Skip to content

Economy of Belize vs Jamaica compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $22B for Jamaica, ranking 168/197 and 124/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $14B (63.4% of GDP) in Jamaica.

Belize vs Jamaica GDP by year

Belize
Jamaica
1x
Year GDP, current $
Belize Jamaica
2024 $3,203,631,800 $22,014,397,090
2023 $3,052,362,650 $21,418,804,320
2022 $2,846,604,350 $18,813,516,805
2021 $2,428,606,250 $15,963,885,376
2020 $2,047,284,600 $15,000,214,216
2019 $2,381,187,850 $17,026,269,263
2018 $2,285,915,050 $16,855,447,986
2017 $2,266,028,250 $15,783,583,237
2016 $2,239,604,950 $14,898,999,754
2015 $2,193,095,150 $14,963,589,916
2014 $2,138,242,200 $13,899,217,680
2013 $2,035,191,450 $14,264,205,153
2012 $1,917,083,500 $14,807,086,556
2011 $1,831,576,700 $14,444,661,522
2010 $1,748,988,400 $13,220,549,908
2009 $1,688,012,750 $12,120,458,115
2008 $1,738,453,600 $13,709,401,520
2007 $1,706,190,450 $12,799,600,047
2006 $1,590,463,100 $11,930,179,090
2005 $1,474,298,400 $11,243,865,778
2004 $1,400,202,000 $10,174,664,854
2003 $1,308,280,250 $9,430,234,811
2002 $1,243,912,050 $9,719,009,495
2001 $1,172,045,150 $9,194,727,831
2000 $1,138,138,100 $9,005,064,475
1999 $999,713,050 $8,887,057,997
1998 $929,047,000 $8,787,195,622
1997 $872,916,050 $8,400,041,724
1996 $850,339,100 $7,393,891,921
1995 $818,590,250 $6,577,520,643
1994 $771,838,000 $5,452,558,947
1993 $752,255,150 $5,440,075,676
1992 $695,741,150 $3,535,460,090
1991 $596,682,100 $4,106,207,649
1990 $546,750,912 $4,592,208,087
1989 $491,100,000 $4,404,937,853
1988 $421,450,000 $3,828,342,820
1987 $371,100,000 $3,287,007,322
1986 $311,500,000 $2,754,549,582
1985 $287,300,000 $2,100,239,019
1984 $290,350,000 $2,373,564,549
1983 $262,150,000 $3,619,262,277
1982 $248,550,000 $3,293,496,312
1981 $260,750,000 $2,979,027,966
1980 $257,400,000 $2,679,379,372
1979 $151,800,000 $2,425,064,229
1978 $136,300,000 $2,644,527,822
1977 $117,650,000 $3,249,733,140
1976 $97,094,227 $2,966,042,856
1975 $118,194,026 $2,860,442,750
1974 $103,160,450 $2,375,122,375
1973 $78,214,768 $1,905,917,553
1972 $65,998,069 $1,875,146,587
1971 $59,074,687 $1,539,861,816
1970 $53,339,893 $1,404,720,442
1969 $47,399,905 $1,191,239,047
1968 $44,999,910 $1,083,839,133
1967 $47,431,256 $1,148,014,311
1966 $44,450,044 $1,096,759,561
1965 $40,110,040 $972,159,611
1964 $36,194,586 $897,949,001
1963 $33,750,114 $826,706,669
1962 $31,857,592 $777,727,689
1961 $29,965,000 $748,043,501
1960 $28,072,478 $699,064,380

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

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

GDP per capita in Belize vs Jamaica by year

Belize
GDP per capita

GDP per capita, PPP
Jamaica
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Jamaica
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $7,754 $12,890
2023 $7,425 $13,730 $7,542 $12,651
2022 $7,068 $13,461 $6,626 $11,888
2021 $6,143 $11,716 $5,626 $10,431
2020 $5,239 $9,639 $5,299 $9,764
2019 $6,172 $10,500 $6,031 $10,845
2018 $6,012 $9,497 $5,977 $10,753
2017 $6,072 $9,121 $5,605 $10,466
2016 $6,141 $9,399 $5,302 $9,948
2015 $6,155 $9,538 $5,339 $9,476
2014 $6,128 $9,490 $4,975 $9,210
2013 $5,957 $9,526 $5,124 $9,101
2012 $5,733 $9,303 $5,341 $8,831
2011 $5,596 $9,722 $5,233 $8,809
2010 $5,461 $9,748 $4,810 $8,521
2009 $5,400 $9,728 $4,428 $8,580
2008 $5,712 $9,975 $5,030 $8,952
2007 $5,762 $10,226 $4,716 $8,893
2006 $5,525 $9,910 $4,417 $8,577
2005 $5,270 $9,466 $4,184 $8,127
2004 $5,154 $9,245 $3,808 $7,854
2003 $4,960 $8,850 $3,550 $7,593
2002 $4,859 $8,154 $3,681 $7,226
2001 $4,719 $7,852 $3,504 $7,019
2000 $4,727 $7,544 $3,453 $6,816
1999 $4,290 $6,790 $3,432 $6,653
1998 $4,126 $6,333 $3,419 $6,543
1997 $4,014 $6,243 $3,297 $6,682
1996 $4,043 $6,087 $2,929 $6,706
1995 $4,010 $6,091 $2,631 $6,657
1994 $3,877 $6,073 $2,203 $6,435
1993 $3,860 $6,075 $2,221 $6,279
1992 $3,643 $5,706 $1,458 $5,664
1991 $3,190 $5,053 $1,710 $5,485
1990 $2,986 $4,467 $1,930 $5,106
1989 $2,742 - $1,865 -
1988 $2,406 - $1,632 -
1987 $2,166 - $1,411 -
1986 $1,859 - $1,191 -
1985 $1,754 - $917 -
1984 $1,814 - $1,048 -
1983 $1,677 - $1,619 -
1982 $1,629 - $1,494 -
1981 $1,753 - $1,370 -
1980 $1,774 - $1,249 -
1979 $1,071 - $1,144 -
1978 $983 - $1,262 -
1977 $866 - $1,569 -
1976 $729 - $1,450 -
1975 $906 - $1,417 -
1974 $805 - $1,193 -
1973 $619 - $972 -
1972 $529 - $971 -
1971 $481 - $809 -
1970 $442 - $748 -
1969 $402 - $642 -
1968 $392 - $591 -
1967 $426 - $633 -
1966 $412 - $612 -
1965 $383 - $549 -
1964 $356 - $514 -
1963 $342 - $480 -
1962 $332 - $458 -
1961 $320 - $447 -
1960 $307 - $424 -

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

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

Belize's GDP per capita is $7,681, ranking 98/197, compared to $7,754 in Jamaica, ranking 95/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Jamaica ranks 121st at $12,890.

Economic indicators

Belize Jamaica
Gross domestic product
$3.2B
2024
$22B
2024
GDP rank
168/197
2024
124/197
2024
GDP growth
3.5%
2023-2024
-0.54%
2023-2024
GDP per capita
$7,681
2024
$7,754
2024
GDP per capita rank
98/197
2024
95/197
2024
GDP per capita, PPP
$14,347
2024
$12,890
2024
GDP per capita PPP rank
117/197
2024
121/197
2024
Government debt
$2.1B
2024
$14B
2024
Debt-to-GDP ratio
65.4%
2024
63.4%
2024
Government debt per person
$5,026
2024
$4,917
2024
Government debt per person rank
78/185
2024
79/185
2024
Average annual personal income after taxes
$9,204
2026
$6,905
2026
Market capitalization of domestic companies n/a
$12.4B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
29.6%
2021
Income share by poorest 10%
2.2%
2018
2.2%
2021
Government expenditure, % of GDP
26.3%
2024
30.5%
2024
Consumer prices inflation
3.3%
2023-2024
5.41%
2023-2024
Central bank interest rate n/a
5.75%
2025
Unemployment rate
29.3%
2020
3.02%
2023
Population
430409
2834980

Spending and national debt comparison by year

Belize
Spending

Debt
Jamaica
Spending

Debt
1x
Year % of GDP
Belize Jamaica
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 30.5% 63.4%
2023 25.8% 67.5% 28% 67.3%
2022 23.4% 66.8% 28.4% 73.5%
2021 25.7% 82.2% 29% 90.9%
2020 33.2% 103% 29.8% 100.1%
2019 27.5% 78.6% 27.8% 88.6%
2018 26.9% 79% 27.8% 89.2%
2017 27.7% 78.1% 27.3% 96.7%
2016 27.7% 70.5% 27% 109.1%
2015 27.9% 65.1% 26.3% 117.6%
2014 24.8% 61.5% 26.5% 136.7%
2013 23.8% 62.8% 26.9% 138.1%
2012 22.1% 63.1% 29.6% 143%
2011 23.5% 66.2% 31.7% 138.1%
2010 23.3% 68.4% 32.9% 140.1%
2009 23.2% 69.7% 38.6% 141.5%
2008 21.8% 64.7% 34.4% 125.6%
2007 22.1% 66.4% 31.6% 115.3%
2006 21.2% 71.4% 31.2% 118%
2005 21.4% 72.7% 29.3% 124.5%
2004 21.7% 70.7% 31.5% 120.1%
2003 24.6% 67.2% 32.5% 125.5%
2002 24.4% 53.2% 31.1% 119.1%
2001 25.9% 49.5% 28.5% 107.9%
2000 23.2% 79% 26.2% 91.3%
1999 23.6% 41.5% 28.9% 83.5%
1998 20.9% 38.7% 28.3% 75.6%
1997 19.9% 39.4% 28.3% 74.4%
1996 19.9% 38.4% 27.7% 70.2%
1995 - - 23.1% 85.2%
1994 - - 21.5% 90.4%
1993 - - 21.5% 106.2%
1992 - - 20% 100.4%
1991 - - 24.5% 175.1%
1990 - - 25.7% 128.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1990–2000, retrieved 2026-02-20).

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

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Jamaica spent $6.72B, or 30.5% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 63.4% in Jamaica, ranking 67/185 and 73/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Jamaica
1x
Year Deficit/surplus, % of GDP
Belize Jamaica
2024 -1.23% 0.22%
2023 -2.42% 0.04%
2022 -1.04% 0.27%
2021 -3.29% 0.89%
2020 -8.57% -2.83%
2019 -2.9% 0.85%
2018 -1.37% 1.12%
2017 -3.48% 0.43%
2016 -4.47% -0.19%
2015 -5.14% -0.28%
2014 -1.72% -0.49%
2013 -1.21% 0.12%
2012 -0.22% -4.05%
2011 -1.06% -6.34%
2010 -1.9% -6.27%
2009 -2.46% -11.1%
2008 1.25% -7.43%
2007 -0.19% -3.82%
2006 -2.27% -4.9%
2005 -3.7% -3.3%
2004 -4.52% -4.68%
2003 -8.41% -5.67%
2002 -5.41% -6.77%
2001 -7.23% -4.89%
2000 -6.68% -0.8%
1999 -6.51% -3.53%
1998 -2.69% -5.82%
1997 -1.81% -6.54%
1996 -1.76% -5.32%
1995 - 1.6%
1994 - 2.59%
1993 - 2.6%
1992 - 3.11%
1991 - 3.87%
1990 - 2.34%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/belize/jamaica | 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 Jamaica's surplus of $49.1M, or 0.22% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Jamaica ran a deficit in 21 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 3.14% of GDP for Jamaica.

Inflation comparison by year

Inflation
Belize

Jamaica
1x
Year Consumer prices inflation
Belize Jamaica
2024 3.3% 5.41%
2023 4.4% 6.47%
2022 6.3% 10.3%
2021 3.2% 5.86%
2020 0.1% 5.23%
2019 0.2% 3.91%
2018 0.3% 3.74%
2017 1.1% 4.38%
2016 0.7% 2.35%
2015 -0.9% 3.69%
2014 1.2% 8.27%
2013 0.5% 9.34%
2012 1.2% 6.87%
2011 1.7% 7.56%
2010 0.9% 12.6%
2009 -1.1% 9.59%
2008 6.4% 22%
2007 2.3% 9.24%
2006 4.2% 8.56%
2005 3.7% 15.1%
2004 3.1% 13.6%
2003 2.6% 10.1%
2002 2.2% 7.08%
2001 1.1% 6.8%
2000 0.6% 8.17%
1999 -1.2% 5.95%
1998 -0.8% 8.63%
1997 1% 9.66%

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/jamaica | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 8.23% in Jamaica. In 2024, inflation was 3.3% in Belize and 5.41% in Jamaica.

Top exports between countries

Belize
Export category Export value
Processed food, beverages & tobacco $4.13M
Raw agricultural goods $3.44M
Animal & marine products $1.02M
Wood & paper products $882K
Chemicals & pharma $449K
Textiles & consumer goods $93K
Raw materials & minerals $23K
Miscellaneous $22K
Machinery & equipment $1K
Jamaica
Export category Export value
Processed food, beverages & tobacco $3M
Chemicals & pharma $596K
Raw materials & minerals $51K
Machinery & equipment $16K
Wood & paper products $13K
Miscellaneous $9K
Raw agricultural goods $6K
Textiles & consumer goods $4K
Animal & marine products $3K

Balance of trade

Belize Jamaica
Current account balance
-$51.7M
2024
$679M
2024
Current account balance ranking
84/190
2024
56/190
2024
Current account balance, % of GDP
-1.61%
2024
+3.08%
2024
Goods imports
$1.36B
2024
$6.07B
2024
Goods exports
$482M
2024
$1.87B
2024
Service imports
$362M
2024
$3.46B
2024
Service exports
$1.16B
2024
$5.26B
2024
Imports of goods and services, % of GDP
53.7%
2024
52.1%
2019
Exports of goods and services, % of GDP
55.2%
2024
38%
2019

Economic freedom indices

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

Belize Jamaica
Economic freedom 64.7 68.2
Economic freedom ranking 71/197 48/197
Property rights 46.3 66.8
Government integrity 46.2 49.4
Judicial effectiveness 73.9 75.6
Tax burden 81.8 76.3
Government spending 81 76
Fiscal health 87.5 92.2
Business freedom 67.2 68.5
Labor freedom 57.6 59.2
Monetary freedom 72.6 74.2
Trade freedom 57.8 70.4
Investment freedom 55 60
Financial freedom 50 50

Economic freedom comparison by year

Belize
Jamaica
1x
Year Economic freedom index
Belize Jamaica
2026 64.7 68.2
2025 64.2 68.7
2024 61.2 68.1
2023 59.8 68.1
2022 56.6 67.4
2021 57.5 69
2020 57.4 68.5
2019 55.4 68.6
2018 57.1 69.1
2017 58.6 69.5
2016 57.4 67.5
2015 56.8 67.7
2014 56.7 66.7
2013 57.3 66.8
2012 61.9 65.1
2011 63.8 65.7
2010 61.5 65.5
2009 63 65.2
2008 63 65.7
2007 63.3 65.5
2006 64.7 66.4
2005 64.5 67
2004 62.8 66.7
2003 63.5 67
2002 65.6 61.7
2001 65.9 63.7
2000 63.3 65.5
1999 60.7 64.7
1998 59.1 67.1
1997 64.3 67.7
1996 61.6 66.7
1995 62.9 64.4

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 68.2 for Jamaica, ranking 48/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Jamaica
Services, % of GDP
62.4%
2024
60%
2024
Industry, % of GDP
14.6%
2024
16.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
7.97%
2024
GNI, Atlas method
$2.98B
2024
$20.5B
2024
GNI per capita, PPP
$13,760
2024
$12,690
2024
Total reserves including gold
$498M
2024
$5.63B
2024
Total reserves ranking
156/177
2024
93/177
2024
Net foreign direct investment
-$126M
2024
-$304M
2024
Net inflows of foreign direct investment
$128M
2024
$305M
2024
Net outflows of foreign direct investment
$2.61M
2024
$1.07M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
11.3%
2024
Poverty at national poverty lines
52%
2018
8.2%
2023
Gross capital formation, % of GDP
19.8%
2024
22.6%
2019

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/jamaica | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, 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. TradeMap (2022–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–2000, retrieved 2026-02-20)
  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.