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Economy of Belize vs Kenya compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $120B for Kenya, ranking 168/197 and 64/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $81B (67.3% of GDP) in Kenya.

Belize vs Kenya GDP by year

Belize
Kenya
1x
Year GDP, current $
Belize Kenya
2024 $3,203,631,800 $120,339,557,906
2023 $3,052,362,650 $107,500,884,685
2022 $2,846,604,350 $114,448,978,153
2021 $2,428,606,250 $109,703,658,905
2020 $2,047,284,600 $100,657,505,751
2019 $2,381,187,850 $100,378,436,207
2018 $2,285,915,050 $92,202,979,985
2017 $2,266,028,250 $82,036,510,877
2016 $2,239,604,950 $74,815,144,164
2015 $2,193,095,150 $70,120,446,897
2014 $2,138,242,200 $68,285,796,514
2013 $2,035,191,450 $61,671,440,408
2012 $1,917,083,500 $56,396,704,672
2011 $1,831,576,700 $46,869,473,151
2010 $1,748,988,400 $45,405,615,064
2009 $1,688,012,750 $42,347,217,913
2008 $1,738,453,600 $35,895,153,328
2007 $1,706,190,450 $31,958,195,182
2006 $1,590,463,100 $25,825,512,284
2005 $1,474,298,400 $18,737,895,513
2004 $1,400,202,000 $16,095,337,094
2003 $1,308,280,250 $14,904,517,650
2002 $1,243,912,050 $13,147,736,899
2001 $1,172,045,150 $12,986,007,426
2000 $1,138,138,100 $12,705,350,098
1999 $999,713,050 $12,896,010,459
1998 $929,047,000 $14,093,998,844
1997 $872,916,050 $13,115,764,358
1996 $850,339,100 $12,045,865,396
1995 $818,590,250 $9,046,320,255
1994 $771,838,000 $7,148,148,564
1993 $752,255,150 $5,751,786,643
1992 $695,741,150 $8,209,120,763
1991 $596,682,100 $8,151,488,783
1990 $546,750,912 $8,572,359,038
1989 $491,100,000 $8,283,114,514
1988 $421,450,000 $8,355,380,879
1987 $371,100,000 $7,970,820,369
1986 $311,500,000 $7,239,126,568
1985 $287,300,000 $6,135,034,214
1984 $290,350,000 $6,191,437,070
1983 $262,150,000 $5,979,198,314
1982 $248,550,000 $6,431,579,357
1981 $260,750,000 $6,854,491,706
1980 $257,400,000 $7,265,315,820
1979 $151,800,000 $6,234,391,113
1978 $136,300,000 $5,303,735,111
1977 $117,650,000 $4,494,378,764
1976 $97,094,227 $3,474,542,392
1975 $118,194,026 $3,259,345,083
1974 $103,160,450 $2,969,958,812
1973 $78,214,768 $2,509,001,324
1972 $65,998,069 $2,107,279,157
1971 $59,074,687 $1,778,391,289
1970 $53,339,893 $1,603,447,359
1969 $47,399,905 $1,458,379,417
1968 $44,999,910 $1,353,295,459
1967 $47,431,256 $1,232,559,507
1966 $44,450,044 $1,164,519,674
1965 $40,110,040 $997,919,321
1964 $36,194,586 $998,759,334
1963 $33,750,114 $926,589,349
1962 $31,857,592 $868,111,401
1961 $29,965,000 $792,959,473
1960 $28,072,478 $791,265,459

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

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

GDP per capita in Belize vs Kenya by year

Belize
GDP per capita

GDP per capita, PPP
Kenya
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Kenya
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $2,132 $6,644
2023 $7,425 $13,730 $1,943 $6,317
2022 $7,068 $13,461 $2,110 $5,883
2021 $6,143 $11,716 $2,061 $5,339
2020 $5,239 $9,639 $1,928 $4,793
2019 $6,172 $10,500 $1,960 $4,687
2018 $6,012 $9,497 $1,836 $4,412
2017 $6,072 $9,121 $1,667 $4,177
2016 $6,141 $9,399 $1,554 $3,917
2015 $6,155 $9,538 $1,489 $3,678
2014 $6,128 $9,490 $1,483 $3,359
2013 $5,957 $9,526 $1,371 $3,106
2012 $5,733 $9,303 $1,285 $2,847
2011 $5,596 $9,722 $1,096 $2,750
2010 $5,461 $9,748 $1,092 $2,635
2009 $5,400 $9,728 $1,048 $2,480
2008 $5,712 $9,975 $916 $2,459
2007 $5,762 $10,226 $840 $2,481
2006 $5,525 $9,910 $700 $2,330
2005 $5,270 $9,466 $523 $2,189
2004 $5,154 $9,245 $464 $2,066
2003 $4,960 $8,850 $443 $1,975
2002 $4,859 $8,154 $403 $1,940
2001 $4,719 $7,852 $411 $1,961
2000 $4,727 $7,544 $415 $1,907
1999 $4,290 $6,790 $434 $1,910
1998 $4,126 $6,333 $488 $1,895
1997 $4,014 $6,243 $467 $1,865
1996 $4,043 $6,087 $441 $1,875
1995 $4,010 $6,091 $340 $1,818
1994 $3,877 $6,073 $276.4 $1,754
1993 $3,860 $6,075 $229 $1,723
1992 $3,643 $5,706 $337 $1,728
1991 $3,190 $5,053 $345 $1,756
1990 $2,986 $4,467 $374 $1,729
1989 $2,742 - $374 -
1988 $2,406 - $391 -
1987 $2,166 - $387 -
1986 $1,859 - $364 -
1985 $1,754 - $320 -
1984 $1,814 - $334 -
1983 $1,677 - $335 -
1982 $1,629 - $374 -
1981 $1,753 - $413 -
1980 $1,774 - $454 -
1979 $1,071 - $403 -
1978 $983 - $355 -
1977 $866 - $311 -
1976 $729 - $248.9 -
1975 $906 - $241.2 -
1974 $805 - $227.2 -
1973 $619 - $198.6 -
1972 $529 - $172.6 -
1971 $481 - $150.9 -
1970 $442 - $141 -
1969 $402 - $133.3 -
1968 $392 - $128.7 -
1967 $426 - $121.9 -
1966 $412 - $119.8 -
1965 $383 - $106.9 -
1964 $356 - $111.3 -
1963 $342 - $107.4 -
1962 $332 - $104.6 -
1961 $320 - $99.3 -
1960 $307 - $102.8 -

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

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

Belize's GDP per capita is $7,681, ranking 98/197, compared to $2,132 in Kenya, ranking 154/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Kenya ranks 149th at $6,644.

Economic indicators

Belize Kenya
Gross domestic product
$3.2B
2024
$120B
2024
GDP rank
168/197
2024
64/197
2024
GDP growth
3.5%
2023-2024
4.72%
2023-2024
GDP per capita
$7,681
2024
$2,132
2024
GDP per capita rank
98/197
2024
154/197
2024
GDP per capita, PPP
$14,347
2024
$6,644
2024
GDP per capita PPP rank
117/197
2024
149/197
2024
Government debt
$2.1B
2024
$81B
2024
Debt-to-GDP ratio
65.4%
2024
67.3%
2024
Government debt per person
$5,026
2024
$1,436
2024
Government debt per person rank
78/185
2024
133/185
2024
Average annual personal income after taxes
$9,204
2026
$3,229
2026
Market capitalization of domestic companies n/a
$15B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
30.1%
2022
Income share by poorest 10%
2.2%
2018
2.9%
2022
Government expenditure, % of GDP
26.3%
2024
23.3%
2024
Consumer prices inflation
3.3%
2023-2024
4.49%
2023-2024
Central bank interest rate n/a
9.25%
2025
Unemployment rate
29.3%
2020
5.44%
2022
Population
430409
58955623

Spending and national debt comparison by year

Belize
Spending

Debt
Kenya
Spending

Debt
1x
Year % of GDP
Belize Kenya
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 23.3% 67.3%
2023 25.8% 67.5% 22.7% 73.4%
2022 23.4% 66.8% 23.2% 67.8%
2021 25.7% 82.2% 24% 68.2%
2020 33.2% 103% 24.8% 68%
2019 27.5% 78.6% 24.4% 59.1%
2018 26.9% 79% 24.5% 56.4%
2017 27.7% 78.1% 25.2% 53.9%
2016 27.7% 70.5% 25.4% 50.4%
2015 27.9% 65.1% 23.8% 45.8%
2014 24.8% 61.5% 23.4% 41.3%
2013 23.8% 62.8% 23.2% 39.8%
2012 22.1% 63.1% 22.1% 37.6%
2011 23.5% 66.2% 20.1% 35.7%
2010 23.3% 68.4% 21.5% 36.7%
2009 23.2% 69.7% 20.3% 36%
2008 21.8% 64.7% 18.9% 34.3%
2007 22.1% 66.4% 18.1% 34.2%
2006 21.2% 71.4% 17.3% 37.1%
2005 21.4% 72.7% 16.2% 37.4%
2004 21.7% 70.7% 15.4% 40.8%
2003 24.6% 67.2% 16% 43.8%
2002 24.4% 53.2% 15.7% 42%
2001 25.9% 49.5% 14.9% 41.3%
2000 23.2% 79% 14.1% 43.1%
1999 23.6% 41.5% 13.7% 38.4%
1998 20.9% 38.7% 15.3% 38.5%
1997 19.9% 39.4% 15.6% 36%
1996 19.9% 38.4% 15.2% 40.5%
1995 - - 17.3% 52.1%
1994 - - 18.8% 57%
1993 - - 18.9% 61.6%
1992 - - 17.6% 41.2%
1991 - - 16.4% 43%
1990 - - 17.2% 37.6%
1989 - - 16.3% 33.4%
1988 - - 15.9% 33.9%
1987 - - 15.5% 36.3%
1986 - - 15.3% 31.3%
1985 - - 15.6% 28.8%
1984 - - 14.9% 25.6%
1983 - - 14.6% 26.1%
1982 - - 16.2% 26.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–2000, retrieved 2026-02-20).

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

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Kenya spent $28B, or 23.3% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 67.3% in Kenya, ranking 67/185 and 64/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Kenya
1x
Year Deficit/surplus, % of GDP
Belize Kenya
2024 -1.23% -5.77%
2023 -2.42% -5.71%
2022 -1.04% -6.06%
2021 -3.29% -7.2%
2020 -8.57% -8.13%
2019 -2.9% -7.42%
2018 -1.37% -6.94%
2017 -3.48% -7.4%
2016 -4.47% -7.47%
2015 -5.14% -6.68%
2014 -1.72% -5.75%
2013 -1.21% -5.25%
2012 -0.22% -5.29%
2011 -1.06% -3.64%
2010 -1.9% -3.67%
2009 -2.46% -3.12%
2008 1.25% -1.95%
2007 -0.19% -0.95%
2006 -2.27% -0.43%
2005 -3.7% -0.19%
2004 -4.52% 0.5%
2003 -8.41% -0.73%
2002 -5.41% -1.29%
2001 -7.23% -0.53%
2000 -6.68% 0.38%
1999 -6.51% 0.84%
1998 -2.69% -0.03%
1997 -1.81% -0.91%
1996 -1.76% -0.49%
1995 - -0.23%
1994 - -4.14%
1993 - -8.57%
1992 - -8.28%
1991 - -6.56%
1990 - -3.28%
1989 - -2.39%
1988 - -1.97%
1987 - -2.27%
1986 - -2.98%
1985 - -3.05%
1984 - -2.55%
1983 - -2.17%
1982 - -3.07%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/belize/kenya | 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 Kenya's deficit of $6.94B, or 5.77% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Kenya ran a deficit in 26 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 3.49% of GDP for Kenya.

Inflation comparison by year

Inflation
Belize

Kenya
1x
Year Consumer prices inflation
Belize Kenya
2024 3.3% 4.49%
2023 4.4% 7.67%
2022 6.3% 7.66%
2021 3.2% 6.11%
2020 0.1% 5.41%
2019 0.2% 5.24%
2018 0.3% 4.69%
2017 1.1% 8.01%
2016 0.7% 6.3%
2015 -0.9% 6.58%
2014 1.2% 6.88%
2013 0.5% 5.72%
2012 1.2% 9.38%
2011 1.7% 14%
2010 0.9% 3.96%
2009 -1.1% 9.23%
2008 6.4% 26.2%
2007 2.3% 9.76%
2006 4.2% 14.5%
2005 3.7% 10.3%
2004 3.1% 11.6%
2003 2.6% 9.82%
2002 2.2% 1.96%
2001 1.1% 5.74%
2000 0.6% 9.98%
1999 -1.2% 5.74%
1998 -0.8% 6.72%
1997 1% 11.4%

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/kenya | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 8.39% in Kenya. In 2024, inflation was 3.3% in Belize and 4.49% in Kenya.

Top exports between countries

Belize
Export category Export value
Kenya
Export category Export value
Textiles & consumer goods $1K

Balance of trade

Belize Kenya
Current account balance
-$51.7M
2024
-$1.55B
2024
Current account balance ranking
84/190
2024
134/190
2024
Current account balance, % of GDP
-1.61%
2024
-1.29%
2024
Goods imports
$1.36B
2024
$22.2B
2024
Goods exports
$482M
2024
$12.5B
2024
Service imports
$362M
2024
$5.64B
2024
Service exports
$1.16B
2024
$8.04B
2024
Imports of goods and services, % of GDP
53.7%
2024
23.1%
2024
Exports of goods and services, % of GDP
55.2%
2024
17.1%
2024

Economic freedom indices

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

Belize Kenya
Economic freedom 64.7 55.5
Economic freedom ranking 71/197 128/197
Property rights 46.3 40.2
Government integrity 46.2 32.7
Judicial effectiveness 73.9 47
Tax burden 81.8 76.3
Government spending 81 84.1
Fiscal health 87.5 36.2
Business freedom 67.2 61.5
Labor freedom 57.6 56.5
Monetary freedom 72.6 75.1
Trade freedom 57.8 52
Investment freedom 55 55
Financial freedom 50 50

Economic freedom comparison by year

Belize
Kenya
1x
Year Economic freedom index
Belize Kenya
2026 64.7 55.5
2025 64.2 54.8
2024 61.2 53.6
2023 59.8 52.5
2022 56.6 52.6
2021 57.5 54.9
2020 57.4 55.3
2019 55.4 55.1
2018 57.1 54.7
2017 58.6 53.5
2016 57.4 57.5
2015 56.8 55.6
2014 56.7 57.1
2013 57.3 55.9
2012 61.9 57.5
2011 63.8 57.4
2010 61.5 57.5
2009 63 58.7
2008 63 59.3
2007 63.3 59.6
2006 64.7 59.7
2005 64.5 57.9
2004 62.8 57.7
2003 63.5 58.6
2002 65.6 58.2
2001 65.9 57.6
2000 63.3 59.7
1999 60.7 58.2
1998 59.1 58.4
1997 64.3 60.1
1996 61.6 56.4
1995 62.9 54.5

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 55.5 for Kenya, ranking 128/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Kenya
Services, % of GDP
62.4%
2024
55.3%
2024
Industry, % of GDP
14.6%
2024
16.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
22.5%
2024
GNI, Atlas method
$2.98B
2024
$118B
2024
GNI per capita, PPP
$13,760
2024
$6,540
2024
Total reserves including gold
$498M
2024
$10.1B
2024
Total reserves ranking
156/177
2024
75/177
2024
Net foreign direct investment
-$126M
2024
-$45.8M
2024
Net inflows of foreign direct investment
$128M
2024
$463M
2024
Net outflows of foreign direct investment
$2.61M
2024
$418M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
4.79%
2024
Poverty at national poverty lines
52%
2018
39.8%
2022
Gross capital formation, % of GDP
19.8%
2024
16.8%
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/kenya | 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 (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1982–2000, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2024, retrieved 2026-02-08)

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.