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Economy of Belize vs Ecuador compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $125B for Ecuador, ranking 168/197 and 62/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $67B (53.8% of GDP) in Ecuador.

Belize vs Ecuador GDP by year

Belize
Ecuador
1x
Year GDP, current $
Belize Ecuador
2024 $3,203,631,800 $124,676,074,700
2023 $3,052,362,650 $121,147,057,000
2022 $2,846,604,350 $116,133,121,000
2021 $2,428,606,250 $107,179,074,000
2020 $2,047,284,600 $95,865,473,000
2019 $2,381,187,850 $107,595,830,000
2018 $2,285,915,050 $107,478,961,000
2017 $2,266,028,250 $104,467,486,000
2016 $2,239,604,950 $97,671,433,000
2015 $2,193,095,150 $97,209,558,000
2014 $2,138,242,200 $102,717,794,000
2013 $2,035,191,450 $96,570,334,000
2012 $1,917,083,500 $87,735,048,000
2011 $1,831,576,700 $78,986,648,000
2010 $1,748,988,400 $68,151,329,000
2009 $1,688,012,750 $60,094,978,000
2008 $1,738,453,600 $61,139,438,000
2007 $1,706,190,450 $49,848,725,000
2006 $1,590,463,100 $45,690,762,000
2005 $1,474,298,400 $40,278,849,000
2004 $1,400,202,000 $35,194,947,000
2003 $1,308,280,250 $30,965,208,000
2002 $1,243,912,050 $27,054,197,000
2001 $1,172,045,150 $23,127,055,000
2000 $1,138,138,100 $17,539,454,727
1999 $999,713,050 $19,645,272,636
1998 $929,047,000 $27,981,896,948
1997 $872,916,050 $28,162,053,027
1996 $850,339,100 $25,226,393,197
1995 $818,590,250 $24,432,884,442
1994 $771,838,000 $22,708,673,337
1993 $752,255,150 $18,938,717,359
1992 $695,741,150 $18,094,238,119
1991 $596,682,100 $16,988,535,268
1990 $546,750,912 $15,239,272,612
1989 $491,100,000 $13,890,823,705
1988 $421,450,000 $13,051,881,851
1987 $371,100,000 $13,945,426,859
1986 $311,500,000 $15,314,138,472
1985 $287,300,000 $17,149,088,413
1984 $290,350,000 $16,912,509,092
1983 $262,150,000 $17,152,477,037
1982 $248,550,000 $19,929,846,396
1981 $260,750,000 $21,810,759,354
1980 $257,400,000 $17,881,508,242
1979 $151,800,000 $14,175,160,902
1978 $136,300,000 $11,922,497,876
1977 $117,650,000 $11,026,342,618
1976 $97,094,227 $9,091,921,030
1975 $118,194,026 $7,731,674,472
1974 $103,160,450 $6,599,257,044
1973 $78,214,768 $3,891,754,150
1972 $65,998,069 $3,185,986,087
1971 $59,074,687 $2,754,219,271
1970 $53,339,893 $2,862,503,139
1969 $47,399,905 $3,112,165,727
1968 $44,999,910 $2,582,179,864
1967 $47,431,256 $2,553,595,172
1966 $44,450,044 $2,429,308,639
1965 $40,110,040 $2,387,047,396
1964 $36,194,586 $2,244,146,103
1963 $33,750,114 $1,824,343,871
1962 $31,857,592 $1,518,207,703
1961 $29,965,000 $1,753,850,955
1960 $28,072,478 $2,069,464,937

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/ecuador | CC BY

GDP per capita in Belize vs Ecuador by year

Belize
GDP per capita

GDP per capita, PPP
Ecuador
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Ecuador
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $6,875 $15,840
2023 $7,425 $13,730 $6,738 $15,919
2022 $7,068 $13,461 $6,516 $15,198
2021 $6,143 $11,716 $6,061 $13,507
2020 $5,239 $9,639 $5,464 $11,527
2019 $6,172 $10,500 $6,205 $12,543
2018 $6,012 $9,497 $6,304 $12,187
2017 $6,072 $9,121 $6,233 $11,793
2016 $6,141 $9,399 $5,918 $10,881
2015 $6,155 $9,538 $5,976 $10,878
2014 $6,128 $9,490 $6,406 $11,836
2013 $5,957 $9,526 $6,109 $11,296
2012 $5,733 $9,303 $5,634 $10,245
2011 $5,596 $9,722 $5,154 $9,769
2010 $5,461 $9,748 $4,520 $8,969
2009 $5,400 $9,728 $4,053 $8,662
2008 $5,712 $9,975 $4,195 $8,663
2007 $5,762 $10,226 $3,479 $8,112
2006 $5,525 $9,910 $3,244 $7,885
2005 $5,270 $9,466 $2,909 $7,457
2004 $5,154 $9,245 $2,586 $6,980
2003 $4,960 $8,850 $2,316 $6,475
2002 $4,859 $8,154 $2,059 $6,282
2001 $4,719 $7,852 $1,791 $5,999
2000 $4,727 $7,544 $1,382 $5,728
1999 $4,290 $6,790 $1,575 $5,638
1998 $4,126 $6,333 $2,284 $5,940
1997 $4,014 $6,243 $2,341 $5,793
1996 $4,043 $6,087 $2,136 $5,560
1995 $4,010 $6,091 $2,108 $5,469
1994 $3,877 $6,073 $1,997 $5,339
1993 $3,860 $6,075 $1,698 $5,112
1992 $3,643 $5,706 $1,655 $4,998
1991 $3,190 $5,053 $1,587 $4,887
1990 $2,986 $4,467 $1,455 $4,632
1989 $2,742 - $1,356 -
1988 $2,406 - $1,304 -
1987 $2,166 - $1,426 -
1986 $1,859 - $1,604 -
1985 $1,754 - $1,842 -
1984 $1,814 - $1,864 -
1983 $1,677 - $1,940 -
1982 $1,629 - $2,314 -
1981 $1,753 - $2,601 -
1980 $1,774 - $2,190 -
1979 $1,071 - $1,783 -
1978 $983 - $1,541 -
1977 $866 - $1,465 -
1976 $729 - $1,242 -
1975 $906 - $1,086 -
1974 $805 - $954 -
1973 $619 - $579 -
1972 $529 - $488 -
1971 $481 - $434 -
1970 $442 - $465 -
1969 $402 - $521 -
1968 $392 - $445 -
1967 $426 - $454 -
1966 $412 - $445 -
1965 $383 - $450 -
1964 $356 - $436 -
1963 $342 - $365 -
1962 $332 - $312 -
1961 $320 - $371 -
1960 $307 - $451 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/ecuador | CC BY

Belize's GDP per capita is $7,681, ranking 98/197, compared to $6,875 in Ecuador, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Ecuador ranks 110th at $15,840.

Economic indicators

Belize Ecuador
Gross domestic product
$3.2B
2024
$125B
2024
GDP rank
168/197
2024
62/197
2024
GDP growth
3.5%
2023-2024
-2%
2023-2024
GDP per capita
$7,681
2024
$6,875
2024
GDP per capita rank
98/197
2024
103/197
2024
GDP per capita, PPP
$14,347
2024
$15,840
2024
GDP per capita PPP rank
117/197
2024
110/197
2024
Government debt
$2.1B
2024
$67B
2024
Debt-to-GDP ratio
65.4%
2024
53.8%
2024
Government debt per person
$5,026
2024
$3,695
2024
Government debt per person rank
78/185
2024
93/185
2024
Average annual personal income after taxes
$9,204
2026
$5,894
2026
Market capitalization of domestic companies n/a
$747M
2000
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
33.4%
2024
Income share by poorest 10%
2.2%
2018
1.5%
2024
Government expenditure, % of GDP
26.3%
2024
38.1%
2024
Consumer prices inflation
3.3%
2023-2024
1.55%
2023-2024
Unemployment rate
29.3%
2020
3.39%
2024
Population
430409
18487749

Spending and national debt comparison by year

Belize
Spending

Debt
Ecuador
Spending

Debt
1x
Year % of GDP
Belize Ecuador
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 38.1% 53.8%
2023 25.8% 67.5% 39.5% 54.3%
2022 23.4% 66.8% 38.9% 57.2%
2021 25.7% 82.2% 37.5% 61.8%
2020 33.2% 103% 40.2% 63.6%
2019 27.5% 78.6% 39.8% 52.1%
2018 26.9% 79% 40.9% 49.5%
2017 27.7% 78.1% 40.5% 47.4%
2016 27.7% 70.5% 44.1% 46.1%
2015 27.9% 65.1% 44.1% 36.4%
2014 24.8% 61.5% 45.9% 28.2%
2013 23.8% 62.8% 46.7% 23.4%
2012 22.1% 63.1% 43.2% 19.3%
2011 23.5% 66.2% 39.6% 18.6%
2010 23.3% 68.4% 35.4% 18.4%
2009 23.2% 69.7% 34.3% 19.7%
2008 21.8% 64.7% 35.6% 24.9%
2007 22.1% 66.4% 24.7% 29.6%
2006 21.2% 71.4% 21.7% 33.1%
2005 21.4% 72.7% 22% 35.8%
2004 21.7% 70.7% 21.3% 40.2%
2003 24.6% 67.2% 21.3% 47.2%
2002 24.4% 53.2% 22.8% 55%
2001 25.9% 49.5% 21.4% 63.8%
2000 23.2% 79% 24.3% 92.2%
1999 23.6% 41.5% 24.1% 105.2%
1998 20.9% 38.7% 21.5% 70.3%
1997 19.9% 39.4% 22% 61.5%
1996 19.9% 38.4% 22.7% 69.3%
1995 - - 22% 70.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20).

GeoRank.org/economy/belize/ecuador | CC BY

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Ecuador spent $47.5B, or 38.1% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 53.8% in Ecuador, ranking 67/185 and 98/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Ecuador
1x
Year Deficit/surplus, % of GDP
Belize Ecuador
2024 -1.23% -1.28%
2023 -2.42% -3.48%
2022 -1.04% 0.04%
2021 -3.29% -1.59%
2020 -8.57% -7.38%
2019 -2.9% -3.47%
2018 -1.37% -2.8%
2017 -3.48% -5.77%
2016 -4.47% -10.3%
2015 -5.14% -6.87%
2014 -1.72% -8.11%
2013 -1.21% -8.17%
2012 -0.22% -2.83%
2011 -1.06% -0.13%
2010 -1.9% -1.39%
2009 -2.46% -3.71%
2008 1.25% 0.57%
2007 -0.19% 2.66%
2006 -2.27% 2.92%
2005 -3.7% 0.66%
2004 -4.52% 1.94%
2003 -8.41% 1.05%
2002 -5.41% 0.74%
2001 -7.23% 0.03%
2000 -6.68% -0.32%
1999 -6.51% -4.82%
1998 -2.69% -5.1%
1997 -1.81% -2.83%
1996 -1.76% -3.44%
1995 - -2.02%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/belize/ecuador | CC BY

In 2024, Belize's government deficit, the difference between spending and revenue, was $39.4M, equivalent to 1.23% of GDP. This compares to Ecuador's deficit of $1.59B, or 1.28% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Ecuador ran a deficit in 20 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 2.52% of GDP for Ecuador.

Inflation comparison by year

Inflation
Belize

Ecuador
1x
Year Consumer prices inflation
Belize Ecuador
2024 3.3% 1.55%
2023 4.4% 2.22%
2022 6.3% 3.47%
2021 3.2% 0.13%
2020 0.1% -0.34%
2019 0.2% 0.27%
2018 0.3% -0.22%
2017 1.1% 0.42%
2016 0.7% 1.73%
2015 -0.9% 3.97%
2014 1.2% 3.59%
2013 0.5% 2.72%
2012 1.2% 5.1%
2011 1.7% 4.47%
2010 0.9% 3.55%
2009 -1.1% 5.16%
2008 6.4% 8.4%
2007 2.3% 2.28%
2006 4.2% 3.3%
2005 3.7% 2.17%
2004 3.1% 2.74%
2003 2.6% 7.93%
2002 2.2% 12.5%
2001 1.1% 37.7%
2000 0.6% 96.1%
1999 -1.2% 52.2%
1998 -0.8% 36.1%
1997 1% 30.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/ecuador | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 11.8% in Ecuador. In 2024, inflation was 3.3% in Belize and 1.55% in Ecuador.

Top exports between countries

Belize
Export category Export value
Miscellaneous $1K
Ecuador
Export category Export value
Metals $1.11M
Machinery & equipment $284K
Textiles & consumer goods $218K
Chemicals & pharma $12K
Miscellaneous $1K

Balance of trade

Belize Ecuador
Current account balance
-$51.7M
2024
$7.06B
2024
Current account balance ranking
84/190
2024
27/190
2024
Current account balance, % of GDP
-1.61%
2024
+5.66%
2024
Goods imports
$1.36B
2024
$27.9B
2024
Goods exports
$482M
2024
$34.7B
2024
Service imports
$362M
2024
$6.18B
2024
Service exports
$1.16B
2024
$3.86B
2024
Imports of goods and services, % of GDP
53.7%
2024
26.9%
2024
Exports of goods and services, % of GDP
55.2%
2024
30.3%
2024

Economic freedom indices

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

Belize Ecuador
Economic freedom 64.7 55.6
Economic freedom ranking 71/197 127/197
Property rights 46.3 33.2
Government integrity 46.2 33
Judicial effectiveness 73.9 48.1
Tax burden 81.8 74.2
Government spending 81 54.9
Fiscal health 87.5 90.3
Business freedom 67.2 64.3
Labor freedom 57.6 56.9
Monetary freedom 72.6 76.3
Trade freedom 57.8 66.4
Investment freedom 55 30
Financial freedom 50 40

Economic freedom comparison by year

Belize
Ecuador
1x
Year Economic freedom index
Belize Ecuador
2026 64.7 55.6
2025 64.2 55.8
2024 61.2 55
2023 59.8 55
2022 56.6 54.3
2021 57.5 52.4
2020 57.4 51.3
2019 55.4 46.9
2018 57.1 48.5
2017 58.6 49.3
2016 57.4 48.6
2015 56.8 49.2
2014 56.7 48
2013 57.3 46.9
2012 61.9 48.3
2011 63.8 47.1
2010 61.5 49.3
2009 63 52.5
2008 63 55.2
2007 63.3 55.3
2006 64.7 54.6
2005 64.5 52.9
2004 62.8 54.4
2003 63.5 54.1
2002 65.6 53.1
2001 65.9 55.1
2000 63.3 59.8
1999 60.7 62.9
1998 59.1 62.8
1997 64.3 61
1996 61.6 60.1
1995 62.9 57.7

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/belize/ecuador | CC BY

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 55.6 for Ecuador, ranking 127/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Ecuador
Services, % of GDP
62.4%
2024
57.2%
2024
Industry, % of GDP
14.6%
2024
26.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
9.48%
2024
GNI, Atlas method
$2.98B
2024
$117B
2024
GNI per capita, PPP
$13,760
2024
$15,410
2024
Total reserves including gold
$498M
2024
$6.91B
2024
Total reserves ranking
156/177
2024
87/177
2024
Net foreign direct investment
-$126M
2024
-$438M
2024
Net inflows of foreign direct investment
$128M
2024
$443M
2024
Net outflows of foreign direct investment
$2.61M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
7%
2024
Poverty at national poverty lines
52%
2018
28%
2024
Gross capital formation, % of GDP
19.8%
2024
18.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/belize/ecuador | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.