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Economy of Belize vs Cameroon compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.52B compared to $51.3B for Cameroon, ranking 167/197 and 92/197 by economy size, respectively.

Belize has $2.14B in government debt (59.5% of GDP), compared to $21.9B (39.9% of GDP) in Cameroon.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Belize
GDP, current $

GDP, constant 2015 $
Cameroon
GDP, current $

GDP, constant 2015 $
Year GDP
Belize Cameroon
Current $ Constant $ Current $ Constant $
1960 $28,072,478 $141,975,429 $614,206,068 $4,827,329,402
1961 $29,965,000 $148,921,260 $652,777,608 $4,884,469,574
1962 $31,857,592 $156,207,459 $694,247,864 $5,033,033,600
1963 $33,750,114 $163,949,779 $718,320,845 $5,221,397,415
1964 $36,194,586 $172,147,071 $776,650,177 $5,406,608,720
1965 $40,110,040 $180,634,853 $814,083,266 $5,516,149,517
1966 $44,450,044 $189,252,662 $851,112,535 $5,770,717,369
1967 $47,431,256 $198,550,879 $936,175,260 $5,141,012,904
1968 $44,999,910 $213,178,569 $1,046,191,218 $5,467,278,233
1969 $47,399,905 $224,064,266 $1,100,551,489 $5,735,255,756
1970 $53,339,893 $234,836,589 $1,151,216,993 $5,912,593,777
1971 $59,074,687 $244,134,805 $1,236,941,394 $6,118,334,765
1972 $65,998,069 $269,081,241 $1,498,251,890 $6,281,929,449
1973 $78,214,768 $283,482,184 $1,901,393,361 $6,618,369,537
1974 $103,160,450 $321,922,327 $2,157,415,533 $7,328,802,680
1975 $118,194,026 $333,488,431 $2,857,037,371 $8,152,930,849
1976 $97,094,227 $333,374,975 $2,898,090,002 $7,704,916,015
1977 $117,650,000 $355,032,995 $3,394,664,024 $8,763,561,577
1978 $136,300,000 $383,154,474 $4,662,852,583 $10,691,808,462
1979 $151,800,000 $411,956,277 $5,919,002,983 $11,337,071,802
1980 $257,400,000 $461,839,033 $6,674,569,047 $11,114,265,274
1981 $260,750,000 $467,073,042 $6,610,938,617 $13,012,879,895
1982 $248,550,000 $466,574,565 $6,611,255,964 $13,990,954,313
1983 $262,150,000 $456,555,176 $6,870,200,010 $14,951,689,440
1984 $290,350,000 $465,577,611 $7,311,938,026 $16,069,264,314
1985 $287,300,000 $470,263,296 $8,544,810,498 $17,364,955,075
1986 $311,500,000 $491,647,963 $11,857,056,199 $18,540,851,327
1987 $371,100,000 $544,386,841 $13,049,659,981 $18,142,844,102
1988 $421,450,000 $597,674,043 $12,236,057,362 $16,723,414,750
1989 $491,100,000 $675,436,470 $11,012,566,195 $16,419,195,682
1990 $547,150,000 $752,750,268 $12,314,482,628 $15,416,689,238
1991 $597,100,000 $841,429,344 $11,840,192,296 $14,829,529,308
1992 $696,250,000 $948,552,073 $12,071,775,335 $14,369,813,424
1993 $752,850,000 $1,006,774,198 $16,181,814,713 $13,229,990,256
1994 $772,300,000 $1,006,574,807 $8,902,446,252 $13,478,291,934
1995 $819,050,000 $1,013,952,268 $10,864,772,471 $13,868,353,888
1996 $850,850,000 $1,025,168,003 $11,093,538,846 $14,452,915,010
1997 $873,400,000 $1,068,585,359 $10,789,458,433 $15,107,243,821
1998 $929,500,000 $1,110,158,349 $11,298,144,990 $15,821,141,893
1999 $1,000,250,000 $1,214,788,692 $11,565,826,465 $16,534,881,735
2000 $1,138,900,000 $1,363,484,411 $10,566,579,295 $17,168,567,485
2001 $1,172,800,000 $1,431,576,383 $10,953,485,349 $17,910,981,186
2002 $1,244,650,000 $1,508,840,333 $12,417,251,350 $18,712,860,619
2003 $1,308,900,000 $1,654,694,732 $15,970,315,035 $19,733,301,669
2004 $1,400,850,000 $1,733,803,048 $18,826,214,136 $21,124,275,033
2005 $1,474,950,000 $1,772,285,480 $19,509,852,207 $21,594,980,960
2006 $1,591,150,000 $1,852,241,207 $20,910,512,975 $22,417,659,743
2007 $1,707,100,000 $1,914,351,454 $23,928,250,433 $23,387,803,923
2008 $1,738,900,000 $1,882,149,833 $27,715,142,033 $24,053,813,244
2009 $1,688,500,000 $1,874,822,220 $27,932,970,317 $24,674,221,649
2010 $1,745,700,000 $1,895,708,410 $27,507,501,821 $25,389,533,435
2011 $1,827,050,000 $1,891,072,573 $30,630,910,495 $26,247,499,414
2012 $1,909,400,000 $1,961,756,626 $30,155,062,329 $27,461,703,152
2013 $2,032,750,000 $2,049,139,661 $33,728,621,180 $28,833,560,541
2014 $2,138,250,000 $2,131,737,317 $36,386,544,706 $30,482,787,768
2015 $2,193,050,000 $2,193,050,000 $32,210,233,020 $32,210,233,020
2016 $2,240,200,000 $2,194,246,345 $33,814,337,044 $33,671,222,913
2017 $2,266,300,000 $2,154,467,872 $36,098,547,033 $34,863,580,363
2018 $2,293,250,000 $2,178,394,773 $39,955,552,190 $36,242,614,249
2019 $2,388,300,000 $2,271,360,752 $39,667,757,528 $37,502,066,833
2020 $2,042,850,000 $1,955,575,510 $40,773,241,177 $37,599,547,049
2021 $2,420,550,000 $2,302,615,267 $45,011,937,347 $38,854,942,335
2022 $2,846,700,000 $2,524,886,205 $44,347,206,073 $40,306,867,605
2023 $3,066,850,000 $2,553,897,572 $49,279,410,983 $41,616,173,715
2024 $3,515,783,329 $2,762,085,935 $51,326,764,685 $43,143,796,435

Economic indicators

Belize Cameroon
Gross domestic product
$3.52B
2024
$51.3B
2024
GDP rank
167/197
2024
92/197
2024
GDP growth
14.6%
2023-2024
4.15%
2023-2024
GDP per capita
$8,430
2024
$1,762
2024
GDP per capita rank
94/197
2024
159/197
2024
GDP per capita, PPP
$15,093
2024
$5,591
2024
Government debt
$2.14B
2024
$21.9B
2024
Debt-to-GDP ratio
59.5%
2025
39.9%
2025
Government debt per person
$5,138
2024
$752
2024
Government debt per person rank
77/185
2024
152/185
2024
Average annual personal income after taxes
$8,036
2025
$1,492
2025
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
31.1%
2021
Income share by poorest 10%
2.2%
2018
2.1%
2021
Government expenditure, % of GDP
24.1%
2025
16.3%
2025
Consumer prices inflation
1.4%
2024-2025
4.53%
2023-2024
Unemployment rate
29.3%
2020
3.28%
2021
Population
427523
30491011

GDP per capita in Belize vs Cameroon

Belize's GDP per capita is $8,430, ranking 94/197, compared to $1,762 in Cameroon, ranking 159/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 114th at $15,093, while Cameroon ranks 155th at $5,591.

Belize
GDP per capita

GDP per capita, PPP
Cameroon
GDP per capita

GDP per capita, PPP
Year Current $
Belize Cameroon
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $307 - $119.1 -
1961 $320 - $124.6 -
1962 $332 - $130 -
1963 $342 - $131.6 -
1964 $356 - $139.2 -
1965 $383 - $142.7 -
1966 $412 - $145.8 -
1967 $426 - $156.6 -
1968 $392 - $170.8 -
1969 $402 - $175.2 -
1970 $442 - $178.5 -
1971 $481 - $186.7 -
1972 $529 - $220.1 -
1973 $619 - $271.8 -
1974 $805 - $299.9 -
1975 $906 - $386 -
1976 $729 - $381 -
1977 $866 - $435 -
1978 $983 - $582 -
1979 $1,071 - $718 -
1980 $1,774 - $784 -
1981 $1,753 - $750 -
1982 $1,629 - $732 -
1983 $1,677 - $746 -
1984 $1,814 - $772 -
1985 $1,754 - $875 -
1986 $1,859 - $1,179 -
1987 $2,166 - $1,258 -
1988 $2,406 - $1,145 -
1989 $2,742 - $1,001 -
1990 $2,989 $4,474 $1,087 $2,032
1991 $3,192 $5,061 $1,015 $1,963
1992 $3,646 $5,714 $1,005 $1,890
1993 $3,863 $6,084 $1,310 $1,731
1994 $3,879 $6,082 $701 $1,752
1995 $4,012 $6,100 $832 $1,790
1996 $4,046 $6,096 $827 $1,850
1997 $4,017 $6,252 $783 $1,915
1998 $4,128 $6,343 $799 $1,975
1999 $4,292 $6,801 $796 $2,039
2000 $4,730 $7,555 $709 $2,108
2001 $4,722 $7,864 $715 $2,191
2002 $4,862 $8,166 $790 $2,263
2003 $4,962 $8,863 $988 $2,368
2004 $5,156 $9,259 $1,133 $2,533
2005 $5,273 $9,480 $1,143 $2,598
2006 $5,527 $9,925 $1,191 $2,704
2007 $5,765 $10,243 $1,326 $2,818
2008 $5,713 $9,986 $1,492 $2,870
2009 $5,401 $9,744 $1,461 $2,879
2010 $5,451 $9,735 $1,399 $2,914
2011 $5,582 $9,698 $1,514 $2,989
2012 $5,710 $9,266 $1,449 $3,060
2013 $5,950 $9,514 $1,576 $3,239
2014 $6,128 $9,490 $1,649 $3,422
2015 $6,154 $9,538 $1,415 $3,498
2016 $6,142 $9,402 $1,442 $3,627
2017 $6,073 $9,122 $1,496 $3,767
2018 $6,031 $9,528 $1,611 $4,011
2019 $6,190 $10,531 $1,555 $4,241
2020 $5,227 $9,618 $1,556 $4,365
2021 $6,123 $11,677 $1,672 $4,794
2022 $7,068 $13,466 $1,605 $5,189
2023 $7,460 $13,823 $1,737 $5,406
2024 $8,430 $15,093 $1,762 $5,591

Spending and national debt comparison

In 2024, Belize's government spending was $869M, accounting for 24.1% of its GDP, while Cameroon's spent $8.52B, or 16.3% of GDP.

Debt-to-GDP ratio is 59.5% in Belize and 39.9% in Cameroon, ranking 84/185 and 136/185, respectively.

Belize
Government spending

Government debt
Cameroon
Government spending

Government debt
Year % of GDP
Belize Cameroon
Government spending Government debt Government spending Government debt
1996 19.9% 39.4% - -
1997 19.9% 40.7% - -
1998 20.9% 40.3% - 67.8%
1999 23.6% 43.7% - 68.4%
2000 23.1% 79% 14.6% 75.9%
2001 25.8% 49.5% 14.6% 62.2%
2002 24.4% 53.2% 13.9% 56.6%
2003 24.5% 67.2% 13.2% 51.5%
2004 21.7% 70.6% 13.4% 51.7%
2005 21.4% 72.7% 12.4% 43.8%
2006 21.2% 71.3% 12.5% 18.4%
2007 22% 66.4% 13.5% 13.8%
2008 21.8% 64.6% 15.9% 11.2%
2009 23.2% 69.7% 14.7% 11.3%
2010 23.3% 68.5% 15.2% 14%
2011 23.5% 66.4% 17.8% 15%
2012 22.1% 63.4% 17.2% 14.9%
2013 23.8% 62.9% 19.2% 17.5%
2014 24.8% 61.5% 20.1% 20.7%
2015 27.9% 65.1% 20.1% 31.6%
2016 27.7% 70.4% 20.2% 32.1%
2017 27.7% 78.1% 19.2% 36.5%
2018 26.8% 78.8% 18% 38.3%
2019 27.4% 78.4% 18.7% 41.6%
2020 33.2% 103.3% 16.6% 44.9%
2021 25.8% 82.5% 17.1% 47.2%
2022 22.8% 66.8% 17.1% 45.6%
2023 24.8% 67.2% 17.1% 43.2%
2024 24.7% 61% 16.6% 42.7%
2025 24.1% 59.5% 16.3% 39.9%

Government deficit by year

In 2024, Belize's government deficit, the difference between spending and revenue, was -$83.1M, equivalent to -2.36% of GDP. This compares to Cameroon's deficit of -$307M, or -0.6% of GDP.

Over the past 25 years, Belize recorded a fiscal deficit in 24 of those years, while Cameroon ran a deficit in 17 years. On average, Belize posted an annual deficit equal to -3.19% of GDP, compared to deficit of -0.007% of GDP for Cameroon.

Deficit/surplus
Belize

Cameroon
Year Deficit/surplus, % of GDP
Belize Cameroon
1996 -1.76% -
1997 -1.81% -
1998 -2.69% -
1999 -6.51% -
2000 -6.68% 1.54%
2001 -7.23% 0.86%
2002 -5.4% 1.51%
2003 -8.41% 0.56%
2004 -4.52% -0.46%
2005 -3.7% 3.03%
2006 -2.27% 28.2%
2007 -0.19% 3.87%
2008 1.25% 2%
2009 -2.46% -0.04%
2010 -1.91% -0.93%
2011 -1.06% -2.26%
2012 -0.22% -1.4%
2013 -1.21% -3.55%
2014 -1.72% -4.09%
2015 -5.14% -4.25%
2016 -4.47% -5.88%
2017 -3.48% -4.72%
2018 -1.36% -2.41%
2019 -2.89% -3.24%
2020 -8.59% -3.19%
2021 -3.3% -3.01%
2022 -0.48% -1.11%
2023 -1.99% -0.63%
2024 -2.36% -0.6%
2025 -1.65% -0.84%

Inflation comparison by year

Over the past 29 years, Belize has recorded an average annual inflation rate of 1.89%, compared with 2.79% in Cameroon. In 2024, inflation was 1.4% in Belize and 4.53% in Cameroon.

Inflation
Belize

Cameroon
Year Inflation
Belize Cameroon Belize Cameroon
1996 6.4% 3.92%
1997 1% 4.79%
1998 -0.8% 3.17%
1999 -1.2% 1.87%
2000 0.6% 1.23%
2001 1.1% 4.42%
2002 2.2% 2.83%
2003 2.6% 0.62%
2004 3.1% 0.23%
2005 3.7% 2.01%
2006 4.2% 5.12%
2007 2.3% 0.92%
2008 6.4% 5.34%
2009 -1.1% 3.04%
2010 0.9% 1.28%
2011 1.7% 2.94%
2012 1.2% 2.74%
2013 0.5% 2.05%
2014 1.2% 1.85%
2015 -0.9% 2.68%
2016 0.7% 0.87%
2017 1.1% 0.64%
2018 0.3% 1.07%
2019 0.2% 2.45%
2020 0.1% 2.44%
2021 3.2% 2.27%
2022 6.3% 6.25%
2023 4.4% 7.38%
2024 3.3% 4.53%
2025 1.4% -

Top exports between countries

Belize
Export category Export value
Cameroon
Export category Export value
Raw materials & minerals $48K

Balance of trade

Belize Cameroon
Current account balance
-$51.7M
2024
-$2.02B
2023
Current account balance ranking
80/189
2024
143/189
2023
Current account balance, % of GDP
-1.47%
2024
-4.1%
2023
Goods imports
$1.36B
2024
$7.74B
2023
Goods exports
$482M
2024
$6.34B
2023
Service imports
$362M
2024
$2.55B
2023
Service exports
$1.16B
2024
$2.01B
2023
Imports of goods and services, % of GDP
51.2%
2023
21.1%
2024
Exports of goods and services, % of GDP
55.3%
2023
14.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Belize Cameroon
Economic freedom 64.2 52.1
Economic freedom ranking 73/197 149/197
Property rights 35.1 31.3
Government integrity 44.4 20.7
Judicial effectiveness 72.6 10.3
Tax burden 83.2 72.9
Government spending 82.2 91.2
Fiscal health 86.5 92.3
Business freedom 68.3 48.8
Labor freedom 65.1 46.5
Monetary freedom 71.2 73.7
Trade freedom 56.6 57.2
Investment freedom 55 30
Financial freedom 50 50

Economic freedom by year comparison

The Economic Freedom Index for Belize is 64.2, ranking 73/197, compared to 52.1 for Cameroon, ranking 149/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Belize
Cameroon
Year Economic freedom index
Belize Cameroon
1995 62.9 51.3
1996 61.6 45.7
1997 64.3 44.6
1998 59.1 48
1999 60.7 50.3
2000 63.3 49.9
2001 65.9 53.3
2002 65.6 52.8
2003 63.5 52.7
2004 62.8 52.3
2005 64.5 53
2006 64.7 54.6
2007 63.3 55.6
2008 63 54.3
2009 63 53
2010 61.5 52.3
2011 63.8 51.8
2012 61.9 51.8
2013 57.3 52.3
2014 56.7 52.6
2015 56.8 51.9
2016 57.4 54.2
2017 58.6 51.8
2018 57.1 51.9
2019 55.4 52.4
2020 57.4 53.6
2021 57.5 53.4
2022 56.6 52.9
2023 59.8 51.9
2024 61.2 53.6
2025 64.2 52.1

More economic indicators

Belize Cameroon
Services, % of GDP
62.4%
2023
49.9%
2024
Industry, % of GDP
14.3%
2023
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
8.1%
2023
17.4%
2024
GNI, Atlas method
$3.19B
2024
$49B
2024
GNI per capita, PPP
$14,530
2024
$5,490
2024
Total reserves including gold
$498M
2024
$4.88B
2023
Total reserves ranking
156/177
2024
103/177
2023
Net foreign direct investment
-$126M
2024
-$901M
2023
Net inflows of foreign direct investment
$128M
2024
$925M
2024
Net outflows of foreign direct investment
$2.61M
2024
$5.56M
2024
Servicing debt to the IMF, % of GNI
3.86%
2023
3.53%
2023
Poverty at national poverty lines
52%
2018
37.7%
2021
Gross capital formation, % of GDP
18.3%
2023
21.4%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.