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Economy of Belize vs Nigeria compared: GDP & Debt

Updated on by Georank

Belize has a GDP of $3.33B compared to $291B for Nigeria, ranking 170/197 and 50/197 by economy size, respectively.

Belize has $2.26B in government debt (67.9% of GDP), compared to $103B (35.5% of GDP) in Nigeria.

Belize vs Nigeria GDP by year

Belize
Nigeria
1x
Year GDP, current $
Belize Nigeria
2025 $3,326,500,000 $290,794,361,542
2024 $3,203,631,800 $252,261,880,140
2023 $3,052,362,650 $487,387,801,878
2022 $2,846,604,350 $646,950,257,575
2021 $2,428,606,250 $609,147,716,965
2020 $2,047,284,600 $598,586,817,817
2019 $2,381,187,850 $668,219,992,687
2018 $2,285,915,050 $421,739,251,509
2017 $2,266,028,250 $375,745,731,053
2016 $2,239,604,950 $404,649,125,252
2015 $2,193,095,150 $493,026,682,801
2014 $2,138,242,200 $574,183,763,412
2013 $2,035,191,450 $520,117,180,314
2012 $1,917,083,500 $463,971,018,239
2011 $1,831,576,700 $414,466,676,831
2010 $1,748,988,400 $366,990,417,129
2009 $1,688,012,750 $295,008,835,381
2008 $1,738,453,600 $339,476,276,258
2007 $1,706,190,450 $278,260,846,800
2006 $1,590,463,100 $238,454,997,161
2005 $1,474,298,400 $175,670,569,969
2004 $1,400,202,000 $135,764,731,646
2003 $1,308,280,250 $104,738,954,264
2002 $1,243,912,050 $95,054,059,303
2001 $1,172,045,150 $73,557,840,064
2000 $1,138,138,100 $69,171,451,627
1999 $999,713,050 $59,145,077,039
1998 $929,047,000 $218,416,200,673
1997 $872,916,050 $200,850,397,618
1996 $850,339,100 $185,730,236,700
1995 $818,590,250 $140,919,776,986
1994 $771,838,000 $80,399,613,064
1993 $752,255,150 $56,721,051,402
1992 $695,741,150 $52,058,181,854
1991 $596,682,100 $59,526,833,412
1990 $546,750,912 $54,035,795,388
1989 $491,100,000 $44,003,061,108
1988 $421,450,000 $49,648,470,440
1987 $371,100,000 $52,676,041,931
1986 $311,500,000 $54,805,852,581
1985 $287,300,000 $73,745,821,158
1984 $290,350,000 $73,484,359,521
1983 $262,150,000 $97,094,911,792
1982 $248,550,000 $142,769,363,314
1981 $260,750,000 $164,475,209,516
1980 $257,400,000 $64,201,788,123
1979 $151,800,000 $47,259,911,894
1978 $136,300,000 $36,527,862,209
1977 $117,650,000 $36,035,407,725
1976 $97,094,227 $36,308,883,249
1975 $118,194,026 $27,778,934,625
1974 $103,160,450 $24,846,641,318
1973 $78,214,768 $15,162,871,287
1972 $65,998,069 $12,274,416,018
1971 $59,074,687 $9,181,769,912
1970 $53,339,893 $12,546,094,982
1969 $47,399,905 $6,634,317,346
1968 $44,999,910 $5,200,997,920
1967 $47,431,256 $5,203,237,919
1966 $44,450,044 $6,366,917,453
1965 $40,110,040 $5,874,537,650
1964 $36,194,586 $5,552,931,319
1963 $33,750,114 $5,165,590,254
1962 $31,857,592 $4,909,399,176
1961 $29,965,000 $4,467,287,893
1960 $28,072,478 $4,196,174,502

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Belize vs Nigeria by year

Belize
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,865 - $1,224 -
2024 $7,681 $14,347 $1,084 $9,087
2023 $7,425 $13,730 $2,139 $8,705
2022 $7,068 $13,461 $2,899 $8,305
2021 $6,143 $11,716 $2,787 $7,588
2020 $5,239 $9,639 $2,797 $7,415
2019 $6,172 $10,500 $3,190 $7,551
2018 $6,012 $9,497 $2,058 $7,158
2017 $6,072 $9,121 $1,876 $7,037
2016 $6,141 $9,399 $2,070 $7,072
2015 $6,155 $9,538 $2,586 $7,308
2014 $6,128 $9,490 $3,089 $7,396
2013 $5,957 $9,526 $2,873 $7,004
2012 $5,733 $9,303 $2,633 $6,671
2011 $5,596 $9,722 $2,418 $6,585
2010 $5,461 $9,748 $2,202 $6,301
2009 $5,400 $9,728 $1,820 $5,927
2008 $5,712 $9,975 $2,154 $5,607
2007 $5,762 $10,226 $1,816 $5,298
2006 $5,525 $9,910 $1,600 $4,975
2005 $5,270 $9,466 $1,211 $4,678
2004 $5,154 $9,245 $962 $4,381
2003 $4,960 $8,850 $763 $4,015
2002 $4,859 $8,154 $712 $3,770
2001 $4,719 $7,852 $566 $3,309
2000 $4,727 $7,544 $547 $3,139
1999 $4,290 $6,790 $481 $3,002
1998 $4,126 $6,333 $1,822 $3,022
1997 $4,014 $6,243 $1,720 $2,990
1996 $4,043 $6,087 $1,633 $2,931
1995 $4,010 $6,091 $1,272 $2,835
1994 $3,877 $6,073 $745 $2,853
1993 $3,860 $6,075 $540 $2,921
1992 $3,643 $5,706 $509 $2,991
1991 $3,190 $5,053 $597 $2,870
1990 $2,986 $4,467 $556 $2,840
1989 $2,742 - $465 -
1988 $2,406 - $540 -
1987 $2,166 - $588 -
1986 $1,859 - $628 -
1985 $1,754 - $869 -
1984 $1,814 - $890 -
1983 $1,677 - $1,207 -
1982 $1,629 - $1,822 -
1981 $1,753 - $2,162 -
1980 $1,774 - $870 -
1979 $1,071 - $661 -
1978 $983 - $527 -
1977 $866 - $536 -
1976 $729 - $556 -
1975 $906 - $438 -
1974 $805 - $403 -
1973 $619 - $252.4 -
1972 $529 - $209.5 -
1971 $481 - $160.5 -
1970 $442 - $224.5 -
1969 $402 - $121.4 -
1968 $392 - $97.3 -
1967 $426 - $99.5 -
1966 $412 - $124.4 -
1965 $383 - $117.3 -
1964 $356 - $113.3 -
1963 $342 - $107.7 -
1962 $332 - $104.5 -
1961 $320 - $97.1 -
1960 $307 - $93.1 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Belize's GDP per capita is $7,865, ranking 99/197, compared to $1,224 in Nigeria, ranking 172/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Nigeria ranks 136th at $9,087.

Economic indicators

Belize Nigeria
Gross domestic product
$3.33B
2025
$291B
2025
GDP rank
170/197
2025
50/197
2025
GDP growth
2.75%
2024-2025
4.01%
2024-2025
GDP per capita
$7,865
2025
$1,224
2025
GDP per capita rank
99/197
2025
172/197
2025
GDP per capita, PPP
$14,347
2024
$9,087
2024
GDP per capita PPP rank
117/197
2024
136/197
2024
Government debt
$2.26B
2025
$103B
2025
Debt-to-GDP ratio
67.9%
2025
35.5%
2025
Government debt per person
$5,339
2025
$434
2025
Government debt per person rank
81/185
2025
170/185
2025
Average annual personal income after taxes
$5,278
2026
$768
2026
Market capitalization of domestic companies n/a
$86.9B
2025
Number of billionaires
1
2026
4
2026
Income share by richest 10%
30%
2018
26.3%
2022
Income share by poorest 10%
2.2%
2018
3%
2022
Government expenditure, % of GDP
25.9%
2025
11.7%
2025
Consumer prices inflation
1.1%
2024-2025
23%
2024-2025
Central bank interest rate n/a
26.5%
2026
Unemployment rate
29.3%
2020
3.45%
2024
Population
431659
245016045

Spending and national debt comparison by year

Belize
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Belize Nigeria
Government spending Government debt Government spending Government debt
2025 25.9% 67.9% 11.7% 35.5%
2024 26.8% 65.4% 12% 39.3%
2023 25.8% 67.5% 10.4% 36.3%
2022 23.4% 66.8% 10.6% 29.8%
2021 25.7% 82.2% 9.09% 26.6%
2020 33.2% 103% 8.73% 25.7%
2019 27.5% 78.6% 8.87% 21.4%
2018 26.9% 79% 9.1% 20.4%
2017 27.7% 78.1% 8.51% 18%
2016 27.7% 70.5% 6.93% 17.4%
2015 27.9% 65.1% 7.85% 14.9%
2014 24.8% 61.5% 9.49% 15.8%
2013 23.8% 62.8% 10% 13%
2012 22.1% 63.1% 10.5% 12.5%
2011 23.5% 66.2% 12.3% 12.4%
2010 23.3% 68.4% 11.8% 6.67%
2009 23.2% 69.7% 11% 6.12%
2008 21.8% 64.7% 10.2% 5.17%
2007 22.1% 66.4% 12.9% 5.76%
2006 21.2% 71.4% 8.75% 6.68%
2005 21.4% 72.7% 12.6% 13.4%
2004 21.7% 70.7% 13% 25.2%
2003 24.6% 67.2% 16.5% 29.9%
2002 24.4% 53.2% 13.8% 30.7%
2001 25.9% 49.5% 21.9% 37.7%
2000 23.2% 79% 17.6% 40.9%
1999 23.6% 41.5% 14.9% 46.1%
1998 20.9% 38.7% 11.2% 15.8%
1997 19.9% 39.4% 9.68% 17.1%
1996 19.9% 38.4% 7.87% 17.9%
1995 - - 8.87% 24.2%
1994 - - 12.1% 39.7%
1993 - - 20% 50.4%
1992 - - 15.9% 49.8%
1991 - - 13.6% 53.2%
1990 - - 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-07-08).

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

In 2025, Belize's government spending was $861M, accounting for 25.9% of its GDP, while Nigeria spent $34.1B, or 11.7% of GDP.

Debt-to-GDP ratio is 67.9% in Belize and 35.5% in Nigeria, ranking 61/185 and 143/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Nigeria
1x
Year Deficit/surplus, % of GDP
Belize Nigeria
2025 -0.96% -1.76%
2024 -1.52% -1.27%
2023 -2.42% -3.12%
2022 -1.04% -4%
2021 -3.29% -3.97%
2020 -8.57% -4.03%
2019 -2.9% -3.31%
2018 -1.37% -3.06%
2017 -3.48% -3.85%
2016 -4.47% -3.3%
2015 -5.14% -2.7%
2014 -1.72% -1.72%
2013 -1.21% -1.89%
2012 -0.22% -0.09%
2011 -1.06% 0.31%
2010 -1.9% -2.96%
2009 -2.46% -3.78%
2008 1.25% 4.05%
2007 -0.19% -0.79%
2006 -2.27% 6.22%
2005 -3.7% 3.49%
2004 -4.52% 3.9%
2003 -8.41% -1.56%
2002 -5.41% 0.95%
2001 -7.23% -2.29%
2000 -6.68% 2.89%
1999 -6.51% -1.39%
1998 -2.69% -3.47%
1997 -1.81% 1.14%
1996 -1.76% 3.37%
1995 - 2.52%
1994 - -2.96%
1993 - -6.07%
1992 - 0.94%
1991 - -1.18%
1990 - -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Belize's government deficit, the difference between spending and revenue, was $31.9M, equivalent to 0.96% of GDP. This compares to Nigeria's deficit of $5.12B, or 1.76% of GDP.

Over the past 30 years, Belize recorded a fiscal deficit in 29 of those years, while Nigeria ran a deficit in 21 years. On average, Belize posted an annual deficit equal to 3.12% of GDP, compared to deficit of 0.93% of GDP for Nigeria.

Inflation comparison by year

Inflation
Belize

Nigeria
1x
Year Consumer prices inflation
Belize Nigeria
2025 1.1% 23%
2024 3.3% 33.2%
2023 4.4% 24.7%
2022 6.3% 18.8%
2021 3.2% 17%
2020 0.1% 13.2%
2019 0.2% 11.4%
2018 0.3% 12.1%
2017 1.1% 16.5%
2016 0.7% 15.7%
2015 -0.9% 9.01%
2014 1.2% 8.05%
2013 0.5% 8.5%
2012 1.2% 12.2%
2011 1.7% 10.8%
2010 0.9% 13.7%
2009 -1.1% 12.5%
2008 6.4% 11.6%
2007 2.3% 5.39%
2006 4.2% 8.23%
2005 3.7% 17.9%
2004 3.1% 15%
2003 2.6% 14%
2002 2.2% 12.9%
2001 1.1% 18.9%
2000 0.6% 6.93%
1999 -1.2% 6.62%
1998 -0.8% 10%
1997 1% 8.53%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Belize has recorded an average annual inflation rate of 1.7%, compared with 13.7% in Nigeria. In 2025, inflation was 1.1% in Belize and 23% in Nigeria.

Top exports between countries

Belize
Export category Export value
Nigeria
Export category Export value
Raw agricultural goods $17K

Balance of trade

Belize Nigeria
Current account balance
-$92.3M
2025
$14B
2025
Current account balance ranking
80/190
2025
21/190
2025
Current account balance, % of GDP
-2.77%
2025
+4.83%
2025
Goods imports
$1.38B
2025
$43B
2025
Goods exports
$443M
2025
$57.5B
2025
Service imports
$352M
2025
$19.6B
2025
Service exports
$1.21B
2025
$5.06B
2025
Imports of goods and services, % of GDP
53.7%
2024
16.9%
1960
Exports of goods and services, % of GDP
55.2%
2024
9.24%
1960

Economic freedom indices

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

Belize Nigeria
Economic freedom 64.7 54.8
Economic freedom ranking 71/197 132/197
Property rights 46.3 29.7
Government integrity 46.2 23.5
Judicial effectiveness 73.9 34.4
Tax burden 81.8 84.6
Government spending 81 96.3
Fiscal health 87.5 83.5
Business freedom 67.2 50.3
Labor freedom 57.6 75.4
Monetary freedom 72.6 56.1
Trade freedom 57.8 64.4
Investment freedom 55 30
Financial freedom 50 30

Economic freedom comparison by year

Belize
Nigeria
1x
Year Economic freedom index
Belize Nigeria
2026 64.7 54.8
2025 64.2 53.4
2024 61.2 53.1
2023 59.8 53.9
2022 56.6 54.4
2021 57.5 58.7
2020 57.4 57.2
2019 55.4 57.3
2018 57.1 58.5
2017 58.6 57.1
2016 57.4 57.5
2015 56.8 55.6
2014 56.7 54.3
2013 57.3 55.1
2012 61.9 56.3
2011 63.8 56.7
2010 61.5 56.8
2009 63 55.1
2008 63 55.1
2007 63.3 55.6
2006 64.7 48.7
2005 64.5 48.4
2004 62.8 49.2
2003 63.5 49.5
2002 65.6 50.9
2001 65.9 49.6
2000 63.3 53.1
1999 60.7 55.7
1998 59.1 52.3
1997 64.3 52.8
1996 61.6 47.4
1995 62.9 47.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 54.8 for Nigeria, ranking 132/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Nigeria
Services, % of GDP
62.4%
2024
58.2%
2025
Industry, % of GDP
14.6%
2024
16.4%
2025
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
23%
2025
GNI, Atlas method
$3.19B
2025
$324B
2025
GNI per capita, PPP
$14,230
2025
$9,230
2025
Total reserves including gold
$559M
2025
$46B
2025
Total reserves ranking
156/177
2025
52/177
2025
Net foreign direct investment
$1.15M
2025
-$2.82B
2025
Net inflows of foreign direct investment
$128M
2024
$1.61B
2024
Net outflows of foreign direct investment
$2.61M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
5.46%
2024
Poverty at national poverty lines
52%
2018
56.2%
2023
Gross capital formation, % of GDP
19.8%
2024
n/a

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2023, retrieved 2026-07-08)

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.