1945

In 2003 economic performance in Belize benefited from strong upturns in agriculture and tourism, the latter driven by a steep climb in the number of cruise-ship arrivals. The resulting growth rate of 4.4% was slightly higher than the 2003 rate, but did not translate into higher tax revenues. On the contrary, total income dropped significantly and this, combined with increased spending on external debt servicing, widened the fiscal deficit to almost three times the preceding year’s figure, from 3.7% of GDP in 2002 to 10.8% in 2003. This forced the authorities to seek external financing, thus increasing the country’s external debt stock.

Related Subject(s): Economic and Social Development
Countries: Belize
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