Belize has one of the smallest economies in Central America. Tourism plays a big role, along with agriculture and services, and these sectors shape daily life and opportunities for Belizeans. Despite its modest size, the economy is somewhat diverse, balancing traditional industries like farming with modern growth in tourism, services, and increasingly, the BPO sector.
Size of the Economy
Belize’s total Gross Domestic Product (GDP) is about US $3.5 billion (2024). With a population of just over 400,000 people, that equals a GDP per capita of around US $7,000.
By this measure, Belize ranks above Honduras and Nicaragua but below Costa Rica, Panama, and the Dominican Republic. Within the Caribbean, it sits in the middle, well behind wealthier countries like The Bahamas and Trinidad & Tobago but ahead of Jamaica.
Main Economic Sectors
Belize’s economy is built on three main pillars:
- Services – About 60% of GDP. Tourism makes up about 45% and one in three jobs. And BPO employs about 20,000 people, roughly 10% of the entire labour force.
- Agriculture – Roughly 10-12% of GDP, with sugar, citrus, and bananas as key exports. Shrimp farming and other seafood also contribute.
- Industry – Around 13-14% of GDP, mostly tied to food processing, construction, and small-scale manufacturing.
Employment & Unemployment
Belize’s labour force is about 200,000-220,000 people. The unemployment rate is currently around 7%, down from over 8% in 2023. Some estimates put it closer to 5%, which would be a historic low. Most jobs are found in services, followed by agriculture and industry. Tourism provides the largest share of employment, while the growing BPO sector has become a strong alternative for young workers with pay at around BZD 8/hour (US $4), well above minimum wage.
Compensation & Working Conditions
The average monthly wage in Belize is about US $750, and the minimum wage was recently raised to BZD 5.00 per hour (US $2.5). The standard workweek is 45 hours, usually across five to six days. Overtime is paid at 1.5 times the regular rate, and holiday work can be paid at double time. Workers are entitled to at least two weeks of paid annual leave after a year of employment, 14 weeks of maternity leave at 80% pay, and up to 16 days of sick leave.
Social security covers some healthcare, pensions, and other benefits, though almost half the workforce is in the informal sector where these protections are less reliable. Many households also depend on remittances from family abroad, which made up about 4.3% of Belize’s GDP in 2024, underscoring their importance to household incomes.
Prices & Living Conditions
Belize is more affordable than North America, but costs vary by location. Inland towns like San Ignacio are less expensive, while coastal destinations and islands such as Ambergris Caye or Placencia cost significantly more.
On average, a single person might spend about US $1,000 per month, while a couple could spend around US $2,000. Rent inland can be as low as US $300/month, while coastal rentals often start at US $750/month. Some locals and long-term visitors manage on much less, living on US $500-800/month by budgeting and shopping locally.
