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Economy of Belize vs Papua New Guinea compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $31.8B for Papua New Guinea, ranking 168/197 and 110/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $16.6B (52.1% of GDP) in Papua New Guinea.

Belize vs Papua New Guinea GDP by year

Belize
Papua New Guinea
1x
Year GDP, current $
Belize Papua New Guinea
2024 $3,203,631,800 $31,800,428,266
2023 $3,052,362,650 $30,816,367,067
2022 $2,846,604,350 $31,653,185,953
2021 $2,428,606,250 $26,109,413,521
2020 $2,047,284,600 $23,848,447,850
2019 $2,381,187,850 $24,750,626,030
2018 $2,285,915,050 $24,109,780,708
2017 $2,266,028,250 $22,742,699,138
2016 $2,239,604,950 $20,758,876,953
2015 $2,193,095,150 $21,723,437,010
2014 $2,138,242,200 $23,210,823,987
2013 $2,035,191,450 $21,261,338,065
2012 $1,917,083,500 $21,295,168,666
2011 $1,831,576,700 $17,985,138,066
2010 $1,748,988,400 $14,250,786,675
2009 $1,688,012,750 $11,619,456,449
2008 $1,738,453,600 $11,670,892,801
2007 $1,706,190,450 $9,545,028,944
2006 $1,590,463,100 $8,354,911,041
2005 $1,474,298,400 $4,865,892,972
2004 $1,400,202,000 $3,927,157,867
2003 $1,308,280,250 $3,536,411,824
2002 $1,243,912,050 $2,999,511,040
2001 $1,172,045,150 $3,081,024,212
2000 $1,138,138,100 $3,521,339,699
1999 $999,713,050 $3,477,038,204
1998 $929,047,000 $3,789,443,015
1997 $872,916,050 $4,936,615,299
1996 $850,339,100 $5,155,311,077
1995 $818,590,250 $4,636,057,476
1994 $771,838,000 $5,502,786,070
1993 $752,255,150 $4,974,550,286
1992 $695,741,150 $4,377,980,510
1991 $596,682,100 $3,787,394,958
1990 $546,750,912 $3,219,729,083
1989 $491,100,000 $3,546,472,566
1988 $421,450,000 $3,656,177,881
1987 $371,100,000 $3,143,851,794
1986 $311,500,000 $2,647,995,602
1985 $287,300,000 $2,423,339,172
1984 $290,350,000 $2,552,662,617
1983 $262,150,000 $2,562,351,551
1982 $248,550,000 $2,368,719,683
1981 $260,750,000 $2,498,190,847
1980 $257,400,000 $2,545,808,456
1979 $151,800,000 $2,293,760,511
1978 $136,300,000 $1,947,878,831
1977 $117,650,000 $1,640,746,619
1976 $97,094,227 $1,511,843,235
1975 $118,194,026 $1,356,603,608
1974 $103,160,450 $1,467,417,672
1973 $78,214,768 $1,299,079,410
1972 $65,998,069 $858,761,926
1971 $59,074,687 $717,750,278
1970 $53,339,893 $645,568,215
1969 $47,399,905 $551,263,864
1968 $44,999,910 $485,184,190
1967 $47,431,256 $441,728,183
1966 $44,450,044 $390,992,063
1965 $40,110,040 $344,176,055
1964 $36,194,586 $305,312,049
1963 $33,750,114 $275,968,044
1962 $31,857,592 $261,184,042
1961 $29,965,000 $244,832,039
1960 $28,072,478 $230,496,037

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

GeoRank.org/economy/belize/papua-new-guinea | CC BY

GDP per capita in Belize vs Papua New Guinea by year

Belize
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $3,007 $4,875
2023 $7,425 $13,730 $2,966 $4,668
2022 $7,068 $13,461 $3,102 $4,420
2021 $6,143 $11,716 $2,608 $3,977
2020 $5,239 $9,639 $2,430 $3,900
2019 $6,172 $10,500 $2,576 $4,060
2018 $6,012 $9,497 $2,566 $3,910
2017 $6,072 $9,121 $2,478 $3,923
2016 $6,141 $9,399 $2,316 $3,813
2015 $6,155 $9,538 $2,485 $3,670
2014 $6,128 $9,490 $2,723 $3,500
2013 $5,957 $9,526 $2,561 $3,110
2012 $5,733 $9,303 $2,635 $3,026
2011 $5,596 $9,722 $2,288 $2,919
2010 $5,461 $9,748 $1,867 $2,912
2009 $5,400 $9,728 $1,569 $2,692
2008 $5,712 $9,975 $1,625 $2,583
2007 $5,762 $10,226 $1,371 $2,622
2006 $5,525 $9,910 $1,238 $2,444
2005 $5,270 $9,466 $744 $2,322
2004 $5,154 $9,245 $621 $2,187
2003 $4,960 $8,850 $577 $2,142
2002 $4,859 $8,154 $506 $2,125
2001 $4,719 $7,852 $538 $2,168
2000 $4,727 $7,544 $636 $2,196
1999 $4,290 $6,790 $650 $2,280
1998 $4,126 $6,333 $733 $2,285
1997 $4,014 $6,243 $990 $2,432
1996 $4,043 $6,087 $1,071 $2,578
1995 $4,010 $6,091 $998 $2,436
1994 $3,877 $6,073 $1,228 $2,558
1993 $3,860 $6,075 $1,151 $2,451
1992 $3,643 $5,706 $1,051 $2,100
1991 $3,190 $5,053 $942 $1,869
1990 $2,986 $4,467 $826 $1,703
1989 $2,742 - $934 -
1988 $2,406 - $985 -
1987 $2,166 - $865 -
1986 $1,859 - $745 -
1985 $1,754 - $697 -
1984 $1,814 - $750 -
1983 $1,677 - $769 -
1982 $1,629 - $726 -
1981 $1,753 - $781 -
1980 $1,774 - $813 -
1979 $1,071 - $748 -
1978 $983 - $648 -
1977 $866 - $558 -
1976 $729 - $525 -
1975 $906 - $482 -
1974 $805 - $533 -
1973 $619 - $483 -
1972 $529 - $327 -
1971 $481 - $279.7 -
1970 $442 - $257.6 -
1969 $402 - $225.3 -
1968 $392 - $202.9 -
1967 $426 - $189 -
1966 $412 - $171.1 -
1965 $383 - $153.9 -
1964 $356 - $139.5 -
1963 $342 - $128.9 -
1962 $332 - $124.7 -
1961 $320 - $119.7 -
1960 $307 - $115.5 -

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

GeoRank.org/economy/belize/papua-new-guinea | CC BY

Belize's GDP per capita is $7,681, ranking 98/197, compared to $3,007 in Papua New Guinea, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Belize Papua New Guinea
Gross domestic product
$3.2B
2024
$31.8B
2024
GDP rank
168/197
2024
110/197
2024
GDP growth
3.5%
2023-2024
3.8%
2023-2024
GDP per capita
$7,681
2024
$3,007
2024
GDP per capita rank
98/197
2024
140/197
2024
GDP per capita, PPP
$14,347
2024
$4,875
2024
GDP per capita PPP rank
117/197
2024
159/197
2024
Government debt
$2.1B
2024
$16.6B
2024
Debt-to-GDP ratio
65.4%
2024
52.1%
2024
Government debt per person
$5,026
2024
$1,566
2024
Government debt per person rank
78/185
2024
129/185
2024
Average annual personal income after taxes
$9,204
2026
$2,362
2026
Market capitalization of domestic companies n/a
$1.68B
2017
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
31%
2009
Income share by poorest 10%
2.2%
2018
1.9%
2009
Government expenditure, % of GDP
26.3%
2024
20.4%
2024
Consumer prices inflation
3.3%
2023-2024
0.6%
2023-2024
Central bank interest rate n/a
5%
2025
Unemployment rate
29.3%
2020
2.69%
2022
Population
430409
11002753

Spending and national debt comparison by year

Belize
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Belize Papua New Guinea
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 20.4% 52.1%
2023 25.8% 67.5% 22.3% 53.9%
2022 23.4% 66.8% 21.9% 48.2%
2021 25.7% 82.2% 22% 52.6%
2020 33.2% 103% 23.5% 48.7%
2019 27.5% 78.6% 21.3% 38.2%
2018 26.9% 79% 20.3% 36.7%
2017 27.7% 78.1% 18.4% 32.5%
2016 27.7% 70.5% 20.9% 33.7%
2015 27.9% 65.1% 22.8% 29.9%
2014 24.8% 61.5% 27.1% 26.9%
2013 23.8% 62.8% 27.6% 24.9%
2012 22.1% 63.1% 22.4% 19.1%
2011 23.5% 66.2% 19.7% 16.3%
2010 23.3% 68.4% 18.4% 17.3%
2009 23.2% 69.7% 24.7% 21.7%
2008 21.8% 64.7% 19.8% 21.6%
2007 22.1% 66.4% 18% 22.2%
2006 21.2% 71.4% 19.4% 26%
2005 21.4% 72.7% 20.6% 31.6%
2004 21.7% 70.7% 19.4% 37.2%
2003 24.6% 67.2% 18.7% 40.4%
2002 24.4% 53.2% 20.8% 48.4%
2001 25.9% 49.5% 21.6% 47.7%
2000 23.2% 79% 20.5% 42.3%
1999 23.6% 41.5% 21.4% 41.8%
1998 20.9% 38.7% 20% 45.7%
1997 19.9% 39.4% 20.6% 43.9%
1996 19.9% 38.4% 17.6% 37.8%
1995 - - 17.1% 36.6%
1994 - - 19.3% 40.1%
1993 - - 23.5% 30%
1992 - - 22.8% 30.4%
1991 - - 22.4% -
1990 - - 24.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2000, retrieved 2026-02-20).

GeoRank.org/economy/belize/papua-new-guinea | CC BY

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Papua New Guinea spent $6.48B, or 20.4% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 52.1% in Papua New Guinea, ranking 67/185 and 100/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Belize Papua New Guinea
2024 -1.23% -3.23%
2023 -2.42% -4.34%
2022 -1.04% -5.25%
2021 -3.29% -6.84%
2020 -8.57% -8.85%
2019 -2.9% -4.98%
2018 -1.37% -2.58%
2017 -3.48% -2.47%
2016 -4.47% -4.75%
2015 -5.14% -4.55%
2014 -1.72% -6.27%
2013 -1.21% -6.87%
2012 -0.22% -1.19%
2011 -1.06% 2.22%
2010 -1.9% 3.06%
2009 -2.46% -5.48%
2008 1.25% 2.73%
2007 -0.19% 6.9%
2006 -2.27% 5.34%
2005 -3.7% 2.85%
2004 -4.52% 2.03%
2003 -8.41% 0.19%
2002 -5.41% -1.75%
2001 -7.23% -1.33%
2000 -6.68% 0.3%
1999 -6.51% -1.94%
1998 -2.69% -0.16%
1997 -1.81% 0.67%
1996 -1.76% 2.05%
1995 - 1.08%
1994 - -1.01%
1993 - -4.9%
1992 - -4.33%
1991 - -0.62%
1990 - -2.04%

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

GeoRank.org/economy/belize/papua-new-guinea | 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 Papua New Guinea's deficit of $1.03B, or 3.23% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Papua New Guinea ran a deficit in 18 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 1.53% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Belize

Papua New Guinea
1x
Year Consumer prices inflation
Belize Papua New Guinea
2024 3.3% 0.6%
2023 4.4% 2.3%
2022 6.3% 5.25%
2021 3.2% 4.48%
2020 0.1% 4.87%
2019 0.2% 3.93%
2018 0.3% 4.37%
2017 1.1% 5.42%
2016 0.7% 6.67%
2015 -0.9% 6%
2014 1.2% 5.22%
2013 0.5% 4.96%
2012 1.2% 4.54%
2011 1.7% 4.44%
2010 0.9% 6.01%
2009 -1.1% 6.92%
2008 6.4% 10.8%
2007 2.3% 0.91%
2006 4.2% 2.37%
2005 3.7% 1.78%
2004 3.1% 2.16%
2003 2.6% 14.7%
2002 2.2% 11.8%
2001 1.1% 9.3%
2000 0.6% 15.6%
1999 -1.2% 14.9%
1998 -0.8% 13.6%
1997 1% 3.96%

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/papua-new-guinea | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 6.35% in Papua New Guinea. In 2024, inflation was 3.3% in Belize and 0.6% in Papua New Guinea.

Balance of trade

Belize Papua New Guinea
Current account balance
-$51.7M
2024
$4.77B
2024
Current account balance ranking
84/190
2024
33/190
2024
Current account balance, % of GDP
-1.61%
2024
+15%
2024
Goods imports
$1.36B
2024
$4.69B
2024
Goods exports
$482M
2024
$13.4B
2024
Service imports
$362M
2024
$2.4B
2024
Service exports
$1.16B
2024
$75.2M
2024
Imports of goods and services, % of GDP
53.7%
2024
58.9%
2004
Exports of goods and services, % of GDP
55.2%
2024
72.2%
2004

Economic freedom indices

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

Belize Papua New Guinea
Economic freedom 64.7 54.3
Economic freedom ranking 71/197 134/197
Property rights 46.3 45
Government integrity 46.2 30.8
Judicial effectiveness 73.9 41.1
Tax burden 81.8 70.9
Government spending 81 86.1
Fiscal health 87.5 65.3
Business freedom 67.2 34.2
Labor freedom 57.6 65.1
Monetary freedom 72.6 77.4
Trade freedom 57.8 80.2
Investment freedom 55 25
Financial freedom 50 30

Economic freedom comparison by year

Belize
Papua New Guinea
1x
Year Economic freedom index
Belize Papua New Guinea
2026 64.7 54.3
2025 64.2 52.5
2024 61.2 49.4
2023 59.8 51.7
2022 56.6 54.6
2021 57.5 58.9
2020 57.4 58.4
2019 55.4 58.4
2018 57.1 55.7
2017 58.6 50.9
2016 57.4 53.2
2015 56.8 53.1
2014 56.7 53.9
2013 57.3 53.6
2012 61.9 53.8
2011 63.8 52.6
2010 61.5 53.5
2009 63 54.8
2008 63 -
2007 63.3 -
2006 64.7 -
2005 64.5 -
2004 62.8 -
2003 63.5 -
2002 65.6 -
2001 65.9 57.2
2000 63.3 55.8
1999 60.7 56.3
1998 59.1 55.2
1997 64.3 56.7
1996 61.6 58.6
1995 62.9 -

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

GeoRank.org/economy/belize/papua-new-guinea | CC BY

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 54.3 for Papua New Guinea, ranking 134/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Papua New Guinea
Services, % of GDP
62.4%
2024
41.5%
2024
Industry, % of GDP
14.6%
2024
37.2%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
17.2%
2024
GNI, Atlas method
$2.98B
2024
$30.7B
2024
GNI per capita, PPP
$13,760
2024
$4,580
2024
Total reserves including gold
$498M
2024
$3.9B
2023
Total reserves ranking
156/177
2024
107/177
2023
Net foreign direct investment
-$126M
2024
$968M
2024
Net inflows of foreign direct investment
$128M
2024
-$198M
2024
Net outflows of foreign direct investment
$2.61M
2024
$770M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
19.7%
2024
Poverty at national poverty lines
52%
2018
39.9%
2009
Gross capital formation, % of GDP
19.8%
2024
20%
2004

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/papua-new-guinea | 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. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2000, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.