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Economy of Belize vs Kiribati compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $308M for Kiribati, ranking 168/197 and 192/197 by economy size, respectively.

Belize has $1.95B in government debt (58.8% of GDP), compared to $30.5M (16.4% of GDP) in Kiribati.

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 $
Kiribati
GDP, current $

GDP, constant 2015 $
Year GDP
Belize Kiribati
Current $ Constant $ Current $ Constant $
1960 $28,072,478 $142,139,035 - -
1961 $29,965,000 $149,092,871 - -
1962 $31,857,592 $156,387,466 - -
1963 $33,750,114 $164,138,708 - -
1964 $36,194,586 $172,345,446 - -
1965 $40,110,040 $180,843,009 - -
1966 $44,450,044 $189,470,749 - -
1967 $47,431,256 $198,779,681 - -
1968 $44,999,910 $213,424,228 - -
1969 $47,399,905 $224,322,469 - -
1970 $53,339,893 $235,107,205 $11,560,877 $84,746,567
1971 $59,074,687 $244,416,136 $12,356,134 $82,805,820
1972 $65,998,069 $269,391,320 $15,314,346 $92,808,123
1973 $78,214,768 $283,808,858 $25,645,040 $112,214,193
1974 $103,160,450 $322,293,297 $69,256,489 $163,050,311
1975 $118,194,026 $333,872,729 $44,547,454 $171,764,404
1976 $97,094,227 $333,759,143 $33,246,817 $125,786,110
1977 $117,650,000 $355,442,120 $31,335,459 $119,984,062
1978 $136,300,000 $383,596,005 $36,563,965 $121,255,406
1979 $151,800,000 $412,430,999 $34,466,197 $107,207,974
1980 $257,400,000 $462,371,238 $33,157,723 $106,050,808
1981 $260,750,000 $467,611,279 $35,267,489 $112,543,444
1982 $248,550,000 $467,112,227 $32,742,713 $111,316,550
1983 $262,150,000 $457,081,291 $31,000,546 $100,432,082
1984 $290,350,000 $466,114,124 $34,394,167 $114,410,709
1985 $287,300,000 $470,805,208 $26,126,615 $99,262,591
1986 $311,500,000 $492,214,519 $25,993,009 $96,815,050
1987 $371,100,000 $545,014,170 $29,554,413 $98,066,611
1988 $421,450,000 $598,362,778 $38,278,810 $119,685,802
1989 $491,100,000 $676,214,816 $37,645,319 $110,957,785
1990 $546,750,912 $752,917,474 $36,534,295 $103,872,759
1991 $596,682,100 $841,601,389 $41,247,792 $98,005,316
1992 $695,741,150 $948,789,622 $61,491,369 $121,486,638
1993 $752,255,150 $1,007,025,242 $58,953,596 $121,360,298
1994 $771,838,000 $1,006,823,975 $67,055,334 $123,842,427
1995 $818,590,250 $1,014,189,476 $68,596,395 $127,250,829
1996 $850,339,100 $1,025,399,371 $81,456,854 $127,184,599
1997 $872,916,050 $1,068,821,096 $80,205,807 $128,681,731
1998 $929,047,000 $1,110,430,515 $74,905,706 $134,398,126
1999 $999,713,050 $1,215,068,544 $77,323,978 $129,137,472
2000 $1,138,138,100 $1,363,800,371 $74,910,527 $137,844,779
2001 $1,172,045,150 $1,431,902,589 $64,935,850 $133,510,761
2002 $1,243,912,050 $1,509,212,058 $74,743,869 $135,442,869
2003 $1,308,280,250 $1,655,080,826 $96,105,619 $133,309,011
2004 $1,400,202,000 $1,734,204,697 $104,085,892 $132,497,203
2005 $1,474,298,400 $1,772,690,003 $113,895,437 $134,209,637
2006 $1,590,463,100 $1,852,664,108 $112,338,353 $141,962,839
2007 $1,706,190,450 $1,914,531,925 $138,054,946 $146,299,918
2008 $1,738,453,600 $1,883,373,344 $147,017,895 $141,933,258
2009 $1,688,012,750 $1,874,960,133 $140,177,384 $142,695,158
2010 $1,748,988,400 $1,901,536,024 $165,458,433 $144,444,532
2011 $1,831,576,700 $1,899,062,675 $195,970,140 $149,158,807
2012 $1,917,083,500 $1,973,959,679 $207,001,546 $157,815,477
2013 $2,035,191,450 $2,054,230,071 $201,730,861 $170,016,068
2014 $2,138,242,200 $2,134,186,060 $200,287,282 $172,164,498
2015 $2,193,095,150 $2,193,095,150 $191,559,399 $191,559,399
2016 $2,239,604,950 $2,192,684,131 $206,467,819 $205,137,186
2017 $2,266,028,250 $2,152,487,028 $222,875,736 $212,828,045
2018 $2,285,915,050 $2,170,181,948 $233,514,717 $220,233,267
2019 $2,381,187,850 $2,262,557,633 $216,985,388 $227,422,252
2020 $2,047,284,600 $1,956,594,233 $220,898,020 $224,083,567
2021 $2,428,606,250 $2,308,584,057 $285,259,881 $243,085,266
2022 $2,846,604,350 $2,522,139,932 $270,040,453 $254,185,332
2023 $3,052,362,650 $2,534,753,859 $288,610,748 $260,926,355
2024 $3,203,631,800 $2,623,588,473 $307,862,564 $274,669,078

Economic indicators

Belize Kiribati
Gross domestic product
$3.2B
2024
$308M
2024
GDP rank
168/197
2024
192/197
2024
GDP growth
4.96%
2023-2024
6.67%
2023-2024
GDP per capita
$7,681
2024
$2,289
2024
GDP per capita rank
98/197
2024
152/197
2024
GDP per capita, PPP
$14,347
2024
$3,702
2024
Government debt
$1.95B
2024
$30.5M
2024
Debt-to-GDP ratio
58.8%
2026
16.4%
2026
Government debt per person
$4,682
2024
$226.9
2024
Government debt per person rank
83/185
2024
181/185
2024
Average annual personal income after taxes
$8,036
2026
$2,170
2026
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
22.8%
2019
Income share by poorest 10%
2.2%
2018
4%
2019
Government expenditure, % of GDP
24.1%
2026
111.2%
2026
Consumer prices inflation
1.9%
2025-2026
3.5%
2025-2026
Unemployment rate
29.3%
2020
2.79%
2023
Population
428711
138472

GDP per capita in Belize vs Kiribati

Belize's GDP per capita is $7,681, ranking 98/197, compared to $2,289 in Kiribati, ranking 152/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Kiribati ranks 169th at $3,702.

Belize
GDP per capita

GDP per capita, PPP
Kiribati
GDP per capita

GDP per capita, PPP
Year Current $
Belize Kiribati
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $307 - - -
1961 $320 - - -
1962 $332 - - -
1963 $342 - - -
1964 $356 - - -
1965 $383 - - -
1966 $412 - - -
1967 $426 - - -
1968 $392 - - -
1969 $402 - - -
1970 $442 - $201 -
1971 $481 - $210.7 -
1972 $529 - $256.2 -
1973 $619 - $422 -
1974 $805 - $1,131 -
1975 $906 - $730 -
1976 $729 - $548 -
1977 $866 - $520 -
1978 $983 - $611 -
1979 $1,071 - $573 -
1980 $1,774 - $542 -
1981 $1,753 - $568 -
1982 $1,629 - $519 -
1983 $1,677 - $483 -
1984 $1,814 - $527 -
1985 $1,754 - $393 -
1986 $1,859 - $382 -
1987 $2,166 - $424 -
1988 $2,406 - $536 -
1989 $2,742 - $515 -
1990 $2,986 $4,467 $488 $1,192
1991 $3,190 $5,053 $540 $1,139
1992 $3,643 $5,706 $792 $1,421
1993 $3,860 $6,075 $748 $1,431
1994 $3,877 $6,073 $838 $1,469
1995 $4,010 $6,091 $844 $1,518
1996 $4,043 $6,087 $986 $1,519
1997 $4,014 $6,243 $953 $1,535
1998 $4,126 $6,333 $874 $1,593
1999 $4,290 $6,790 $887 $1,526
2000 $4,727 $7,544 $845 $1,638
2001 $4,719 $7,852 $719 $1,591
2002 $4,859 $8,154 $810 $1,605
2003 $4,960 $8,850 $1,021 $1,578
2004 $5,154 $9,245 $1,083 $1,579
2005 $5,270 $9,466 $1,162 $1,617
2006 $5,525 $9,910 $1,123 $1,728
2007 $5,762 $10,226 $1,353 $1,792
2008 $5,712 $9,975 $1,411 $1,735
2009 $5,400 $9,728 $1,317 $1,718
2010 $5,461 $9,748 $1,522 $1,724
2011 $5,596 $9,722 $1,771 $1,786
2012 $5,733 $9,303 $1,844 $1,896
2013 $5,957 $9,526 $1,772 $2,049
2014 $6,128 $9,490 $1,737 $2,084
2015 $6,155 $9,538 $1,640 $2,311
2016 $6,141 $9,399 $1,743 $2,463
2017 $6,072 $9,121 $1,853 $2,562
2018 $6,012 $9,497 $1,913 $2,672
2019 $6,172 $10,500 $1,751 $2,763
2020 $5,239 $9,639 $1,752 $2,711
2021 $6,143 $11,716 $2,222 $3,020
2022 $7,068 $13,461 $2,070 $3,329
2023 $7,425 $13,730 $2,178 $3,486
2024 $7,681 $14,347 $2,289 $3,702

Spending and national debt comparison

In 2024, Belize's government spending was $792M, accounting for 24.1% of its GDP, while Kiribati's spent $302M, or 111.2% of GDP.

Debt-to-GDP ratio is 58.8% in Belize and 16.4% in Kiribati, ranking 83/185 and 175/185, respectively.

Belize
Government spending

Government debt
Kiribati
Government spending

Government debt
Year % of GDP
Belize Kiribati
Government spending Government debt Government spending Government debt
1990 - - 105.5% 7.72%
1991 - - 82.1% 8.43%
1992 - - 65.9% 7.31%
1993 - - 55.3% 10.9%
1994 - - 54.6% 12.3%
1995 - - 69.6% 12.3%
1996 19.9% 39.4% 68.4% 11%
1997 19.9% 40.7% 70.9% 10.7%
1998 20.9% 40.3% 74.7% 9.81%
1999 23.6% 43.7% 77.6% 11.8%
2000 23.1% 79% 66% 12.7%
2001 25.8% 49.5% 101.3% 17%
2002 24.4% 53.2% 96.9% 13.3%
2003 24.5% 67.2% 84.4% 12.3%
2004 21.7% 70.6% 103.8% 13.6%
2005 21.4% 72.7% 95.6% 12.1%
2006 21.2% 71.3% 82.1% 12.9%
2007 22% 66.4% 77.3% 11.1%
2008 21.8% 64.6% 79.4% 13.9%
2009 23.2% 69.7% 74.7% 10.3%
2010 23.3% 68.5% 75.7% 9.43%
2011 23.5% 66.4% 80.9% 8.8%
2012 22.1% 63.4% 83.9% 8.13%
2013 23.8% 62.9% 78% 8.86%
2014 24.8% 61.5% 101.2% 8.97%
2015 27.9% 65.1% 90.9% 18.8%
2016 27.7% 70.4% 99% 21.2%
2017 27.7% 78.1% 92.1% 20.2%
2018 26.8% 78.8% 108.8% 19%
2019 27.4% 78.4% 108.3% 19%
2020 33.2% 103.3% 102.2% 21%
2021 25.8% 82.5% 84% 17.3%
2022 22.8% 66.8% 87.5% 16.3%
2023 24.8% 67.2% 95.3% 11.4%
2024 24.7% 61% 98.1% 9.92%
2025 24.1% 59.5% 126.6% 8.77%
2026 24.1% 58.8% 111.2% 16.4%

Government deficit by year

In 2024, Belize's government deficit, the difference between spending and revenue, was -$75.7M, equivalent to -2.36% of GDP. This compares to Kiribati's deficit of -$67.7M, or -22% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Kiribati ran a deficit in 17 years. On average, Belize posted an annual deficit equal to -3.19% of GDP, compared to deficit of -0.53% of GDP for Kiribati.

Deficit/surplus
Belize

Kiribati
Year Deficit/surplus, % of GDP
Belize Kiribati
1990 - -4.62%
1991 - 3.87%
1992 - 0.79%
1993 - 6.27%
1994 - 0.74%
1995 - -5.14%
1996 -1.76% -20.2%
1997 -1.81% 5.92%
1998 -2.69% 14.6%
1999 -6.51% -1.81%
2000 -6.68% -0.03%
2001 -7.23% -10.9%
2002 -5.4% 3.13%
2003 -8.41% -8.93%
2004 -4.52% -19.2%
2005 -3.7% -9.96%
2006 -2.27% -12.3%
2007 -0.19% -12.5%
2008 1.25% -15.8%
2009 -2.46% -8.56%
2010 -1.91% -7.8%
2011 -1.06% -17.6%
2012 -0.22% -5.43%
2013 -1.21% 11.8%
2014 -1.72% 35%
2015 -5.14% 42.5%
2016 -4.47% 20.1%
2017 -3.48% 34.1%
2018 -1.36% 5.18%
2019 -2.89% 10.8%
2020 -8.59% 3.57%
2021 -3.3% -10.8%
2022 -0.48% -18.3%
2023 -1.99% 0.13%
2024 -2.36% -22%
2025 -1.65% -15.1%
2026 -1.54% -16.7%

Inflation comparison by year

Over the past 30 years, Belize has recorded an average annual inflation rate of 1.72%, compared with 2.48% in Kiribati. In 2026, inflation was 1.9% in Belize and 3.5% in Kiribati.

Inflation
Belize

Kiribati
Year Inflation
Belize Kiribati
1997 1% 2.6%
1998 -0.8% 3.7%
1999 -1.2% 1.8%
2000 0.6% 0.4%
2001 1.1% 6%
2002 2.2% 3.2%
2003 2.6% 1.6%
2004 3.1% -0.7%
2005 3.7% -0.4%
2006 4.2% -1%
2007 2.3% 3.6%
2008 6.4% 13.7%
2009 -1.1% 9.8%
2010 0.9% -3.9%
2011 1.7% 1.5%
2012 1.2% -3%
2013 0.5% -1.5%
2014 1.2% 2.1%
2015 -0.9% 0.6%
2016 0.7% 1.9%
2017 1.1% 0.4%
2018 0.3% 0.6%
2019 0.2% -1.8%
2020 0.1% 2.6%
2021 3.2% 2.1%
2022 6.3% 5.3%
2023 4.4% 9.3%
2024 3.3% 2.5%
2025 1.4% 7.8%
2026 1.9% 3.5%

Top exports between countries

Belize
Export category Export value
Kiribati
Export category Export value
Processed food, beverages & tobacco $256K

Balance of trade

Belize Kiribati
Current account balance
-$51.7M
2024
-$59.5M
2024
Current account balance ranking
84/190
2024
85/190
2024
Current account balance, % of GDP
-1.61%
2024
-19.3%
2024
Goods imports
$1.36B
2024
$227M
2024
Goods exports
$482M
2024
$8.49M
2024
Service imports
$362M
2024
$108M
2024
Service exports
$1.16B
2024
$7M
2024
Imports of goods and services, % of GDP
53.7%
2024
94.9%
2024
Exports of goods and services, % of GDP
55.2%
2024
6.27%
2024

Economic freedom indices

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

Belize Kiribati
Economic freedom 64.2 50.9
Economic freedom ranking 73/197 159/197
Property rights 35.1 68.5
Government integrity 44.4 48.9
Judicial effectiveness 72.6 59.9
Tax burden 83.2 72.9
Government spending 82.2 0
Fiscal health 86.5 19.7
Business freedom 68.3 62.8
Labor freedom 65.1 65.3
Monetary freedom 71.2 72.5
Trade freedom 56.6 80
Investment freedom 55 30
Financial freedom 50 30

Economic freedom by year comparison

The Economic Freedom Index for Belize is 64.2, ranking 73/197, compared to 50.9 for Kiribati, ranking 159/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Belize
Kiribati
Year Economic freedom index
Belize Kiribati
1995 62.9 -
1996 61.6 -
1997 64.3 -
1998 59.1 -
1999 60.7 -
2000 63.3 -
2001 65.9 -
2002 65.6 -
2003 63.5 -
2004 62.8 -
2005 64.5 -
2006 64.7 -
2007 63.3 -
2008 63 -
2009 63 45.7
2010 61.5 43.7
2011 63.8 44.8
2012 61.9 46.9
2013 57.3 45.9
2014 56.7 46.3
2015 56.8 46.4
2016 57.4 46.2
2017 58.6 50.9
2018 57.1 50.8
2019 55.4 47.3
2020 57.4 45.2
2021 57.5 44.4
2022 56.6 59.2
2023 59.8 58.8
2024 61.2 51.3
2025 64.2 50.9

More economic indicators

Belize Kiribati
Services, % of GDP
62.4%
2024
67.1%
2023
Industry, % of GDP
14.6%
2024
11.5%
2023
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
27.2%
2023
GNI, Atlas method
$2.98B
2024
$493M
2024
GNI per capita, PPP
$13,760
2024
$6,060
2024
Total reserves including gold
$498M
2024
n/a
Total reserves ranking
156/177
2024
n/a
Net foreign direct investment
-$126M
2024
-$8.06M
2024
Net inflows of foreign direct investment
$128M
2024
$8.07M
2024
Net outflows of foreign direct investment
$2.61M
2024
$16.4K
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
n/a
Poverty at national poverty lines
52%
2018
5.5%
2023
Gross capital formation, % of GDP
19.8%
2024
25.8%
2023

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.