.010.710.3
Demand deposits0.70.71.91.52.11.7
Time deposits4.94.95.16.58.68.6
Net claims on central bank0.20.40.30.40.30.3
Of which cash in vault0.20.40.30.40.30.3
Net domestic credit48.056.665.172.578.576.6
Credit to private sector48.356.365.873.580.980.4
Other assets (net)0.2-0.30.71.02.43.8
Liabilities to private sector53.762.772.480.989.487.2
Share capital45.553.661.367.373.572.1
Reserves8.39.011.013.616.015.2
VII. Consolidated Rest of the Financial System (IV+V +VI)
International reserves (net)4.85.14.66.77.27.7
Assets6.06.46.56.77.27.7
Short-term liabilities (-)-1.2-1.3-1.90.00.00.0
Claims on banks4.0-0.27.99.112.711.7
Demand deposits4.40.82.82.64.13.1
Time deposits4.94.95.16.58.68.6
Loans (-)-5.3-5.90.00.00.00.0
Net claims on central bank1.32.0-2.4-2.7-3.3-5.9
Cash in vault1.32.00.70.70.70.4
Advances (-)0.00.0-3.1-3.4-4.1-6.3
Domestic credit81.491.995.9100.0104.3107.8
Credit to nonfinancial public sector (net)-0.3-0.1-0.8-7.9-9.7-10.0
Central government (net)-0.3-0.3-0.8-1.2-1.4-1.3
Rest of the public sector0.00.20.0-6.7-8.3-8.6
Credit to private sector81.393.1106.6119.2127.9132.4
Official capital and reserves6.20.8-0.4-1.9-4.2-8.4
Unclassified assets (net)-5.3-2.5-8.0-7.4-4.91.3
Liabilities to private sector59.568.478.286.495.392.9
Share capital45.553.661.367.373.572.1
Savings deposits5.85.75.85.55.85.6
Other reserves8.39.011.013.616.015.2
Foreign liabilities (medium- and long-term)32.131.128.228.028.727.1
VIII. Consolidated Financial System (III + VII)
International reserves (net)108.186.334.922.757.9112.8
Assets138.2135.7116.7109.1119.2184.9
Liabilities (-)-30.1-49.4-81.8-86.3-61.3-72.1
Domestic credit352.4449.2533.1583.3645.8617.6
Credit to nonfinancial public sector (net)-39.23.456.676.7106.560.6
Central government (net)21.147.478.8102.9135.094.2
Claims67.191.9109.6129.6144.5150.4
Deposits (-)-46.1-44.5-30.9-26.7-9.5-56.2
Rest of the public sector (net)-60.3-44.0-22.2-26.2-28.5-33.6
Credit to private sector417.9472.6504.6536.8574.8618.0
Official capital and reserves-11.2-19.0-17.6-19.7-22.7-27.7
Other assets (net) 2/-15.1-7.8-10.5-10.5-12.9-33.4
Foreign liabilities (medium- and long-term)32.131.128.228.028.727.1
Liabilities to private sector428.4504.4539.7578.0675.0703.3
Currency in circulation47.649.053.456.060.763.2
Demand deposits60.376.980.786.085.991.7
Time deposits142.1171.9185.6203.0269.5277.5
Savings deposits90.6104.3101.1109.9114.6122.3
Share capital45.553.661.367.373.572.1
CBB construction bonds4.14.14.14.14.1
Capital and reserves42.344.653.551.766.872.4
Sources: Central Bank of Belize; Credit Unions; Development Finance Corporation; and Fund staff estimates.

Data for DFC and credit unions was estimated based on information available up to September 1996.

For 1996, includes US$12 million for the Central Bank building bond placed in the international market.

Includes loans and advances, letters of credit, bank acceptances, and bank guarantees.

Sources: Central Bank of Belize; Credit Unions; Development Finance Corporation; and Fund staff estimates.

Data for DFC and credit unions was estimated based on information available up to September 1996.

For 1996, includes US$12 million for the Central Bank building bond placed in the international market.

Includes loans and advances, letters of credit, bank acceptances, and bank guarantees.

Table 30.Belize: Treasury Bills by Holder(In millions of Belize dollars, end of period)
December1996
19911992199319941995Mar.Jun.Sep.Dec.
Total holdings62.264.164.270.070.070.070.070.070.0
Central Bank of Belize24.83.014.621.510.47.70.19.031.7
Commercial banks37.061.149.148.159.162.069.560.237.8
Other 1/0.40.10.50.40.50.30.30.70.5
Source: Central Bank of Belize.

Includes public sector entities and Caribbean Development Bank.

Source: Central Bank of Belize.

Includes public sector entities and Caribbean Development Bank.

Table 31.Belize: Interest Rates 1/(In percent per year)
Treasury BillCentral BankCommercial bank ratesWeighted averageUS$ LiborSpread domestic/ internat. rate 3/
Discount rateLending rateSaving depositsTime deposits 2/Personal loansCommercial loansMortgage loansDepositsLoans90-days
1991
I7.412.05.48.414.814.214.06.414.26.91.5
II7.112.05.48.514.814.214.06.414.26.22.3
III6.512.05.48.414.714.114.06.314.25.82.6
IV5.912.05.48.414.514.114.26.414.35.13.3
1992
I5.812.05.48.214.514.114.56.314.34.24.0
II5.612.05.48.214.614.114.46.214.34.14.1
III5.212.05.48.114.814.014.36.114.33.54.7
IV4.912.05.48.114.914.114.06.014.43.64.4
1993
I4.812.05.48.014.914.114.16.014.43.34.8
II4.712.05.48.114.814.014.26.014.33.24.9
III4.512.05.48.214.514.114.26.014.23.34.9
IV4.412.05.48.214.914.414.06.014.53.44.8
1994
I4.411.75.38.415.114.514.16.014.73.64.8
II4.311.05.38.515.314.514.26.014.74.54.0
III4.311.05.38.615.214.613.66.014.85.03.6
IV4.212.05.38.715.514.813.66.114.96.02.7
1995
I4.112.05.38.816.015.213.96.115.36.32.5
II4.112.05.39.316.015.614.36.415.66.13.1
III4.112.05.39.616.115.814.46.815.75.93.7
IV4.012.05.39.916.616.114.47.116.15.94.0
1996
I3.912.05.310.017.016.314.97.216.35.44.6
II3.912.05.39.317.116.214.96.616.35.53.7
III3.712.05.38.517.116.314.86.116.35.62.9
IV3.612.05.38.517.016.214.96.216.35.53.0
Source: Central Bank of Belize.

Quarterly average.

90-day time deposits.

Refers to the difference between 90-day LIBOR and the benchmark 90-day time deposits rate.

Source: Central Bank of Belize.

Quarterly average.

90-day time deposits.

Refers to the difference between 90-day LIBOR and the benchmark 90-day time deposits rate.

Table 32.Belize: Sectoral Distribution of Credit to the Private Sector
DecemberPrel.

1996 1/
19911992199319941995
(In millions of Belize dollars)
By source414.3464.3493.1524.7568.7604.2
Commercial banks 2/333.4371.2386.5405.5440.7476.4
Development Finance Corporation32.636.840.845.747.147.4
Credit unions48.356.365.873.580.980.4
By destination414.3464.3493.1524.7568.7604.2
Primary sectors71.876.083.773.981.179.7
Agriculture66.868.774.867.873.274.7
Sugar16.716.616.317.418.120.6
Citrus23.024.327.726.030.026.9
Rice0.50.40.91.11.42.5
Bananas18.517.821.516.316.115.1
Cattle1.72.32.01.71.61.4
Other agriculture6.47.36.45.36.08.1
Other Primary5.07.38.96.17.95.0
Secondary sectors105.2125.3130.6151.8162.8168.9
Manufacturing27.629.533.440.640.042.0
Construction77.695.897.2111.3122.8126.9
Services129.3138.4151.5160.8169.1184.9
Transportation11.513.015.115.013.012.8
Tourism25.825.225.425.022.922.9
Trade and commerce71.478.183.385.291.0103.3
Other services20.722.127.835.742.245.9
Personal 3/108.1124.6127.3138.2155.7170.8
(In percent)
By source100.0100.0100.0100.0100.0100.0
Commercial banks 2/80.580.078.477.377.578.8
Development Finance Corporation7.97.98.38.78.37.8
Credit unions11.612.113.314.014.213.3
By destination100.0100.0100.0100.0100.0100.0
Primary sectors17.316.417.014.114.313.2
Agriculture16.114.815.212.912.912.4
Sugar4.03.63.33.33.23.4
Citrus5.55.25.65.05.34.5
Rice0.10.10.20.20.20.4
Bananas4.53.84.43.12.82.5
Cattle0.40.50.40.30.30.2
Other agriculture1.51.61.31.01.11.3
Other Primary1.21.61.81.21.40.8
Secondary sectors25.427.026.528.928.627.9
Manufacturing6.76.46.87.77.06.9
Construction18.720.619.721.221.621.0
Services31.229.830.730.729.730.6
Transportation2.82.83.12.92.32.1
Tourism6.25.45.24.84.03.8
Trade and commerce17.216.816.916.216.017.1
Other services5.04.85.66.87.47.6
Personal 3/26.126.825.826.327.428.3
Sources: Central Bank of Belize; Development Finance Corporation; and the Department of Cooperatives.

Data for DFC and credit unions was estimated based on information available up to September 1996.

Loans and advances only.

All credit union loans included under personal loans.

Sources: Central Bank of Belize; Development Finance Corporation; and the Department of Cooperatives.

Data for DFC and credit unions was estimated based on information available up to September 1996.

Loans and advances only.

All credit union loans included under personal loans.

Table 33.Belize: Detailed Balance of Payments(In millions of U.S. dollars)
199119921993
CreditDebitBalanceCreditDebitBalanceCreditDebitBalance
Current account282.6312.4-29.8325.3354.1-28.8326.1372.8-46.7
Trade balance128.8251.2-122.3148.1274.6-126.6141.8288.0-146.2
Exports, f.o.b.128.8128.8148.1148.1141.8141.8
Domestic exports98.698.6115.6115.6118.3118.3
Re-exports30.130.132.332.323.223.2
Imports c.i.f.250.8-250.8274.2-274.2287.4-287.4
Services121.456.964.5141.974.567.4150.380.469.8
Nonfactor services112.637.375.3135.351.184.2144.254.689.6
Travel44.87.537.259.714.345.467.316.550.8
Transportation5.68.7-3.16.49.9-3.56.310.7-4.4
Other goverment services33.36.726.534.710.624.135.28.526.7
Of which:
Embassy transactions10.41.88.711.02.38.711.31.99.4
Military transactions21.30.121.322.10.122.022.50.122.5
Other private services29.014.314.634.616.318.335.519.016.5
Of which
Communication11.64.47.312.14.18.012.44.48.0
Factor services8.919.7-10.86.523.4-16.86.025.8-19.8
Investment income5.014.4-9.43.118.3-15.22.521.0-18.5
Income from DFI0.08.7-8.70.012.6-12.60.014.8-14.8
Public sector interest4.14.7-0.62.64.9-2.31.75.4-3.7
Private sector interest0.91.1-0.20.60.9-0.30.80.80.0
Other factor services3.85.2-1.43.45.0-1.63.54.8-1.3
Labor income3.34.8-1.63.44.7-1.33.44.7-1.2
Property income0.60.40.20.00.3-0.30.10.1-0.1
Transfers32.34.328.135.35.030.334.14.429.7
Private transfers18.32.915.521.13.517.618.52.915.5
Official transfers14.01.412.614.31.512.715.61.514.1
Capital account45.833.712.263.033.229.871.841.630.2
Public sector20.211.19.126.912.314.625.313.911.4
Official borrowing20.211.09.226.49.217.225.312.213.1
Central government17.04.013.024.14.619.523.97.516.4
Non-financial public sector3.35.4-2.11.62.7-1.10.72.6-1.9
Financial public sector0.01.7-1.70.71.9-1.30.72.1-1.4
Other offical capital flows0.00.1-0.10.53.1-2.60.01.7-1.7
Private capital25.622.53.136.120.815.346.627.718.9
Direct investment15.11.513.617.82.215.613.62.111.6
Portfolio investment0.00.00.00.20.00.27.00.07.0
Commercial banks3.15.2-2.111.70.011.717.311.65.7
Other private capital7.515.9-8.46.418.6-12.28.714.1-5.4
Errors and omissions-4.1-0.4-3.2
Overall balance-21.70.6-19.7
Financing21.7-0.619.7
Change in net official reserves0.00.021.70.00.0-0.60.00.019.7
Change in COB holdings0.00.0-0.90.00.0-0.40.00.04.0
Current account327.7350.2-22.5339.9349.8-9.8336.7353.7-16.9
Trade balance156.4261.9-105.5164.4264.9-100.5166.3262.2-95.9
Exports, f.o.b.156.4156.4164.4164.4166.3166.3
Domestic exports127.6127.6143.0143.0151.7151.7
Re-exports28.628.621.221.214.614.6
Imports c.i.f.261.4-261.4264.4-264.4262.2-262.2
Services136.983.153.8137.379.857.5132.586.945.5
Nonfactor services130.354.775.6130.551.579.0124.051.372.7
Travel71.417.154.277.615.062.673.715.358.4
Transportation6.411.0-4.64.211.7-7.54.411.8-7.4
Other goverment services22.05.916.116.06.49.613.39.34.0
Of which:
Embassy transactions11.52.19.411.72.39.412.02.49.6
Military transactions9.40.09.43.10.03.10.10.00.1
Other private services30.620.79.932.718.414.332.514.817.7
Of which
Communication7.44.03.49.00.18.96.70.16.6
Factor services6.628.4-21.96.928.3-21.48.535.7-27.1
Investment income2.922.9-20.12.822.1-19.33.729.0-25.2
Income from DFI0.013.1-13.10.010.1-10.10.014.2-14.2
Public sector interest2.06.7-4.71.47.7-6.22.48.2-5.8
Private sector interest0.93.1-2.21.44.3-3.01.46.5-5.2
Other factor services3.75.5-1.84.16.2-2.14.86.7-1.9
Labor income3.75.3-1.64.15.7-1.74.86.7-1.9
Property income0.00.2-0.20.00.5-0.50.00.00.0
Transfers34.45.229.338.25.133.138.04.533.4
Private transfers18.43.914.523.33.619.720.32.517.8
Official transfers16.01.214.814.81.513.417.72.115.6
Capital account60.344.915.466.156.110.0108.671.537.1
Public sector26.620.36.320.423.2-2.755.223.331.9
Official borrowing26.617.78.920.421.7-1.255.222.732.5
Central government22.212.49.818.316.91.439.717.921.8
Non-financial public sector0.12.8-2.71.12.3-1.21.32.5-1.2
Financial public sector4.32.51.81.12.5-1.414.22.311.9
Other offical capital flows0.02.6-2.60.01.5-1.50.00.6-0.6
Private capital33.724.69.145.733.012.753.448.25.3
Direct investment12.04.57.514.82.512.216.84.412.4
Portfolio investment6.10.06.18.10.08.10.04.2-4.2
Commercial banks3.20.52.70.07.8-7.86.312.2-5.9
Other private capital12.419.5-7.222.922.70.130.427.43.0
Errors and omissions2.73.31.0
Overall balance-4.53.421.1
Financing4.5-3.4-21.1
Change in net official reserves0.00.04.50.00.0-3.40.00.0-21.1
Change in COB holdings0.00.00.00.00.00.00.00.00.0
Sources: Central Bank of Belize, Ministry of Finance, Central Statistical Office, and Fund staff estimates.
Sources: Central Bank of Belize, Ministry of Finance, Central Statistical Office, and Fund staff estimates.
Table 34.Belize: Principal Domestict Exports(In milions of U.S. dollars, volume as indicated, unit value in U.S. dollars)
1991199219931994Prel.

1995
Est.

1996
Total exports (value)128.8148.1141.8156.4164.4166.3
Total domestic exports (value)98.6115.6118.3127.6143.0151.7
Main exports (value)93.9111.6111.9120.7133.9141.1
Other exports (value)4.64.06.57.09.110.6
Re-exports, f.o.b.30.132.323.228.621.214.6
Coverage adjustments 1/0.10.20.20.20.20.0
Sugar
Value41.737.641.540.347.747.1
Volume (‘000 long tons)91.989.990.392.892.394.8
Unit value (U.S. cents/lb.)20.218.720.519.423.122.2
Molasses
Value3.72.74.05.22.83.8
Volume (million gallons)9.76.79.68.06.46.6
Unit value (U.S. cents/gallon)38.740.241.965.243.557.5
Seafood products
Value10.112.012.413.515.612.5
Volume (million pounds)2.02.32.22.22.62.3
Unit value (U.S. dollars/pound)5.15.35.66.05.95.5
Banana
Value7.310.217.423.022.129.4
Volume (million boxes of 42 lbs.)1.31.82.02.52.32.9
Unit value (U.S. cents/lb.)13.413.720.421.723.024.2
Citrus concentrates
Value10.827.513.916.729.129.8
Volume (million gallons)1.22.72.02.13.53.4
Unit value (U.S. dollars/gallon)9.010.37.08.08.48.8
Sawn wood
Value2.83.02.33.82.01.3
Volume (million board feet)4.84.33.24.42.71.9
Unit value (U.S. cents/bd.foot)58.369.871.486.073.968.6
Garments
Value17.518.520.318.314.617.2
Volume (‘000 dozens)325.0339.0354.0275.2192.6204.9
Unit value (U.S. dollars/doz.)53.854.757.466.375.583.7
Memorandum items:
Total exports (percent change)-9.515.0-4.210.313.91.1
Total exports (percent of GDP)29.930.626.928.427.826.0
Sources: Central Statistical Office; and Fund staff estimates.

Exports through parcel post.

Sources: Central Statistical Office; and Fund staff estimates.

Exports through parcel post.

Table 35.Belize: Domestic Exports by Standard International Trade Classification Category
1991199219931994Prel.

1995
Est.

1996
(In thousands of U.S. dollars)
Total domestic exports, f.o.b.98.6115.6118.3127.6143.0151.7
Food76.192.192.5102.0123.7130.7
Crude material3.53.83.04.62.31.8
Chemicals0.30.40.30.31.51.2
Manufactured goods1.11.21.31.50.40.7
Machinery and equipment0.00.00.40.10.00.0
Miscellaneous manufactures17.718.221.019.115.117.2
(In percent of total exports)
Total domestic exports, f.o.b.100.0100.0100.0100.0100.0100.0
Food77.279.678.279.986.586.2
Crude material3.63.22.53.61.61.2
Chemicals0.30.30.20.21.10.8
Manufactured goods1.11.01.11.20.30.5
Machinery and equipment0.00.00.30.10.00.0
Miscellaneous manufactures17.915.717.815.010.511.4
Memorandum item:
Domestic exports as percent of GDP22.923.922.423.124.223.7
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 36.Belize: Retained Imports by Standard International Trade Classification Category
1991199219931994Prel.

1995
Est.

1996
(In millions of U.S. dollars)
Gross imports, c.i.f. 1/251.2274.6288.0261.9264.9262.2
Re-exports30.132.423.228.621.214.6
Retained imports, c.i.f. 1/221.1242.2264.8233.3243.7247.6
Food36.940.936.435.740.745.2
Beverages and tobacco3.43.13.93.72.62.4
Crude material1.44.22.72.31.71.2
Mineral fuel26.821.022.820.822.721.1
Oil and fats0.61.91.51.61.82.1
Chemicals21.324.131.426.128.030.9
Manufactured goods46.447.256.051.546.048.4
Machinery52.763.570.258.363.563.4
Miscellaneous manufactures30.335.639.233.336.532.2
Miscellaneous1.30.80.70.10.10.7
(In percent of total retained imports)
Retained imports, c.i.f. 1/100.0100.0100.0100.0100.0100.0
Food16.716.913.815.316.718.3
Beverages and tobacco1.61.31.51.61.11.0
Crude material0.61.71.01.00.70.5
Mineral fuel12.18.78.68.99.38.5
Oil and fats0.20.80.60.70.70.8
Chemicals9.69.911.911.211.512.5
Manufactured goods21.019.521.222.118.919.6
Machinery23.826.226.525.026.125.6
Miscellaneous manufactures13.714.714.814.315.013.0
Miscellaneous0.60.30.30.00.00.3
Memorandum items:
Retained imports
Percent change5.39.59.3-11.94.41.6
Ratio to GDP (percent)51.350.050.242.341.238.7
Gross imports
Percent change3.19.34.9-9.01.1-1.0
Ratio to GDP (percent)58.356.754.647.544.741.0
Sources: Central Statistical Office; and Fund staff estimates.

Includes imports through parcel post and unrecorded imports.

Sources: Central Statistical Office; and Fund staff estimates.

Includes imports through parcel post and unrecorded imports.

Table 37.Belize: Direction of Trade
1991199219931994Prel.

1995
Est.

1996
(In millions of U.S. dollars)
Domestic exports,f.o.b.98.6115.6118.3127.6143.0151.7
United States47.160.351.351.147.166.6
United Kingdom28.131.745.048.865.963.6
Other EEC2.95.84.36.114.37.6
Canada3.83.67.910.26.74.6
Mexico3.13.83.14.80.72.1
CARICOM6.76.65.54.95.24.2
Other7.04.01.41.73.13.0
Total imports, c.i.f.251.2274.6288.0261.9264.9262.2
United States150.9155.1164.4139.4143.2143.9
United Kingdom20.223.220.719.916.212.1
Other EEC22.218.812.810.810.610.5
Canada5.85.55.86.06.16.0
Mexico21.224.227.024.928.932.2
CARICOM6.910.910.911.311.311.0
Other24.137.146.649.648.746.4
(In percent of total)
Domestic exports,f.o.b.100.0100.0100.0100.0100.0100.0
United States47.852.243.440.133.043.9
United Kingdom28.527.438.038.346.141.9
Other EEC2.95.03.64.810.05.0
Canada3.83.16.78.04.73.0
Mexico3.13.22.63.80.51.4
CARICOM6.85.74.63.83.62.8
Other7.03.41.11.32.22.0
Total imports.c.i.f.100.0100.0100.0100.0100.0100.0
United States60.156.557.153.254.154.9
United Kingdom8.08.47.27.66.14.6
Other EEC8.86.84.44.14.04.0
Canada2.32.02.02.32.32.3
Mexico8.48.89.49.510.912.3
CARICOM2.74.03.84.34.34.2
Other9.613.516.218.918.417.7
Sources: Central Statistical Office; and Fund staff estimates.
Sources: Central Statistical Office; and Fund staff estimates.
Table 38.Belize: Terms of Trade
1991199219931994Prel.

1995
Est.

1996
(1984 = 100)
Exports
Value135.5158.9162.7175.5196.6208.6
Volume128.4153.0150.8157.9158.7168.2
Export unit value 1/105.5103.8107.9111.1123.9124.0
Tourism
Value283.5377.8425.6451.9491.0466.2
Volume216.3284.5317.2330.0337.9314.3
Unit value 2/131.1132.8134.2137.0145.3148.3
Imports
Value193.0210.9221.2201.2203.5201.4
Volume173.8185.4192.0172.0157.3152.8
Unit value 3/111.0113.8115.2116.9129.3131.8
Terms of trade 4/95.091.293.795.095.894.1
(including tourism)99.395.997.999.198.997.5
(Percent change)
Exports
Value-9.117.32.47.812.06.1
Volume-4.919.1-1.54.80.56.0
Unit value-4.4-1.63.92.911.50.1
Tourism
Value0.733.312.66.28.6-5.0
Volume-3.431.611.54.02.4-7.0
Unit value4.21.31.02.16.12.1
Imports
Value18.99.34.9-9.11.1-1.0
Volume19.66.63.6-10.4-8.6-2.9
Unit value-0.62.51.21.510.61.9
Terms of trade-3.8-4.02.71.40.8-1.8
(including tourism)-2.0-3.42.01.2-0.2-1.4
Sources: Central Bank of Belize; and Fund staff estimates.

Unit export price is a Laspeyres index of major exports which account for 90 percent of domestic exports.

Tourist expenditure survey of 1992 was adjusted by the CPI.

Uses WEO projections from 1994.

Export unit value divided by import unit value.

Sources: Central Bank of Belize; and Fund staff estimates.

Unit export price is a Laspeyres index of major exports which account for 90 percent of domestic exports.

Tourist expenditure survey of 1992 was adjusted by the CPI.

Uses WEO projections from 1994.

Export unit value divided by import unit value.

Table 39.Belize: External Debt by Creditor and Borrowing Agencies
1991199219931994Prel.

1995
Est.

1996
(In millions of U.S. dollars)
Amount outstanding (end-of-period)150.4149.7167.9180.4179.1211.6
By creditor
Multi and bilateral total125.3121.8124.0137.6139.3166.7
Caribbean Development Bank29.528.127.527.329.528.6
European Economic Community11.110.59.914.013.413.7
World Bank18.618.920.025.228.031.4
United Kingdom Government25.222.122.825.123.522.5
United States Government26.526.426.125.925.524.0
Commonwealth Development Corporation4.32.82.11.61.00.4
Venezuela (FTVEN and FINEXPO)0.31.93.54.73.52.4
Opec1.21.21.21.11.01.3
China3.10.60.40.40.40.4
International Fund for Agricultural Development0.61.21.41.51.41.2
Government of Spain0.00.00.03.12.92.5
Taiwan Housing Construction Proj.5.08.29.07.89.236.6
Government of Kuwait0.00.00.00.00.01.8
Other25.127.943.942.739.844.9
Banks19.216.922.219.219.131.1
Suppliers5.911.021.723.520.713.9
By debtor
Nonfinancial public sector125.4127.4147.0161.5161.6182.3
Central government92.2104.6126.6143.2144.6166.4
Rest of nonfinancial public sector33.222.820.418.317.115.9
Belize Electricity Board11.811.49.28.47.66.4
Telecommunication Authority7.5
Banana Control Board0.80.5
Port Authority6.25.54.84.43.93.9
Other6.95.46.45.55.55.5
Financial Public Sector25.022.420.918.917.529.3
(In percent of total)
By creditor
Multi and bilateral83.381.473.976.377.878.8
Other16.718.626.123.722.221.2
By debtor
Nonfinancial public sector83.485.187.689.590.386.1
Central government61.369.975.479.480.778.6
Rest of nonfinancial public sector22.115.212.210.19.57.5
Financial public sector16.615.012.410.59.813.9
Source: Central Bank of Belize.
Source: Central Bank of Belize.
Table 40.Belize: Indices of Effective Exchange Rate 1/
Nominal effective

exchange rate
Real effective

exchange rate 2/
(Indices 1990 = 100)
Quarterly averages
1991
I100.398.5
II105.4103.3
III106.1104.1
IV104.4100.9
1992
I105.4100.4
II106.2100.4
III104.097.0
IV109.7100.8
1993
I113.5102.9
II113.2100.8
III116.3101.7
IV118.8102.7
1994
I121.2100.6
II122.298.6
III120.595.8
IV120.194.9
1995
I122.196.2
II119.493.5
III121.294.7
IV123.096.2
1996
I124.697.9
II125.6100.7
III125.2101.1
IV125.5100.6
Annual average
1991104.1101.7
1992106.399.6
1993115.5102.0
1994121.097.5
1995121.495.1
1996125.2100.1
Sources: IMF, International Financial Statistics; and IMF Data Fund.

Trade weighted, an increase (decrease) indicates appreciation (depreciation).

Nominal exchange rate deflated by seasonally adjusted relative consumer prices.

Sources: IMF, International Financial Statistics; and IMF Data Fund.

Trade weighted, an increase (decrease) indicates appreciation (depreciation).

Nominal exchange rate deflated by seasonally adjusted relative consumer prices.

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