Abstract
The erosion of EU trade preferences for bananas and sugar will have immediate negative implications for Belize’s economy. This paper suggests ways to enhance public debt management in Belize. The vulnerability of the banking sector appears relatively modest. However, the current level of loan-loss provisions and collateral valuation rules are not up to the international standards. Important steps have been taken to further improve compliance with the Basel Core Principles. The importance of debt-service reduction through sound macroeconomic policies is highlighted.
V. Exchange Rate and Competitiveness1
1. Since the late 1990s, Belize has experienced a sharp widening of its external current account deficit, raising the question whether the country might be facing an external competitiveness problem. We approach this question with three complementary tools intended to gauge whether Belize’s current account balance and real exchange rate are consistent with underlying macroeconomic fundamentals. First, we examine a broad range of relative price indicators, including several alternative measures of the Real Effective Exchange Rate (REER), and explore whether their trajectory can explain the observed widening of the current account deficit (Section B). Subsequently, we estimate a reduced form REER model to assist whether the REER has over time adjusted in tandem with its long-run determinants, or whether there have been persistent deviations that could point to a competitiveness problem (Section C). Finally, we analyze the structure of the current account and some of its flows to obtain additional insights about what drives Belize’s remaining current account imbalances (Section D).
A. Is Competitiveness a Problem?
2. Belize has pegged its currency since 1976 to the U.S. dollar, and concomitantly achieved generally satisfactory macroeconomic outcomes. Inflation has been relatively low and stable, growth has been above the regional average, and exports have performed well.
3. Several structural characteristics may have helped Belize to sustain the exchange rate peg. Among them are the small size of Belize’s economy; its openness, as measured by a sum of exports and imports that borders 100 percent of GDP; the geographical concentration of its trade, with the United States accounting for about 45 percent of its total trade in goods and services; some diversification of exports (Table 1); the existence of exchange controls; and the relative soundness of its banking sector, which has operated without any need for potentially destabilizing liquidity support from the central bank.
Main Export Groups
(In percent of exports of goods and services)
Main Export Groups
(In percent of exports of goods and services)
| 2004-2005 Average | ||
|---|---|---|
| Major merchandise exports | 25.77 | |
| Marine products | 8.81 | |
| Citrus juice | 5.75 | |
| Banana | 4.79 | |
| Sugar | 4.13 | |
| Papaya | 2.28 | |
| Tourism | 34.11 | |
| Other goods and services | 40.13 | |
Main Export Groups
(In percent of exports of goods and services)
| 2004-2005 Average | ||
|---|---|---|
| Major merchandise exports | 25.77 | |
| Marine products | 8.81 | |
| Citrus juice | 5.75 | |
| Banana | 4.79 | |
| Sugar | 4.13 | |
| Papaya | 2.28 | |
| Tourism | 34.11 | |
| Other goods and services | 40.13 | |
4. However, the emergence of large current account imbalances over the past years is posing rising challenges. Belize’s current account deficit rose to more than 20 percent of GDP during 2000-2002 in response to strongly expansionary monetary and fiscal policies (Figure 1). Despite the more recent tightening of policies, the current account deficit has remained rather large, raising questions about the economy’s underlying competitiveness and the consistency of the current exchange rate to macroeconomic fundamentals.
Current Account
(Percent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.
Current Account
(Percent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.Current Account
(Percent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.B. Indicator-Based Analysis
5. overall, relative price indicators provide little evidence that Belize is facing an inherent external competitiveness problem. During the time period in which the external current account weakened, the CPI-based REER depreciated significantly. This observation also holds for a range of alternative REER indicators (Figure 2):
REER indices with weights representing the respective market shares of competitors in the tourism sector or customers, both show a gradual real depreciation since the late 1990s.2 3
A competitor-based REER index for Belize’s main commodity exports provides only a slightly more nuanced picture of competitiveness.4 According to this measure, there was a gradual trend of real appreciation that began in the mid-1990s, however since 2001 this trend has been largely reversed.
Alternative REER Measures 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: IMF Information Notice System; and Fund staff estimates.1/ Index, 2000=1000 and an increase (decrease) represents appreciation (depreciation).
Alternative REER Measures 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: IMF Information Notice System; and Fund staff estimates.1/ Index, 2000=1000 and an increase (decrease) represents appreciation (depreciation).Alternative REER Measures 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: IMF Information Notice System; and Fund staff estimates.1/ Index, 2000=1000 and an increase (decrease) represents appreciation (depreciation).6. Belize’s relative price level also appears well aligned in relation to the country’s level of income. Indeed, in a large sample of emerging market countries, the data point for Belize’s fully fits into the relationship that can be observed between relative domestic price levels and relative per capita GDP, as would be predicted by the Harrod-Balassa-Samuelson effect (Figure 3).5
Relative Income and Price Levels 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Sources: IMF, World Economic Outlook; and Fund staff estimates.1/ Measured as the ratio of nominal GDP in current dollars to nominal GDP in current PPP dollars.
Relative Income and Price Levels 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Sources: IMF, World Economic Outlook; and Fund staff estimates.1/ Measured as the ratio of nominal GDP in current dollars to nominal GDP in current PPP dollars.Relative Income and Price Levels 1/
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Sources: IMF, World Economic Outlook; and Fund staff estimates.1/ Measured as the ratio of nominal GDP in current dollars to nominal GDP in current PPP dollars.7. Alternative indicators, which seek to proxy developments in relative productivity levels provide a broadly similar picture. For instance, Belize’s real per capita GDP relative to real per capita GDP in its five largest trading partner countries displays a steady increase during the period in which the external current account deficit ballooned (Figure 4). Non-traded prices relative to those in trading partner countries have been broadly unchanged since 1999, albeit with some fluctuation. While these indicators do not suggest that Belize has made a strong productivity leap in recent years, they do not show that the country has fallen back either (Figure 5).
Relative real GDP per capita
(2000=100)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: World Bank, World Development Indicators; Fund staff calculations.
Relative real GDP per capita
(2000=100)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: World Bank, World Development Indicators; Fund staff calculations.Relative real GDP per capita
(2000=100)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: World Bank, World Development Indicators; Fund staff calculations.
Relative Non-traded prices
(Three-year moving averages)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central bank of Belize; Fund staff calculations.
Relative Non-traded prices
(Three-year moving averages)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central bank of Belize; Fund staff calculations.Relative Non-traded prices
(Three-year moving averages)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central bank of Belize; Fund staff calculations.C. Equilibrium Real Exchange Rate Analysis
8. An alternative approach to assess external competitiveness consists in investigating whether the real exchange rate level is consistent with the level of its long-run determinants. For this purpose we estimate an equilibrium real exchange rate model based on the Johansen cointegration methodology, using fundamental explanatory variables that have been widely considered elsewhere in the equilibrium real exchange rate literature for developing countries.6 The a priori expectation about the relationship between these fundamental explanatory variables and the equilibrium real exchange rate is as follows:
Trade openness, has generally been found to be associated with a more depreciated real exchange rate.7
An increase in productivity in the tradable sector is associated with an increase in relative non-traded prices, and therefore a real appreciation, consistent with the Balassa-Samuelson effect.
Terms of trade improvements tend to appreciate the real exchange rate, while an increase in real gasoline prices would be expected to cause a depreciation for an oil importing country like Belize. 8
Net foreign assets (NFA) are commonly used as explanatory variables in equilibrium real exchange rate models and can affect the equilibrium rate through various channels.9 However, since NFA data is not available for Belize, we use the external public debt net of reserves (in percent of GDP) as a proxy. A higher debt ratio is likely to depreciate the real exchange rate, because interest payments on the debt would induce current account deficits, and countries with high debt-to-GDP ratios are less likely to sustain large current account deficits.
Alternatively, the income balance is also included in the regressions to directly capture the effect of the interest burden on the equilibrium exchange rate.10
Finally, the impact of government consumption (or more generally the fiscal balance) is ambiguous, depending on the composition of consumption between traded and nontraded goods. However, to the extent that higher government consumption reduces the national savings, the real exchange rate would depreciate.
9. Almost all selected explanatory variables present non-stationarity. Standard unit root tests suggest that we cannot reject the null hypothesis of a unit root neither for the REER nor for its long term determinants.11 Since the variables are non-stationary, a Johansen maximum likelihood estimator is used to test for the long-run relationship between the level of the real effective exchange rate and the levels of its fundamental determinants.
10. Our estimation results support most of the expected relationships between the REER and the variables described above. Table 2 presents a set of alternative regression results based on a sample of quarterly data for the period 1990-2005.12 The cointegration tests indicate the presence of one cointegrating vector. All obtained signs are line with a priori expectations.13 The error correction terms are also statistically significant, indicating that the short-term deviations from the equilibrium tend to revert. Furthermore, these reversals occur rather quickly. For example, one-half of the deviation from the estimated equilibrium disappears within a year, implying that misalignments are not persistent despite the existence of a fixed exchange rate regime. This finding contrasts with the results of other recent empirical studies and could point to relatively flexible prices in Belize, although it may also be a consequence of Belize’s high degree of openness.14
Selected Results of the VECM
Selected Results of the VECM
| Regression number | 1 | 2 | 3 |
|---|---|---|---|
| Cointegration relationship | |||
| LREER(-1) | 1 | 1 | 1 |
| LRNTP(-1) | -0.84 [-3.94] | -0.56 [-3.29] | -0.32 [-2.58] |
| NETDEBT(-1) | 0.001 [2.49] | 0.001 [4.76] | |
| LTOT(-1) | -0.13 [-0.72] | -0.18 [-1.33] | |
| INCBAL(-1) | 0.005 [1.42] | ||
| LRGAS(-1) | 0.05 [2.85] | ||
| OPEN(-1) | 0.01 [6.60] | 0.005 [5.92] | 0.004 [6.15] |
| GCON(-1) | 0.09 [7.49] | 0.06 [7.48] | 0.05 [6.93] |
| C | -2.45 | -3.78 | -3.45 |
| Speed of adjustment of the real exchange rate | |||
| CointEq1 | -0.2 | -0.3 | -0.4 |
| [-4.06] | [-3.94] | [-4.52] | |
| Half time of the deviation from the equilibrium (in years) | 0.7 | 0.5 | 0.4 |
Selected Results of the VECM
| Regression number | 1 | 2 | 3 |
|---|---|---|---|
| Cointegration relationship | |||
| LREER(-1) | 1 | 1 | 1 |
| LRNTP(-1) | -0.84 [-3.94] | -0.56 [-3.29] | -0.32 [-2.58] |
| NETDEBT(-1) | 0.001 [2.49] | 0.001 [4.76] | |
| LTOT(-1) | -0.13 [-0.72] | -0.18 [-1.33] | |
| INCBAL(-1) | 0.005 [1.42] | ||
| LRGAS(-1) | 0.05 [2.85] | ||
| OPEN(-1) | 0.01 [6.60] | 0.005 [5.92] | 0.004 [6.15] |
| GCON(-1) | 0.09 [7.49] | 0.06 [7.48] | 0.05 [6.93] |
| C | -2.45 | -3.78 | -3.45 |
| Speed of adjustment of the real exchange rate | |||
| CointEq1 | -0.2 | -0.3 | -0.4 |
| [-4.06] | [-3.94] | [-4.52] | |
| Half time of the deviation from the equilibrium (in years) | 0.7 | 0.5 | 0.4 |
11. The estimated long-run relationship allows the calculation of an “equilibrium” exchange rate. Since the explanatory variables can present short-term fluctuations, the temporary components were removed by using Friedman’s super smoother.15 The long-run components of the fundamental variables were then used to obtain an equilibrium exchange rate path, which can be compared with the actual REER. The following figure presents the equilibrium exchange rate using the first regression presented in Table 2.16
12. Overall, our results show that the REER appears to have adjusted appropriately to the level of its fundamentals. According to Figure 6, the actual REER has followed its estimated equilibrium closely. Both the equilibrium and the actual REER have been depreciating since 2001, in line with the increase in foreign debt, and as of December 2005, the gap between both variables was less than 2 percentage points.
Equilibrium Real Effective Exchange Rate
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Equilibrium Real Effective Exchange Rate
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Equilibrium Real Effective Exchange Rate
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
D. Current Account Flows
13. The analysis of the current account flows provides another avenue for assessing the determinants of Belize’s remaining current account imbalances. One aspect to consider in this context is export performance. Poor export performance at the root of large account deficits could signal the presence of a competitiveness problem. However, this does not appear to have been the case in Belize. As Figure 7 shows, in the period of widening current account deficits, exports of goods and services have been growing at healthy rates of more than 10 percent on average per year.
Exports of Goods and Services
(Percent Change)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.
Exports of Goods and Services
(Percent Change)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.Exports of Goods and Services
(Percent Change)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central Bank of Belize; and Fund staff estimates.14. More generally, a breakdown of the savings-investment balance shows that the resource gaps of the private sector are relatively small if the portion that are financed in a non debt-creating way are excluded (Figure 8).17 In the case of the private sector, foreign direct investment (FDI) covers most of the resource needs, while the public sector has to rely to a much greater extent on debt-creating sources of financing.
Non-debt-creating Current Account Balance
(Precent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central statistics office; Central Bank of Belize; and Fund staff calculations.1/ Only central government.
Non-debt-creating Current Account Balance
(Precent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central statistics office; Central Bank of Belize; and Fund staff calculations.1/ Only central government.Non-debt-creating Current Account Balance
(Precent of GDP)
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Central statistics office; Central Bank of Belize; and Fund staff calculations.1/ Only central government.15. A closer examination of the different current account components reveals that the remaining current account imbalances are increasingly determined by the income account. Since the late 1990s the income account has deteriorated sharply, owing in good part to the rising costs of servicing the soaring public external debt (Figure 9). The weight of these debt service costs now explains much of the remaining current account imbalance. In fact, the current account before public sector interest payments has been steadily improving since 2001, and is expected to drop to around 2.5 percent of GDP in 2006. (Figure 10).
Debt stock and income balance
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Ministry of Finance, the CBB, and IMF staff estimates.
Debt stock and income balance
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Ministry of Finance, the CBB, and IMF staff estimates.Debt stock and income balance
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Source: Ministry of Finance, the CBB, and IMF staff estimates.
Current Account excluding public sector interest payments
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Current Account excluding public sector interest payments
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
Current Account excluding public sector interest payments
Citation: IMF Staff Country Reports 2006, 370; 10.5089/9781451805543.002.A005
E. Conclusions
16. Our assessment does not provide major evidence that Belize’s remaining current account imbalances are explained by an external competitiveness problem. The REER under several alternative definitions has depreciated in recent years and adjusted broadly in line with its fundamental determinants. In addition, the performance of the export sector has been relatively solid, and private sector resource gaps beyond the levels that can be financed with FDI are relatively modest. Instead, it seems that the public interest bill is an important factor in determining the remaining current account deficit.
17. The findings in this chapter highlight the importance that debt service reduction through sound macroeconomic policies and other steps will play to ensure a sustainable external position and the continuation of the currency peg. This point can be illustrated by using the external sustainability approach to assess the adequacy of the real exchange rate level going forward. For this purpose, we first calculate the difference between the projected medium-term current account balance and the current account that would stabilize the debt-to-GDP ratio at a target level.18 Subsequently, we estimate the change in the real exchange rate that would be needed to close the gap between the projected and debt stabilizing current account balance19. Under the staffs active scenario, which involves a considerable additional fiscal adjustment effort, stabilizing the external public debt ratio at a level of about 50 percent of GDP by 2015 would only require a marginal real depreciation of 1.9 percent. This magnitude of real exchange rate adjustment would not appear to be inconsistent with the current exchange rate peg.
18. Several technical caveats apply to our analysis. First, our indicators-based assessment would be more comprehensive if it included indicators of cost competitiveness, such as a unit-labor-cost-based REER. Data limitations have prevent us from undertaking this type of analysis for Belize. Second, the power of the performed econometric estimates is limited by the relatively short data series, particularly when the focus is to capture long term trends and equilibrium values. However, it is nonetheless reassuring that all three employed methods yielded broadly similar results.
References
Agénor, P., and Montiel, J. M., 1999, Development Macroeconomics, Princeton, New Jersey: Princeton University Press.
Balassa, B., 1964, “The Purchasing-Power Parity Doctrine: A Reappraisal,” Journal of Political Economy, Vol. 72, pp. 584– 96.
Cashin, P. and McDermott, J., 2006, “Parity Reversion in Real Exchange Rates: Fast, Slow or Not al All,” IMF Staff Papers, Vol. 53, No. 1.
Eichengreen, B., Masson, P., and others, 1998, “Exit Strategies: Policy Options for Countries Seeking Greater Exchange Rate Flexibility,” IMF Occasional Paper No. 168.
Friedman, J. H., 1984, “A Variable Span Smoother,” Stanford University, Technical Report LCS5.
Goldfajn, I. and Valdes, R., 1999, “The Aftermath of Appreciations,” Quarterly Journal of Economics, Vol. 114., 229– 62.
Husain, A. M., 2006, “To Peg or not to Peg: A Template for Assessing the Nobler,” IMF Working Paper No. 06/54.
Isard, P., Faruqee, H., Kincaid, R. and Fatherston, M., 2001, “Methodology for Current Account and Exchange Rate Assessments,” IMF Occasional Papers No. 239.
Johansen, S., 1995, The Likelihood-based Inference in Cointegrated Vector Autoregressive Models (Oxford, U.K.: Oxford University Press).
Lane, P. and Milessi-Ferretti, G., 2000, “The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates,” IMF Working Paper No. 00/123.
MacDonald, R. and Ricci, L. 2003, “Estimation of the Equilibrium Real Exchange Rate for South Africa,” IMF Working Paper No. 03/44.
Mundell, R., 1961, “A Theory of Optimum Currency Areas,” American Economic Review, Sept., Vol. 51, pp. 657– 65.
Obstfeld, M. and Rogoff, K., 1999, Foundations of International Macroeconomics, Cambridge, MA: The MIT Press.
Attachment I. Belize: Real Effective Exchange Rate Weights
Competitor -based REER, Tourism
Competitor -based REER, Tourism
| Weights | |
|---|---|
| Dominican Republic | 22.90 |
| Mexico | 16.68 |
| United States | 16.42 |
| Netherlands Antilles | 12.77 |
| Bahamas, The | 9.68 |
| Jamaica | 9.34 |
| Dominica | 4.29 |
| Trinidad and Tobago | 2.87 |
| United Kingdom | 2.02 |
| Suriname | 0.87 |
| Grenada | 0.83 |
| Guyana | 0.75 |
| St. Vincent and the Grenadines | 0.59 |
Competitor -based REER, Tourism
| Weights | |
|---|---|
| Dominican Republic | 22.90 |
| Mexico | 16.68 |
| United States | 16.42 |
| Netherlands Antilles | 12.77 |
| Bahamas, The | 9.68 |
| Jamaica | 9.34 |
| Dominica | 4.29 |
| Trinidad and Tobago | 2.87 |
| United Kingdom | 2.02 |
| Suriname | 0.87 |
| Grenada | 0.83 |
| Guyana | 0.75 |
| St. Vincent and the Grenadines | 0.59 |
Customer -based REER, Tourism
Customer -based REER, Tourism
| Weights | |
|---|---|
| Switzerland | 0.5 |
| Sweden | 0.4 |
| United States | 57.5 |
| Mexico | 4.3 |
| Japan | 2.0 |
| United Kingdom | 4.7 |
| Germany | 2.0 |
| Guatemala | 8.3 |
| Korea | 0.8 |
| Canada | 5.1 |
| France | 1.2 |
| Bahamas, The | 0.8 |
| Netherlands | 1.9 |
| Jamaica | 0.8 |
| Spain | 0.7 |
| Italy | 1.6 |
| Thailand | 0.8 |
| China | 0.8 |
| Belgium | 1.2 |
| Dominican Republic | 0.8 |
| C528 | 0.8 |
| Brazil | 0.8 |
| Greece | 1.2 |
| Trinidad and Tobago | 0.8 |
Customer -based REER, Tourism
| Weights | |
|---|---|
| Switzerland | 0.5 |
| Sweden | 0.4 |
| United States | 57.5 |
| Mexico | 4.3 |
| Japan | 2.0 |
| United Kingdom | 4.7 |
| Germany | 2.0 |
| Guatemala | 8.3 |
| Korea | 0.8 |
| Canada | 5.1 |
| France | 1.2 |
| Bahamas, The | 0.8 |
| Netherlands | 1.9 |
| Jamaica | 0.8 |
| Spain | 0.7 |
| Italy | 1.6 |
| Thailand | 0.8 |
| China | 0.8 |
| Belgium | 1.2 |
| Dominican Republic | 0.8 |
| C528 | 0.8 |
| Brazil | 0.8 |
| Greece | 1.2 |
| Trinidad and Tobago | 0.8 |
Competitor -based REER, Commodity
Competitor -based REER, Commodity
| Weights | |
|---|---|
| Spain | 16.72 |
| United States | 7.30 |
| Belgium | 7.18 |
| Brazil | 6.17 |
| Canada | 5.40 |
| France | 4.96 |
| Ecuador | 4.95 |
| Thailand | 4.10 |
| Netherlands | 3.61 |
| Germany | 3.55 |
| China | 3.09 |
| Mexico | 2.78 |
| South Africa | 2.50 |
| Indonesia | 2.48 |
| Colombia | 2.43 |
| India | 2.39 |
| United Kingdom | 2.37 |
| Costa Rica | 2.22 |
| Australia | 1.91 |
| Turkey | 1.65 |
| Morocco | 1.39 |
| Philippines | 1.30 |
| Argentina | 1.17 |
| Italy | 1.08 |
| Guatemala | 0.99 |
| Denmark | 0.97 |
| Bangladesh | 0.97 |
| Poland | 0.83 |
| Malaysia | 0.83 |
| Mauritius | 0.67 |
| Greece | 0.61 |
| Egypt, Arab Rep. | 0.49 |
| Panama | 0.43 |
| Cameroon | 0.30 |
| Sweden | 0.21 |
Competitor -based REER, Commodity
| Weights | |
|---|---|
| Spain | 16.72 |
| United States | 7.30 |
| Belgium | 7.18 |
| Brazil | 6.17 |
| Canada | 5.40 |
| France | 4.96 |
| Ecuador | 4.95 |
| Thailand | 4.10 |
| Netherlands | 3.61 |
| Germany | 3.55 |
| China | 3.09 |
| Mexico | 2.78 |
| South Africa | 2.50 |
| Indonesia | 2.48 |
| Colombia | 2.43 |
| India | 2.39 |
| United Kingdom | 2.37 |
| Costa Rica | 2.22 |
| Australia | 1.91 |
| Turkey | 1.65 |
| Morocco | 1.39 |
| Philippines | 1.30 |
| Argentina | 1.17 |
| Italy | 1.08 |
| Guatemala | 0.99 |
| Denmark | 0.97 |
| Bangladesh | 0.97 |
| Poland | 0.83 |
| Malaysia | 0.83 |
| Mauritius | 0.67 |
| Greece | 0.61 |
| Egypt, Arab Rep. | 0.49 |
| Panama | 0.43 |
| Cameroon | 0.30 |
| Sweden | 0.21 |
Attachment II. Belize: Data Description
| Variables | ||
|---|---|---|
| Variable | Definition | Source |
| LREER | Ln(Real effective exchange rate) | IMF, Information Notice System |
| Ln(100*Relative non-traded prices in Belize / | ||
| LRNTP | Relative non-traded prices in the U.S.) | Cental Bank of Belize; IMF, International Financial StatisticsIFS; and Fund staff calculations |
| LTOT | Ln(terms of trade) | Central Statistical Office; and IMF, World Economic Outlook |
| OPEN | Ln(Exports+Imports/GDP) | Cental Bank of Belize; IMF, International Financial StatisticsIFS; and Fund staff calculations |
| External Public Sector Debt net of reservesas a | ||
| NETDEBT | share of GDP | Belizean authorities; and World Bank, Global Development Finance |
| GCON | Government Consumption as a share of GDP | Belizean authorities; and World Bank, Global Development Finance |
| LRGAS | Ln(Real Gasoline Prices) | IMF, Commodity Price System |
| INCBAL | Net income balance as a share of GDP | Cental Bank of Belize; and IMF, International Financial Statistics |
| Variables | ||
|---|---|---|
| Variable | Definition | Source |
| LREER | Ln(Real effective exchange rate) | IMF, Information Notice System |
| Ln(100*Relative non-traded prices in Belize / | ||
| LRNTP | Relative non-traded prices in the U.S.) | Cental Bank of Belize; IMF, International Financial StatisticsIFS; and Fund staff calculations |
| LTOT | Ln(terms of trade) | Central Statistical Office; and IMF, World Economic Outlook |
| OPEN | Ln(Exports+Imports/GDP) | Cental Bank of Belize; IMF, International Financial StatisticsIFS; and Fund staff calculations |
| External Public Sector Debt net of reservesas a | ||
| NETDEBT | share of GDP | Belizean authorities; and World Bank, Global Development Finance |
| GCON | Government Consumption as a share of GDP | Belizean authorities; and World Bank, Global Development Finance |
| LRGAS | Ln(Real Gasoline Prices) | IMF, Commodity Price System |
| INCBAL | Net income balance as a share of GDP | Cental Bank of Belize; and IMF, International Financial Statistics |
Belize: Basic Data
Including inventories and discrepancies.
Including unidentified expenditures.
Belize: Basic Data
| I. Social and Demographic Indicators | ||||||||||
| Area (sq. km) | 22,960 | Access to safe drinking water (most recent year) | ||||||||
| Arable land (percent of land area, 2003) | 3.1 | Percent of Households | ||||||||
| Urban (2002) | 68.0 | |||||||||
| Population (most recent year) | Rural (2002) | 26.9 | ||||||||
| Total (in thousands, end-2005) | 292 | |||||||||
| Annual rate of growth, (percent, 2005) | 3.3 | Education (most recent year) | ||||||||
| Density (per sq. km., 2005) | 12.7 | Adult literacy rate, in percent (1998) | 75.5 | |||||||
| GDP per capita in US$ (2005) | 3,807 | Gross enrollment rates, in percent | ||||||||
| Primary education (2004) | 124 | |||||||||
| Population characteristics (most recent year) | Secondary education (2004) | 85 | ||||||||
| Life expectancy at birth (in years, 2004) | 72 | Tertiary education (2004) | 3 | |||||||
| Crude birth rate (per thousand, 2004) | 26 | |||||||||
| Crude death rate (per thousand, 2004) | 5 | GDP (millions of Belize dollars, 2005) | 2,221.8 | |||||||
| Infant mortality (per thousand live births, 2004) | 32.4 | GDP (millions of U.S. dollars, 2005) | 1,110.9 | |||||||
| Under 5 mortality rate (per thousand, 2004) | 38.6 | |||||||||
| Poverty (most recent year) | ||||||||||
| Health (most recent year) | Percentage below poverty line (2002) | 33.5 | ||||||||
| Physician (per thousand people, 2000) | 1.1 | Percentage below indigent line (2002) | 10.8 | |||||||
| Hospital bed (per thousand people, 2003) | 1.3 | Poverty gap (2002) | 11.1 | |||||||
| Severity of poverty (2002) | 6.1 | |||||||||
| II. Economic Indicators, 2001–05 | ||||||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | ||||||
| (In percent of GDP) | ||||||||||
| Origin of GDP | ||||||||||
| Agriculture, fishing and mining | 14.4 | 13.8 | 17.4 | 18.1 | 18.1 | |||||
| Secondary activities | 17.1 | 16.7 | 14.7 | 15.1 | 14.5 | |||||
| Services | 57.7 | 59.2 | 58.6 | 57.8 | 59.4 | |||||
| Other | 10.8 | 10.3 | 9.4 | 8.9 | 8.0 | |||||
| (Annual percentage changes, unless otherwise indicated) | ||||||||||
| National accounts and prices | ||||||||||
| Real GDP | 4.9 | 5.1 | 9.3 | 4.6 | 3.5 | |||||
| Real GDP per capita (millions of BLZ$) | 6,784 | 6,918 | 7,329 | 7,668 | 7,441 | |||||
| GDP deflator | -0.2 | 1.8 | -3.1 | 2.1 | 1.8 | |||||
| Consumer price index (period average) | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | |||||
| Consumer price index (end of period) | 0.9 | 3.2 | 2.3 | 3.1 | 4.2 | |||||
| Unemployment rate (in percent) | 9.1 | 10.0 | 12.9 | 11.6 | 11.0 | |||||
| (Ratios to GDP) | ||||||||||
| Gross domestic investment 1/ | 27.2 | 22.3 | 21.5 | 18.9 | 23.1 | |||||
| Of which: public investment | 14.9 | 14.0 | 12.1 | 6.5 | 4.1 | |||||
| Gross national savings | 4.7 | 2.0 | 3.3 | 4.6 | 8.8 | |||||
| External savings | 22.5 | 20.3 | 18.2 | 14.4 | 14.3 | |||||
| Private consumption | 78.1 | 78.5 | 77.4 | 75.1 | 71.4 | |||||
| Public consumption | 13.1 | 14.3 | 14.7 | 14.0 | 14.3 | |||||
| Central government | ||||||||||
| Revenue and grants | 25.0 | 25.3 | 21.4 | 22.8 | 23.5 | |||||
| Of which: grants | 1.0 | 1.7 | 0.3 | 1.5 | 0.6 | |||||
| Current expenditure 2/ | 19.6 | 17.0 | 19.9 | 22.7 | 24.8 | |||||
| Capital expenditure and net lending | 15.4 | 14.0 | 12.1 | 6.5 | 4.1 | |||||
| Primary balance | -6.8 | -2.4 | -5.9 | 0.8 | 2.0 | |||||
| Overall balance | -9.9 | -5.6 | -10.6 | -6.4 | -5.5 | |||||
| Privatization | 0.3 | 2.5 | -5.2 | 0.0 | 2.3 | |||||
| Central government borrowing requirement | 9.6 | 3.1 | 15.8 | 6.4 | 3.2 | |||||
| Foreign financing | 4.7 | 15.1 | 18.8 | 1.8 | 4.3 | |||||
| Domestic financing | 5.0 | -12.0 | -3.0 | 4.5 | -1.2 | |||||
Including inventories and discrepancies.
Including unidentified expenditures.
Belize: Basic Data
| I. Social and Demographic Indicators | ||||||||||
| Area (sq. km) | 22,960 | Access to safe drinking water (most recent year) | ||||||||
| Arable land (percent of land area, 2003) | 3.1 | Percent of Households | ||||||||
| Urban (2002) | 68.0 | |||||||||
| Population (most recent year) | Rural (2002) | 26.9 | ||||||||
| Total (in thousands, end-2005) | 292 | |||||||||
| Annual rate of growth, (percent, 2005) | 3.3 | Education (most recent year) | ||||||||
| Density (per sq. km., 2005) | 12.7 | Adult literacy rate, in percent (1998) | 75.5 | |||||||
| GDP per capita in US$ (2005) | 3,807 | Gross enrollment rates, in percent | ||||||||
| Primary education (2004) | 124 | |||||||||
| Population characteristics (most recent year) | Secondary education (2004) | 85 | ||||||||
| Life expectancy at birth (in years, 2004) | 72 | Tertiary education (2004) | 3 | |||||||
| Crude birth rate (per thousand, 2004) | 26 | |||||||||
| Crude death rate (per thousand, 2004) | 5 | GDP (millions of Belize dollars, 2005) | 2,221.8 | |||||||
| Infant mortality (per thousand live births, 2004) | 32.4 | GDP (millions of U.S. dollars, 2005) | 1,110.9 | |||||||
| Under 5 mortality rate (per thousand, 2004) | 38.6 | |||||||||
| Poverty (most recent year) | ||||||||||
| Health (most recent year) | Percentage below poverty line (2002) | 33.5 | ||||||||
| Physician (per thousand people, 2000) | 1.1 | Percentage below indigent line (2002) | 10.8 | |||||||
| Hospital bed (per thousand people, 2003) | 1.3 | Poverty gap (2002) | 11.1 | |||||||
| Severity of poverty (2002) | 6.1 | |||||||||
| II. Economic Indicators, 2001–05 | ||||||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | ||||||
| (In percent of GDP) | ||||||||||
| Origin of GDP | ||||||||||
| Agriculture, fishing and mining | 14.4 | 13.8 | 17.4 | 18.1 | 18.1 | |||||
| Secondary activities | 17.1 | 16.7 | 14.7 | 15.1 | 14.5 | |||||
| Services | 57.7 | 59.2 | 58.6 | 57.8 | 59.4 | |||||
| Other | 10.8 | 10.3 | 9.4 | 8.9 | 8.0 | |||||
| (Annual percentage changes, unless otherwise indicated) | ||||||||||
| National accounts and prices | ||||||||||
| Real GDP | 4.9 | 5.1 | 9.3 | 4.6 | 3.5 | |||||
| Real GDP per capita (millions of BLZ$) | 6,784 | 6,918 | 7,329 | 7,668 | 7,441 | |||||
| GDP deflator | -0.2 | 1.8 | -3.1 | 2.1 | 1.8 | |||||
| Consumer price index (period average) | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | |||||
| Consumer price index (end of period) | 0.9 | 3.2 | 2.3 | 3.1 | 4.2 | |||||
| Unemployment rate (in percent) | 9.1 | 10.0 | 12.9 | 11.6 | 11.0 | |||||
| (Ratios to GDP) | ||||||||||
| Gross domestic investment 1/ | 27.2 | 22.3 | 21.5 | 18.9 | 23.1 | |||||
| Of which: public investment | 14.9 | 14.0 | 12.1 | 6.5 | 4.1 | |||||
| Gross national savings | 4.7 | 2.0 | 3.3 | 4.6 | 8.8 | |||||
| External savings | 22.5 | 20.3 | 18.2 | 14.4 | 14.3 | |||||
| Private consumption | 78.1 | 78.5 | 77.4 | 75.1 | 71.4 | |||||
| Public consumption | 13.1 | 14.3 | 14.7 | 14.0 | 14.3 | |||||
| Central government | ||||||||||
| Revenue and grants | 25.0 | 25.3 | 21.4 | 22.8 | 23.5 | |||||
| Of which: grants | 1.0 | 1.7 | 0.3 | 1.5 | 0.6 | |||||
| Current expenditure 2/ | 19.6 | 17.0 | 19.9 | 22.7 | 24.8 | |||||
| Capital expenditure and net lending | 15.4 | 14.0 | 12.1 | 6.5 | 4.1 | |||||
| Primary balance | -6.8 | -2.4 | -5.9 | 0.8 | 2.0 | |||||
| Overall balance | -9.9 | -5.6 | -10.6 | -6.4 | -5.5 | |||||
| Privatization | 0.3 | 2.5 | -5.2 | 0.0 | 2.3 | |||||
| Central government borrowing requirement | 9.6 | 3.1 | 15.8 | 6.4 | 3.2 | |||||
| Foreign financing | 4.7 | 15.1 | 18.8 | 1.8 | 4.3 | |||||
| Domestic financing | 5.0 | -12.0 | -3.0 | 4.5 | -1.2 | |||||
Including inventories and discrepancies.
Including unidentified expenditures.
Belize: Sectoral Origin of Real Gross Domestic Product
(In millions of Belize dollars at constant 2000 prices)
Belize: Sectoral Origin of Real Gross Domestic Product
(In millions of Belize dollars at constant 2000 prices)
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| GDP at constant factor cost | |||||
| Primary activities | 252.2 | 252.9 | 348.0 | 380.7 | 392.4 |
| Agriculture and forestry | 178.0 | 183.9 | 212.4 | 237.6 | 236.0 |
| Fishing | 64.9 | 60.3 | 126.8 | 133.8 | 146.9 |
| Mining | 9.3 | 8.8 | 8.8 | 9.3 | 9.5 |
| Secondary activities | 299.3 | 306.3 | 295.0 | 316.7 | 314.0 |
| Manufacturing | 156.7 | 159.0 | 158.2 | 177.7 | 178.0 |
| Electricity and water supply | 58.6 | 60.2 | 65.3 | 64.3 | 63.9 |
| Construction | 83.9 | 87.0 | 71.5 | 74.7 | 72.2 |
| Services | 1,006.4 | 1,086.4 | 1,175.2 | 1,213.7 | 1,290.2 |
| Wholesale and retail trade, repairs | 290.2 | 301.8 | 306.0 | 305.9 | 323.0 |
| Hotels and restaurants | 66.4 | 68.0 | 77.9 | 84.0 | 87.4 |
| Transport and communication | 158.5 | 176.4 | 191.5 | 201.1 | 216.7 |
| Financial intermediation | 103.8 | 131.1 | 172.5 | 181.8 | 205.3 |
| Real estate, renting and business services | 110.9 | 121.7 | 123.0 | 129.9 | 142.3 |
| Community, social and personal services | 102.2 | 106.2 | 111.5 | 115.8 | 117.8 |
| General government services | 174.4 | 181.2 | 192.7 | 195.3 | 197.7 |
| Banking charges | |||||
| Net indirect taxes | 240.0 | 262.4 | 285.0 | 289.0 | 288.6 |
| GDP at constant market prices | 1,745.7 | 1,834.6 | 2,005.9 | 2,098.8 | 2,171.3 |
Belize: Sectoral Origin of Real Gross Domestic Product
(In millions of Belize dollars at constant 2000 prices)
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| GDP at constant factor cost | |||||
| Primary activities | 252.2 | 252.9 | 348.0 | 380.7 | 392.4 |
| Agriculture and forestry | 178.0 | 183.9 | 212.4 | 237.6 | 236.0 |
| Fishing | 64.9 | 60.3 | 126.8 | 133.8 | 146.9 |
| Mining | 9.3 | 8.8 | 8.8 | 9.3 | 9.5 |
| Secondary activities | 299.3 | 306.3 | 295.0 | 316.7 | 314.0 |
| Manufacturing | 156.7 | 159.0 | 158.2 | 177.7 | 178.0 |
| Electricity and water supply | 58.6 | 60.2 | 65.3 | 64.3 | 63.9 |
| Construction | 83.9 | 87.0 | 71.5 | 74.7 | 72.2 |
| Services | 1,006.4 | 1,086.4 | 1,175.2 | 1,213.7 | 1,290.2 |
| Wholesale and retail trade, repairs | 290.2 | 301.8 | 306.0 | 305.9 | 323.0 |
| Hotels and restaurants | 66.4 | 68.0 | 77.9 | 84.0 | 87.4 |
| Transport and communication | 158.5 | 176.4 | 191.5 | 201.1 | 216.7 |
| Financial intermediation | 103.8 | 131.1 | 172.5 | 181.8 | 205.3 |
| Real estate, renting and business services | 110.9 | 121.7 | 123.0 | 129.9 | 142.3 |
| Community, social and personal services | 102.2 | 106.2 | 111.5 | 115.8 | 117.8 |
| General government services | 174.4 | 181.2 | 192.7 | 195.3 | 197.7 |
| Banking charges | |||||
| Net indirect taxes | 240.0 | 262.4 | 285.0 | 289.0 | 288.6 |
| GDP at constant market prices | 1,745.7 | 1,834.6 | 2,005.9 | 2,098.8 | 2,171.3 |
Belize: National Accounts at Current Prices
Negative figure indicates expenditure approach yields a higher estimate of GDP than the production approach.
Belize: National Accounts at Current Prices
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| (In millions of Belize dollars) | ||||||
| Gross domestic expenditure | 2,022 | 2,175 | 2,224 | 2,293 | 2,337 | |
| Private final consumption expenditure | 1,361 | 1,464 | 1,529 | 1,584 | 1,587 | |
| Government final consumption expenditure | 228 | 267 | 290 | 295 | 319 | |
| Fixed capital formation | 438 | 421 | 375 | 373 | 415 | |
| Change in inventories | -6 | 23 | 31 | 40 | 16 | |
| Balance of goods and nonfactor services | -279 | -311 | -249 | -183 | -115 | |
| Exports | 887 | 980 | 1,053 | 1,070 | 1,223 | |
| Imports | 1,205 | 1,233 | 1,306 | 1,238 | 1,389 | |
| Discrepancy 1/ | 39 | -58 | 3 | -15 | 50 | |
| GDP at market prices | 1,743 | 1,864 | 1,975 | 2,110 | 2,222 | |
| (In percent of GDP at market prices) | ||||||
| Gross domestic expenditure | 116.0 | 116.7 | 112.6 | 108.7 | 105.2 | |
| Private final consumption expenditure | 78.1 | 78.5 | 77.4 | 75.1 | 71.4 | |
| Government final consumption expenditure | 13.1 | 14.3 | 14.7 | 14.0 | 14.3 | |
| Fixed capital formation | 25.2 | 22.6 | 19.0 | 17.7 | 18.7 | |
| Change in inventories | -0.4 | 1.3 | 1.8 | 2.3 | 0.9 | |
| Balance of goods and nonfactor services | -16.0 | -16.7 | -12.6 | -8.7 | -5.2 | |
| Exports | 50.9 | 52.6 | 53.3 | 50.7 | 55.0 | |
| Imports | 69.1 | 66.2 | 66.1 | 58.7 | 62.5 | |
| Discrepancy 1/ | 2.2 | -3.1 | 0.2 | -0.7 | 2.3 | |
Negative figure indicates expenditure approach yields a higher estimate of GDP than the production approach.
Belize: National Accounts at Current Prices
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| (In millions of Belize dollars) | ||||||
| Gross domestic expenditure | 2,022 | 2,175 | 2,224 | 2,293 | 2,337 | |
| Private final consumption expenditure | 1,361 | 1,464 | 1,529 | 1,584 | 1,587 | |
| Government final consumption expenditure | 228 | 267 | 290 | 295 | 319 | |
| Fixed capital formation | 438 | 421 | 375 | 373 | 415 | |
| Change in inventories | -6 | 23 | 31 | 40 | 16 | |
| Balance of goods and nonfactor services | -279 | -311 | -249 | -183 | -115 | |
| Exports | 887 | 980 | 1,053 | 1,070 | 1,223 | |
| Imports | 1,205 | 1,233 | 1,306 | 1,238 | 1,389 | |
| Discrepancy 1/ | 39 | -58 | 3 | -15 | 50 | |
| GDP at market prices | 1,743 | 1,864 | 1,975 | 2,110 | 2,222 | |
| (In percent of GDP at market prices) | ||||||
| Gross domestic expenditure | 116.0 | 116.7 | 112.6 | 108.7 | 105.2 | |
| Private final consumption expenditure | 78.1 | 78.5 | 77.4 | 75.1 | 71.4 | |
| Government final consumption expenditure | 13.1 | 14.3 | 14.7 | 14.0 | 14.3 | |
| Fixed capital formation | 25.2 | 22.6 | 19.0 | 17.7 | 18.7 | |
| Change in inventories | -0.4 | 1.3 | 1.8 | 2.3 | 0.9 | |
| Balance of goods and nonfactor services | -16.0 | -16.7 | -12.6 | -8.7 | -5.2 | |
| Exports | 50.9 | 52.6 | 53.3 | 50.7 | 55.0 | |
| Imports | 69.1 | 66.2 | 66.1 | 58.7 | 62.5 | |
| Discrepancy 1/ | 2.2 | -3.1 | 0.2 | -0.7 | 2.3 | |
Negative figure indicates expenditure approach yields a higher estimate of GDP than the production approach.
Belize: Savings and Investment
Including discrepancies
Current account deficit of the balance of payments.
Belize: Savings and Investment
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| (In millions of Belize dollars at current prices) | |||||
| Gross domestic investment | 474 | 416 | 425 | 400 | 514 |
| Fixed capital formation 1/ | 480 | 393 | 394 | 359 | 498 |
| Change in inventories | -6 | 23 | 31 | 40 | 16 |
| Gross national savings | 82 | 38 | 65 | 96 | 195 |
| Foreign savings 2/ | 392 | 378 | 360 | 303 | 318 |
| (In percent of GDP) | |||||
| Gross domestic investment | 27.2 | 22.3 | 21.5 | 18.9 | 23.1 |
| Fixed capital formation 1/ | 27.5 | 21.1 | 19.9 | 17.0 | 22.4 |
| Change in inventories | -0.4 | 1.2 | 1.6 | 1.9 | 0.7 |
| Gross national savings | 4.7 | 2.0 | 3.3 | 4.6 | 8.8 |
| Foreign savings 2/ | 22.5 | 20.3 | 18.2 | 14.4 | 14.3 |
Including discrepancies
Current account deficit of the balance of payments.
Belize: Savings and Investment
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| (In millions of Belize dollars at current prices) | |||||
| Gross domestic investment | 474 | 416 | 425 | 400 | 514 |
| Fixed capital formation 1/ | 480 | 393 | 394 | 359 | 498 |
| Change in inventories | -6 | 23 | 31 | 40 | 16 |
| Gross national savings | 82 | 38 | 65 | 96 | 195 |
| Foreign savings 2/ | 392 | 378 | 360 | 303 | 318 |
| (In percent of GDP) | |||||
| Gross domestic investment | 27.2 | 22.3 | 21.5 | 18.9 | 23.1 |
| Fixed capital formation 1/ | 27.5 | 21.1 | 19.9 | 17.0 | 22.4 |
| Change in inventories | -0.4 | 1.2 | 1.6 | 1.9 | 0.7 |
| Gross national savings | 4.7 | 2.0 | 3.3 | 4.6 | 8.8 |
| Foreign savings 2/ | 22.5 | 20.3 | 18.2 | 14.4 | 14.3 |
Including discrepancies
Current account deficit of the balance of payments.
Belize: Agriculture, Forestry, Fish, and Industrial Production
Production data on a crop year basis (December-November).
Data refers to Tower Hill factory.
Belize: Agriculture, Forestry, Fish, and Industrial Production
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| Agriculture, Forestry and Fish Production (In units as indicated) | |||||
| Sugarcane (‘000 long tons) 1/ | 1,023 | 1,151 | 1,073 | 1,149 | 929 |
| Oranges (‘000 90-lb. boxes) | 5,589 | 4,171 | 4,089 | 5,072 | 6,259 |
| Grapefruit (‘000 80-lb. boxes) | 1,960 | 1,246 | 1,049 | 2,194 | 998 |
| Bananas (‘ 00040-lb boxes) | 2,608 | 2,369 | 4,043 | 4,346 | 4,037 |
| Lobster | 478 | 562 | 598 | 612 | … |
| Shrimp | 9,964 | 7,134 | 24,661 | 24,506 | … |
| Industrial Production | |||||
| Sugar (long tons) 1/ | 103,862 | 111,312 | 104,433 | 116,515 | 100,435 |
| Molasses (long tons) 1/2/ | 34,411 | 40,947 | 42,944 | 41,117 | 37,074 |
| Flour (‘000 lbs.) | 26,122.1 | 26,078.4 | 26,952.2 | 27,783.1 | 26,959.9 |
| Fertilizer (‘ 000tons) | 24,509 | 27,775 | 30,866 | 26,899 | 26,874 |
| Cigarettes (millions) | 87.6 | 84.1 | 86.4 | 83.7 | 78.2 |
| Beer (‘000 gals.) | 2,385 | 2,388 | 2,313 | 2,156 | 1,891 |
| Soft drinks (‘000 gals.) | 5,277 | 5,475 | 5,690 | 5,474 | 4,929 |
| Batteries (units) | 5,397.00 | 4,297.00 | 2,998.00 | 470.00 | 6.000 |
| Garments (‘000 units) | 1,172.5 | 985.2 | 1,074.1 | 1,157.8 | 611.9 |
| Citrus concentrates (‘000 gals) | 5,703 | 4,129 | 3,915 | 2,973 | … |
| Single strength juices (‘000 gals) | 1,032 | 657 | 1,658 | 2,102 | … |
| Agriculture, Forestry and Fish Production (Annual percentage change) | |||||
| Sugarcane 1/ | 12.4 | -6.7 | 7.1 | -19.1 | |
| Oranges | -25.4 | -2.0 | 24.0 | 23.4 | |
| Grapefruit | -36.4 | -15.8 | 109.2 | -54.5 | |
| Bananas | -9.2 | 70.7 | 7.5 | -7.1 | |
| Lobster | 17.7 | 6.3 | 2.3 | … | |
| Shrimp | -28.4 | 245.7 | -0.6 | … | |
| Industrial Production (Annual percentage change) | |||||
| Sugar (long tons) 1/ | -13.6 | 7.2 | -6.2 | 11.6 | -13.8 |
| Molasses (long tons) 1/2/ | -3.5 | 19.0 | 4.9 | -4.3 | -9.8 |
| Flour (‘000 lbs.) | 3.6 | -0.2 | 3.4 | 3.1 | -3.0 |
| Fertilizer (‘ 000tons) | 2.3 | 13.3 | 11.1 | -12.9 | -0.1 |
| Cigarettes (millions) | 3.9 | -4.0 | 2.7 | -3.1 | -6.6 |
| Beer (‘000 gals.) | 17.3 | 0.1 | -3.1 | -6.8 | -12.3 |
| Soft drinks (‘000 gals.) | 7.7 | 3.7 | 3.9 | -3.8 | -10.0 |
| Batteries (units) | -30.9 | -20.4 | -30.2 | -84.3 | -98.7 |
| Garments (‘000 units) | -33.4 | -16.0 | 9.0 | 7.8 | -47.1 |
| Citrus concentrates (‘000 gals) | 12.7 | -27.6 | -5.2 | -24.1 | … |
| Single strength juices (‘000 gals) | -73.5 | -36.3 | 152.4 | 26.8 | … |
Production data on a crop year basis (December-November).
Data refers to Tower Hill factory.
Belize: Agriculture, Forestry, Fish, and Industrial Production
| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| Agriculture, Forestry and Fish Production (In units as indicated) | |||||
| Sugarcane (‘000 long tons) 1/ | 1,023 | 1,151 | 1,073 | 1,149 | 929 |
| Oranges (‘000 90-lb. boxes) | 5,589 | 4,171 | 4,089 | 5,072 | 6,259 |
| Grapefruit (‘000 80-lb. boxes) | 1,960 | 1,246 | 1,049 | 2,194 | 998 |
| Bananas (‘ 00040-lb boxes) | 2,608 | 2,369 | 4,043 | 4,346 | 4,037 |
| Lobster | 478 | 562 | 598 | 612 | … |
| Shrimp | 9,964 | 7,134 | 24,661 | 24,506 | … |
| Industrial Production | |||||
| Sugar (long tons) 1/ | 103,862 | 111,312 | 104,433 | 116,515 | 100,435 |
| Molasses (long tons) 1/2/ | 34,411 | 40,947 | 42,944 | 41,117 | 37,074 |
| Flour (‘000 lbs.) | 26,122.1 | 26,078.4 | 26,952.2 | 27,783.1 | 26,959.9 |
| Fertilizer (‘ 000tons) | 24,509 | 27,775 | 30,866 | 26,899 | 26,874 |
| Cigarettes (millions) | 87.6 | 84.1 | 86.4 | 83.7 | 78.2 |
| Beer (‘000 gals.) | 2,385 | 2,388 | 2,313 | 2,156 | 1,891 |
| Soft drinks (‘000 gals.) | 5,277 | 5,475 | 5,690 | 5,474 | 4,929 |
| Batteries (units) | 5,397.00 | 4,297.00 | 2,998.00 | 470.00 | 6.000 |
| Garments (‘000 units) | 1,172.5 | 985.2 | 1,074.1 | 1,157.8 | 611.9 |
| Citrus concentrates (‘000 gals) | 5,703 | 4,129 | 3,915 | 2,973 | … |
| Single strength juices (‘000 gals) | 1,032 | 657 | 1,658 | 2,102 | … |
| Agriculture, Forestry and Fish Production (Annual percentage change) | |||||
| Sugarcane 1/ | 12.4 | -6.7 | 7.1 | -19.1 | |
| Oranges | -25.4 | -2.0 | 24.0 | 23.4 | |
| Grapefruit | -36.4 | -15.8 | 109.2 | -54.5 | |
| Bananas | -9.2 | 70.7 | 7.5 | -7.1 | |
| Lobster | 17.7 | 6.3 | 2.3 | … | |
| Shrimp | -28.4 | 245.7 | -0.6 | … | |
| Industrial Production (Annual percentage change) | |||||
| Sugar (long tons) 1/ | -13.6 | 7.2 | -6.2 | 11.6 | -13.8 |
| Molasses (long tons) 1/2/ | -3.5 | 19.0 | 4.9 | -4.3 | -9.8 |
| Flour (‘000 lbs.) | 3.6 | -0.2 | 3.4 | 3.1 | -3.0 |
| Fertilizer (‘ 000tons) | 2.3 | 13.3 | 11.1 | -12.9 | -0.1 |
| Cigarettes (millions) | 3.9 | -4.0 | 2.7 | -3.1 | -6.6 |
| Beer (‘000 gals.) | 17.3 | 0.1 | -3.1 | -6.8 | -12.3 |
| Soft drinks (‘000 gals.) | 7.7 | 3.7 | 3.9 | -3.8 | -10.0 |
| Batteries (units) | -30.9 | -20.4 | -30.2 | -84.3 | -98.7 |
| Garments (‘000 units) | -33.4 | -16.0 | 9.0 | 7.8 | -47.1 |
| Citrus concentrates (‘000 gals) | 12.7 | -27.6 | -5.2 | -24.1 | … |
| Single strength juices (‘000 gals) | -73.5 | -36.3 | 152.4 | 26.8 | … |
Production data on a crop year basis (December-November).
Data refers to Tower Hill factory.
Belize: Indices of Industrial Products
(2000=100)
Production data are on a crop year basis (December-November).
Based on value added of the manufacturing sector.
Belize: Indices of Industrial Products
(2000=100)
| Weight (percent) | 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|---|
| Sugar 1/ | 89 | 93 | 87 | 100 | 80 | ||
| Molasses 1/ | 101 | 117 | 121 | 117 | 105 | ||
| Fertilizer | 67 | 56 | 61 | 66 | 35 | ||
| Cigarettes | 104 | 100 | 103 | 99 | 93 | ||
| Beer | 117 | 117 | 114 | 106 | 93 | ||
| Soft drinks | 108 | 112 | 116 | 112 | 101 | ||
| Batteries | 69 | 55 | 38 | 6 | 0 | ||
| Garments | 102 | 116 | 129 | 112 | 112 | ||
| Orange | 110 | 79 | 77 | 92 | 124 | ||
| Grapefruit | 171 | 65 | 58 | 127 | 59 | ||
| Industrial production 2/ | 105.2 | 97.5 | 98.2 | 101.7 | 99.9 | ||
| (percentage change) | 5.2 | -7.3 | 0.8 | 3.5 | -1.7 | ||
Production data are on a crop year basis (December-November).
Based on value added of the manufacturing sector.
Belize: Indices of Industrial Products
(2000=100)
| Weight (percent) | 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|---|
| Sugar 1/ | 89 | 93 | 87 | 100 | 80 | ||
| Molasses 1/ | 101 | 117 | 121 | 117 | 105 | ||
| Fertilizer | 67 | 56 | 61 | 66 | 35 | ||
| Cigarettes | 104 | 100 | 103 | 99 | 93 | ||
| Beer | 117 | 117 | 114 | 106 | 93 | ||
| Soft drinks | 108 | 112 | 116 | 112 | 101 | ||
| Batteries | 69 | 55 | 38 | 6 | 0 | ||
| Garments | 102 | 116 | 129 | 112 | 112 | ||
| Orange | 110 | 79 | 77 | 92 | 124 | ||
| Grapefruit | 171 | 65 | 58 | 127 | 59 | ||
| Industrial production 2/ | 105.2 | 97.5 | 98.2 | 101.7 | 99.9 | ||
| (percentage change) | 5.2 | -7.3 | 0.8 | 3.5 | -1.7 | ||
Production data are on a crop year basis (December-November).
Based on value added of the manufacturing sector.
Belize: Consumer Price Index 1/
Based on the household expenditure survey conducted four times a year: February, May, August, and November.
November of each year.
Belize: Consumer Price Index 1/
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| (Index numbers: November 1990 = 100) | ||||||
| End of period 2/ | ||||||
| Consumer price index | 120.5 | 124.4 | 127.3 | 131.2 | 136.7 | |
| Food, beverages, and tobacco | 120.0 | 122.3 | 125.0 | 129.2 | 135.6 | |
| Clothing and footwear | 89.2 | 88.7 | 89.2 | 89.6 | 89.6 | |
| Household goods and maintenance | 111.4 | 112.1 | 112.0 | 112.1 | 114.1 | |
| Rent, water, fuel, and power | 134.7 | 136.8 | 143.1 | 148.0 | 156.0 | |
| Medical care | 137.5 | 140.6 | 141.9 | 143.5 | 147.5 | |
| Transportation and communication | 123.1 | 136.1 | 140.5 | 148.6 | 158.1 | |
| Recreation, education, and culture | 124.6 | 129.0 | 129.5 | 130.9 | 131.9 | |
| Personal care | 121.0 | 122.7 | 121.6 | 121.3 | 121.9 | |
| Average | ||||||
| Consumer price index | 120.2 | 122.8 | 126.0 | 129.9 | 134.7 | |
| Food, beverages, and tobacco | 119.8 | 121.2 | 124.3 | 127.5 | 133.4 | |
| Clothing and footwear | 89.8 | 88.9 | 89.6 | 90.0 | 90.0 | |
| Household goods and maintenance | 111.6 | 112.0 | 112.2 | 112.3 | 113.2 | |
| Rent, water, fuel, and power | 135.7 | 134.2 | 139.1 | 146.4 | 152.4 | |
| Medical care | 137.0 | 140.2 | 141.4 | 142.8 | 145.3 | |
| Transportation and communication | 120.2 | 131.9 | 138.7 | 146.3 | 154.6 | |
| Recreation, education, and culture | 125.1 | 129.3 | 128.8 | 130.5 | 131.6 | |
| Personal care | 121.0 | 121.9 | 122.2 | 121.1 | 122.2 | |
| (Annual percentage change) | ||||||
| End of period 2/ | ||||||
| Consumer price index | 0.9 | 3.2 | 2.3 | 3.1 | 4.2 | |
| Food, beverages, and tobacco | 0.2 | 1.9 | 2.2 | 3.3 | 5.0 | |
| Clothing and footwear | -2.0 | -0.5 | 0.6 | 0.4 | -0.1 | |
| Household goods and maintenance | -1.0 | 0.7 | -0.1 | 0.1 | 1.7 | |
| Rent, water, fuel, and power | 0.6 | 1.5 | 4.6 | 3.4 | 5.4 | |
| Medical care | 0.9 | 2.2 | 0.9 | 1.2 | 2.8 | |
| Transportation and communication | 5.5 | 10.5 | 3.3 | 5.8 | 6.4 | |
| Recreation, education, and culture | -0.8 | 3.6 | 0.4 | 1.1 | 0.8 | |
| Personal care | 0.9 | 1.3 | -0.8 | -0.3 | 0.5 | |
| Average | ||||||
| Consumer price index | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | |
| Food, beverages, and tobacco | 0.5 | 1.1 | 2.6 | 2.5 | 4.7 | |
| Clothing and footwear | -3.5 | -1.0 | 0.8 | 0.4 | -0.1 | |
| Household goods and maintenance | -0.9 | 0.3 | 0.2 | 0.1 | 0.7 | |
| Rent, water, fuel, and power | 2.1 | -1.1 | 3.7 | 5.2 | 4.2 | |
| Medical care | 1.9 | 2.3 | 0.9 | 1.0 | 1.8 | |
| Transportation and communication | 5.3 | 9.7 | 5.2 | 5.5 | 5.7 | |
| Recreation, education, and culture | -0.4 | 3.4 | -0.4 | 1.3 | 0.8 | |
| Personal care | 0.3 | 0.8 | 0.2 | -0.9 | 0.9 | |
Based on the household expenditure survey conducted four times a year: February, May, August, and November.
November of each year.
Belize: Consumer Price Index 1/
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| (Index numbers: November 1990 = 100) | ||||||
| End of period 2/ | ||||||
| Consumer price index | 120.5 | 124.4 | 127.3 | 131.2 | 136.7 | |
| Food, beverages, and tobacco | 120.0 | 122.3 | 125.0 | 129.2 | 135.6 | |
| Clothing and footwear | 89.2 | 88.7 | 89.2 | 89.6 | 89.6 | |
| Household goods and maintenance | 111.4 | 112.1 | 112.0 | 112.1 | 114.1 | |
| Rent, water, fuel, and power | 134.7 | 136.8 | 143.1 | 148.0 | 156.0 | |
| Medical care | 137.5 | 140.6 | 141.9 | 143.5 | 147.5 | |
| Transportation and communication | 123.1 | 136.1 | 140.5 | 148.6 | 158.1 | |
| Recreation, education, and culture | 124.6 | 129.0 | 129.5 | 130.9 | 131.9 | |
| Personal care | 121.0 | 122.7 | 121.6 | 121.3 | 121.9 | |
| Average | ||||||
| Consumer price index | 120.2 | 122.8 | 126.0 | 129.9 | 134.7 | |
| Food, beverages, and tobacco | 119.8 | 121.2 | 124.3 | 127.5 | 133.4 | |
| Clothing and footwear | 89.8 | 88.9 | 89.6 | 90.0 | 90.0 | |
| Household goods and maintenance | 111.6 | 112.0 | 112.2 | 112.3 | 113.2 | |
| Rent, water, fuel, and power | 135.7 | 134.2 | 139.1 | 146.4 | 152.4 | |
| Medical care | 137.0 | 140.2 | 141.4 | 142.8 | 145.3 | |
| Transportation and communication | 120.2 | 131.9 | 138.7 | 146.3 | 154.6 | |
| Recreation, education, and culture | 125.1 | 129.3 | 128.8 | 130.5 | 131.6 | |
| Personal care | 121.0 | 121.9 | 122.2 | 121.1 | 122.2 | |
| (Annual percentage change) | ||||||
| End of period 2/ | ||||||
| Consumer price index | 0.9 | 3.2 | 2.3 | 3.1 | 4.2 | |
| Food, beverages, and tobacco | 0.2 | 1.9 | 2.2 | 3.3 | 5.0 | |
| Clothing and footwear | -2.0 | -0.5 | 0.6 | 0.4 | -0.1 | |
| Household goods and maintenance | -1.0 | 0.7 | -0.1 | 0.1 | 1.7 | |
| Rent, water, fuel, and power | 0.6 | 1.5 | 4.6 | 3.4 | 5.4 | |
| Medical care | 0.9 | 2.2 | 0.9 | 1.2 | 2.8 | |
| Transportation and communication | 5.5 | 10.5 | 3.3 | 5.8 | 6.4 | |
| Recreation, education, and culture | -0.8 | 3.6 | 0.4 | 1.1 | 0.8 | |
| Personal care | 0.9 | 1.3 | -0.8 | -0.3 | 0.5 | |
| Average | ||||||
| Consumer price index | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | |
| Food, beverages, and tobacco | 0.5 | 1.1 | 2.6 | 2.5 | 4.7 | |
| Clothing and footwear | -3.5 | -1.0 | 0.8 | 0.4 | -0.1 | |
| Household goods and maintenance | -0.9 | 0.3 | 0.2 | 0.1 | 0.7 | |
| Rent, water, fuel, and power | 2.1 | -1.1 | 3.7 | 5.2 | 4.2 | |
| Medical care | 1.9 | 2.3 | 0.9 | 1.0 | 1.8 | |
| Transportation and communication | 5.3 | 9.7 | 5.2 | 5.5 | 5.7 | |
| Recreation, education, and culture | -0.4 | 3.4 | -0.4 | 1.3 | 0.8 | |
| Personal care | 0.3 | 0.8 | 0.2 | -0.9 | 0.9 | |
Based on the household expenditure survey conducted four times a year: February, May, August, and November.
November of each year.
Belize: Price Structure of Petroleum Products
(Belize dollars per gallon)
Belize: Price Structure of Petroleum Products
(Belize dollars per gallon)
| December 2003 | December 2004 | December 2005 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Premium | Regular | Kerosene | Diesel | Premium | Regular | Kerosene | Diesel | Premium | Regular | Kerosene | Diesel | |
| Retail price | 7.33 | 7.25 | 4.64 | 5.44 | 8.39 | 8.08 | 5.17 | 5.87 | 9.08 | 8.95 | 6.32 | 6.84 |
| Total landed cost | 2.13 | 2.08 | 2.20 | 2.14 | 2.66 | 2.62 | 2.91 | 2.85 | 3.51 | 3.66 | 4.06 | 3.95 |
| Acquisition cost | 1.98 | 1.93 | 2.05 | 1.99 | 2.51 | 2.47 | 2.76 | 2.70 | 3.36 | 3.51 | 3.91 | 3.80 |
| Handling charges | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Port Dues | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Government charges | 4.17 | 4.17 | 1.72 | 2.41 | 4.51 | 4.27 | 1.51 | 2.11 | 4.30 | 4.02 | 1.42 | 1.89 |
| Stamp duty | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 |
| Value-added tax | 0.29 | 0.29 | 0.25 | 0.27 | 0.38 | 0.38 | 0.36 | 0.39 | 0.53 | 0.55 | 0.55 | 0.57 |
| Import duty | 0.45 | 0.45 | 0.00 | 0.27 | 0.45 | 0.45 | 0.00 | 0.27 | 0.45 | 0.45 | 0.00 | 0.27 |
| Environmental tax | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | 0.07 | 0.07 | 0.08 | 0.08 |
| Revenue replacement tax | 3.39 | 3.39 | 1.43 | 1.83 | 3.62 | 3.39 | 1.09 | 1.39 | 3.21 | 2.91 | 0.74 | 0.92 |
| Commercial charges | 1.03 | 1.00 | 0.72 | 0.89 | 1.22 | 1.19 | 0.75 | 0.91 | 1.27 | 1.27 | 0.84 | 1.00 |
| Delivery cost to service station | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Wholesaler Margin | 0.41 | 0.38 | 0.23 | 0.28 | 0.41 | 0.38 | 0.23 | 0.28 | 0.41 | 0.38 | 0.23 | 0.28 |
| Gross margin-dealer | 0.55 | 0.55 | 0.43 | 0.55 | 0.74 | 0.74 | 0.45 | 0.56 | 0.79 | 0.82 | 0.55 | 0.65 |
Belize: Price Structure of Petroleum Products
(Belize dollars per gallon)
| December 2003 | December 2004 | December 2005 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Premium | Regular | Kerosene | Diesel | Premium | Regular | Kerosene | Diesel | Premium | Regular | Kerosene | Diesel | |
| Retail price | 7.33 | 7.25 | 4.64 | 5.44 | 8.39 | 8.08 | 5.17 | 5.87 | 9.08 | 8.95 | 6.32 | 6.84 |
| Total landed cost | 2.13 | 2.08 | 2.20 | 2.14 | 2.66 | 2.62 | 2.91 | 2.85 | 3.51 | 3.66 | 4.06 | 3.95 |
| Acquisition cost | 1.98 | 1.93 | 2.05 | 1.99 | 2.51 | 2.47 | 2.76 | 2.70 | 3.36 | 3.51 | 3.91 | 3.80 |
| Handling charges | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Port Dues | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Government charges | 4.17 | 4.17 | 1.72 | 2.41 | 4.51 | 4.27 | 1.51 | 2.11 | 4.30 | 4.02 | 1.42 | 1.89 |
| Stamp duty | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 |
| Value-added tax | 0.29 | 0.29 | 0.25 | 0.27 | 0.38 | 0.38 | 0.36 | 0.39 | 0.53 | 0.55 | 0.55 | 0.57 |
| Import duty | 0.45 | 0.45 | 0.00 | 0.27 | 0.45 | 0.45 | 0.00 | 0.27 | 0.45 | 0.45 | 0.00 | 0.27 |
| Environmental tax | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | 0.07 | 0.07 | 0.08 | 0.08 |
| Revenue replacement tax | 3.39 | 3.39 | 1.43 | 1.83 | 3.62 | 3.39 | 1.09 | 1.39 | 3.21 | 2.91 | 0.74 | 0.92 |
| Commercial charges | 1.03 | 1.00 | 0.72 | 0.89 | 1.22 | 1.19 | 0.75 | 0.91 | 1.27 | 1.27 | 0.84 | 1.00 |
| Delivery cost to service station | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Wholesaler Margin | 0.41 | 0.38 | 0.23 | 0.28 | 0.41 | 0.38 | 0.23 | 0.28 | 0.41 | 0.38 | 0.23 | 0.28 |
| Gross margin-dealer | 0.55 | 0.55 | 0.43 | 0.55 | 0.74 | 0.74 | 0.45 | 0.56 | 0.79 | 0.82 | 0.55 | 0.65 |
Belize: Operations of the Social Security Board
(In Belize dollars)
In 2000/01 the Social Security Board bought shares of the water authority equivalent to BZ$6 million from the central government.
Belize: Operations of the Social Security Board
(In Belize dollars)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|---|---|
| Revenue | 33,256,465 | 36,569,000 | 51,040,086 | 53,442,272 | 56,978,023 | 68,177,115 | 65,325,884 | |
| Contributions | 16,703,661 | 18,397,659 | 31,184,264 | 35,120,091 | 40,977,522 | 46,681,397 | 50,327,886 | |
| Interest and other income | 16,552,804 | 18,171,341 | 19,855,822 | 18,322,181 | 16,000,501 | 21,495,718 | 14,997,998 | |
| Total expenditure | 23,198,621 | 30,244,732 | 34,405,036 | 40,878,936 | 46,027,875 | 45,411,718 | 51,056,547 | |
| Current expenditure | 23,145,436 | 25,425,351 | 33,231,377 | 39,774,971 | 42,367,790 | 45,279,381 | 47,056,304 | |
| Benefit payments | 13,846,171 | 14,791,101 | 22,126,523 | 27,275,091 | 28,587,150 | 30,924,169 | 31,292,035 | |
| Administration | 9,299,265 | 10,634,250 | 11,104,854 | 12,499,880 | 13,780,640 | 14,355,212 | 15,764,269 | |
| Capital expenditure | 53,185 | 4,819,381 | 1,173,659 | 1,103,965 | 3,660,085 | 132,337 | 4,000,243 | |
| Shares and other long-term investments 1/ | 174,991,196 | 197,110,592 | 217,523,585 | 220,809,891 | 226,193,035 | 182,820,890 | 180,512,208 | |
| Current balance | 10,111,029 | 11,143,649 | 17,808,709 | 13,667,301 | 14,610,233 | 22,897,734 | 18,269,580 | |
| Overall balance | 10,057,844 | 6,324,268 | 16,635,050 | 12,563,336 | 10,950,148 | 22,765,397 | 14,269,337 | |
| Memorandum items: | ||||||||
| Total reserves | 200,882,387 | 208,318,530 | 225,530,634 | 238,386,326 | 251,476,695 | 273,580,692 | 285,924,806 | |
| Of which: cash and certificate of deposits | 29,505,094 | 8,965,992 | 7,194,590 | 12,499,257 | 16,632,692 | 77,570,308 | 92,182,641 | |
In 2000/01 the Social Security Board bought shares of the water authority equivalent to BZ$6 million from the central government.
Belize: Operations of the Social Security Board
(In Belize dollars)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|---|---|
| Revenue | 33,256,465 | 36,569,000 | 51,040,086 | 53,442,272 | 56,978,023 | 68,177,115 | 65,325,884 | |
| Contributions | 16,703,661 | 18,397,659 | 31,184,264 | 35,120,091 | 40,977,522 | 46,681,397 | 50,327,886 | |
| Interest and other income | 16,552,804 | 18,171,341 | 19,855,822 | 18,322,181 | 16,000,501 | 21,495,718 | 14,997,998 | |
| Total expenditure | 23,198,621 | 30,244,732 | 34,405,036 | 40,878,936 | 46,027,875 | 45,411,718 | 51,056,547 | |
| Current expenditure | 23,145,436 | 25,425,351 | 33,231,377 | 39,774,971 | 42,367,790 | 45,279,381 | 47,056,304 | |
| Benefit payments | 13,846,171 | 14,791,101 | 22,126,523 | 27,275,091 | 28,587,150 | 30,924,169 | 31,292,035 | |
| Administration | 9,299,265 | 10,634,250 | 11,104,854 | 12,499,880 | 13,780,640 | 14,355,212 | 15,764,269 | |
| Capital expenditure | 53,185 | 4,819,381 | 1,173,659 | 1,103,965 | 3,660,085 | 132,337 | 4,000,243 | |
| Shares and other long-term investments 1/ | 174,991,196 | 197,110,592 | 217,523,585 | 220,809,891 | 226,193,035 | 182,820,890 | 180,512,208 | |
| Current balance | 10,111,029 | 11,143,649 | 17,808,709 | 13,667,301 | 14,610,233 | 22,897,734 | 18,269,580 | |
| Overall balance | 10,057,844 | 6,324,268 | 16,635,050 | 12,563,336 | 10,950,148 | 22,765,397 | 14,269,337 | |
| Memorandum items: | ||||||||
| Total reserves | 200,882,387 | 208,318,530 | 225,530,634 | 238,386,326 | 251,476,695 | 273,580,692 | 285,924,806 | |
| Of which: cash and certificate of deposits | 29,505,094 | 8,965,992 | 7,194,590 | 12,499,257 | 16,632,692 | 77,570,308 | 92,182,641 | |
In 2000/01 the Social Security Board bought shares of the water authority equivalent to BZ$6 million from the central government.
Belize: Central Government Revenue 1/
Fiscal year from April to March.
Belize: Central Government Revenue 1/
| 2001/02 | 2002/03 | 2003/04 | 2004/05 | 2005/06 | ||||
|---|---|---|---|---|---|---|---|---|
| (In millions of Belize dollars) | ||||||||
| Total revenue and grants | 436.5 | 431.3 | 452.1 | 469.4 | 550.0 | |||
| Total revenue | 418.3 | 412.5 | 428.4 | 454.8 | 527.1 | |||
| Current revenue | 402.4 | 406.0 | 421.8 | 447.0 | 527.1 | |||
| Tax revenue | 326.1 | 359.6 | 376.6 | 408.1 | 476.2 | |||
| Income tax | 77.0 | 78.9 | 89.1 | 99.6 | 129.5 | |||
| Property tax | 2.8 | 2.4 | 2.9 | 4.5 | 5.5 | |||
| Taxes on goods and services | 107.9 | 113.3 | 120.0 | 141.0 | 164.0 | |||
| Taxes on international trade | 138.4 | 164.9 | 164.5 | 162.9 | 177.3 | |||
| Of which: revenue replacement duty | 58.9 | 74.8 | 78.2 | 74.6 | 56.7 | |||
| Nontax revenue | 76.3 | 46.4 | 45.2 | 39.0 | 50.8 | |||
| Capital revenue | 15.9 | 6.5 | 6.6 | 7.8 | 0.0 | |||
| Grants | 18.2 | 18.8 | 23.7 | 14.6 | 22.9 | |||
| (In percent of GDP) | ||||||||
| Total revenue | 23.6 | 21.8 | 21.3 | 21.3 | 23.2 | |||
| Tax revenue | 18.4 | 19.0 | 18.7 | 19.1 | 20.9 | |||
| Income tax | 4.3 | 4.2 | 4.4 | 4.7 | 5.7 | |||
| Property tax | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | |||
| Taxes on goods and services | 6.1 | 6.0 | 6.0 | 6.6 | 7.2 | |||
| Taxes on international trade | 7.8 | 8.7 | 8.2 | 7.6 | 7.8 | |||
| Nontax revenue | 4.3 | 2.5 | 2.3 | 1.8 | 2.2 | |||
| Capital revenue | 0.9 | 0.3 | 0.3 | 0.4 | 0.0 | |||
| (Annual percentage change) | ||||||||
| Total revenue | 19.1 | -1.4 | 3.8 | 6.2 | 15.9 | |||
| Tax revenue | 9.9 | 10.3 | 4.7 | 8.4 | 16.7 | |||
| Income tax | 0.9 | 2.5 | 12.9 | 11.8 | 30.0 | |||
| Taxes on goods and services | 27.3 | -12.8 | 19.0 | 56.1 | 21.7 | |||
| Taxes on international trade | 6.0 | 5.0 | 5.9 | 17.5 | 16.3 | |||
| Nontax revenue | 81.1 | -39.1 | -2.5 | -13.9 | 30.5 | |||
Fiscal year from April to March.
Belize: Central Government Revenue 1/
| 2001/02 | 2002/03 | 2003/04 | 2004/05 | 2005/06 | ||||
|---|---|---|---|---|---|---|---|---|
| (In millions of Belize dollars) | ||||||||
| Total revenue and grants | 436.5 | 431.3 | 452.1 | 469.4 | 550.0 | |||
| Total revenue | 418.3 | 412.5 | 428.4 | 454.8 | 527.1 | |||
| Current revenue | 402.4 | 406.0 | 421.8 | 447.0 | 527.1 | |||
| Tax revenue | 326.1 | 359.6 | 376.6 | 408.1 | 476.2 | |||
| Income tax | 77.0 | 78.9 | 89.1 | 99.6 | 129.5 | |||
| Property tax | 2.8 | 2.4 | 2.9 | 4.5 | 5.5 | |||
| Taxes on goods and services | 107.9 | 113.3 | 120.0 | 141.0 | 164.0 | |||
| Taxes on international trade | 138.4 | 164.9 | 164.5 | 162.9 | 177.3 | |||
| Of which: revenue replacement duty | 58.9 | 74.8 | 78.2 | 74.6 | 56.7 | |||
| Nontax revenue | 76.3 | 46.4 | 45.2 | 39.0 | 50.8 | |||
| Capital revenue | 15.9 | 6.5 | 6.6 | 7.8 | 0.0 | |||
| Grants | 18.2 | 18.8 | 23.7 | 14.6 | 22.9 | |||
| (In percent of GDP) | ||||||||
| Total revenue | 23.6 | 21.8 | 21.3 | 21.3 | 23.2 | |||
| Tax revenue | 18.4 | 19.0 | 18.7 | 19.1 | 20.9 | |||
| Income tax | 4.3 | 4.2 | 4.4 | 4.7 | 5.7 | |||
| Property tax | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | |||
| Taxes on goods and services | 6.1 | 6.0 | 6.0 | 6.6 | 7.2 | |||
| Taxes on international trade | 7.8 | 8.7 | 8.2 | 7.6 | 7.8 | |||
| Nontax revenue | 4.3 | 2.5 | 2.3 | 1.8 | 2.2 | |||
| Capital revenue | 0.9 | 0.3 | 0.3 | 0.4 | 0.0 | |||
| (Annual percentage change) | ||||||||
| Total revenue | 19.1 | -1.4 | 3.8 | 6.2 | 15.9 | |||
| Tax revenue | 9.9 | 10.3 | 4.7 | 8.4 | 16.7 | |||
| Income tax | 0.9 | 2.5 | 12.9 | 11.8 | 30.0 | |||
| Taxes on goods and services | 27.3 | -12.8 | 19.0 | 56.1 | 21.7 | |||
| Taxes on international trade | 6.0 | 5.0 | 5.9 | 17.5 | 16.3 | |||
| Nontax revenue | 81.1 | -39.1 | -2.5 | -13.9 | 30.5 | |||
Fiscal year from April to March.
Belize: Treasury Securities by Holder
(In millions of Belize dollars, end of period)
Includes Caribbean Development Bank.
Belize: Treasury Securities by Holder
(In millions of Belize dollars, end of period)
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| Total holdings | 93.3 | 93.3 | 123.3 | 123.3 | 123.3 | |
| Treasury bills | 70.0 | 70.0 | 100.0 | 100.0 | 100.0 | |
| Central Bank of Belize | 5.6 | 0.5 | 54.1 | 81.4 | 72.6 | |
| Commercial banks | 63.1 | 64.9 | 33.2 | 13.9 | 24.9 | |
| Other 1/ | 1.3 | 4.6 | 12.6 | 4.7 | 2.5 | |
| Treasury notes at commercial banks | 23.3 | 23.3 | 23.3 | 23.3 | 23.3 | |
Includes Caribbean Development Bank.
Belize: Treasury Securities by Holder
(In millions of Belize dollars, end of period)
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| Total holdings | 93.3 | 93.3 | 123.3 | 123.3 | 123.3 | |
| Treasury bills | 70.0 | 70.0 | 100.0 | 100.0 | 100.0 | |
| Central Bank of Belize | 5.6 | 0.5 | 54.1 | 81.4 | 72.6 | |
| Commercial banks | 63.1 | 64.9 | 33.2 | 13.9 | 24.9 | |
| Other 1/ | 1.3 | 4.6 | 12.6 | 4.7 | 2.5 | |
| Treasury notes at commercial banks | 23.3 | 23.3 | 23.3 | 23.3 | 23.3 | |
Includes Caribbean Development Bank.
Belize: Accounts of the Development Financial Corporation
(In millions of Belize dollars)
Belize: Accounts of the Development Financial Corporation
(In millions of Belize dollars)
| 2001 | 2002 | 2003 | 2004 | 2005 | ||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Current assets | ||||||
| Cash and claims on banks - unrestricted | 21.35 | 8.69 | 6.09 | 8.15 | 6.83 | |
| Cash and claims on banks - restricted | - | 13.84 | 14.84 | 17.86 | 18.36 | |
| Accounts receivable and prepayments | 45.85 | 45.41 | 88.12 | 139.38 | 7.89 | |
| Interest receivable, net of provisions | 4.48 | 3.11 | 3.59 | 3.76 | 0.94 | |
| Supplies and spare parts inventory | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | |
| Long term assets | ||||||
| Credit to the private sector | ||||||
| Loan to borrowers (restricted) | 77.41 | 194.36 | 155.66 | 90.02 | 78.95 | |
| Loan to borrowers | 188.36 | 115.60 | 168.28 | 241.39 | 223.98 | |
| Less: provision for bad debt | (2.38) | (5.10) | (10.98) | (28.00) | (66.31) | |
| Assets held for resale | 159.75 | 167.90 | 156.46 | 138.85 | 28.06 | |
| Santa Cruz lodge and Libertad land | 6.00 | 5.19 | 5.31 | 5.31 | - | |
| Reserves and retained interests | - | - | - | - | - | |
| Investments | 5.58 | 6.29 | 6.52 | 4.50 | 2.52 | |
| Sinking funds | 70.95 | 73.41 | 81.38 | - | - | |
| Agency accounts, net | 1.11 | 1.50 | 1.80 | (0.14) | (3.18) | |
| Fixed assets, net of depreciation | 6.44 | 6.40 | 6.39 | 5.07 | 4.17 | |
| Liabilities | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued expenses | 20.98 | 27.40 | 45.88 | 87.41 | 47.25 | |
| Current repayments long-term loans and bonds | 26.26 | 39.52 | 19.78 | 23.87 | 18.28 | |
| Short-term liability | 40.22 | 5.00 | 2.50 | 1.50 | - | |
| Long-term liabilities | ||||||
| CDB loans | 37.66 | 33.36 | 40.34 | 44.81 | 36.05 | |
| CBB loans | 85.01 | 8.24 | 5.48 | 0.22 | 0.11 | |
| Other loans | 197.69 | 260.72 | 306.67 | 299.48 | 106.33 | |
| Bonds | - | 83.08 | 76.88 | 71.24 | 63.34 | |
| Other liabilities | ||||||
| Sinking fund | 70.95 | 73.41 | 81.38 | - | - | |
| Deferred income - Securitization | 69.77 | 61.81 | 53.87 | 47.90 | - | |
| Deferred income other | - | 6.61 | 7.08 | 7.25 | - | |
| Capital | ||||||
| Share capital | 29.13 | 29.13 | 34.50 | 34.50 | 26.31 | |
| Minority interest | 1.33 | 1.32 | 1.16 | 1.34 | 1.16 | |
| Capital grants | 6.46 | 6.61 | 6.56 | 6.63 | ||