Growth is projected at 3.4 percent in 2024 and 2.5 percent from 2025 onwards as the output gap closes.

Real GDP growth and inflation moderated in 2023. After growing by 8.7 percent in 2022, real GDP grew by 4.7 percent in 2023, led by tourism, construction, retail and wholesale trade, transport, and business process outsourcing. Inflation declined from 6.3 percent in 2022 to 4.4 percent in 2023, driven by lower prices of transport and utilities, partly offset by higher food inflation. The fiscal position remained strong, but debt dynamics have become more challenging. The overall fiscal deficit widened due to a narrowing of the primary surplus and higher interest payments on the blue loan and other external debt. Consequently, after the acquisition of the Port of Belize and the settlement of outstanding litigations with a foreign investor, public debt declined slightly from 67 percent in 2022 to 66 percent of GDP in 2023. Real GDP growth and inflation are expected to moderate further going forward. Growth is projected at 3.4 percent in 2024 and 2.5 percent from 2025 onwards as the output gap closes, while inflation is expected to fall to 1.3 percent over the medium term in line with the expected decline in commodity prices and global inflation. The primary balance is projected to remain at 1.2 percent of GDP from FY2024 onwards under current policies, but public debt is projected to decline slowly and remain above 50 percent of GDP through 2034 due to slower nominal GDP growth and high global interest rates.

Annual GDP: 1,900 million USD

Annual Tourists: approx 503,000

Total Population: appprox 0.419199 million

Total Working Population: approx 182,000

Population Density: 17 persons per square kilometre

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