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Economy of Belize vs Paraguay compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $44.5B for Paraguay, ranking 168/197 and 98/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $19.9B (44.8% of GDP) in Paraguay.

Belize vs Paraguay GDP by year

Belize
Paraguay
1x
Year GDP, current $
Belize Paraguay
2024 $3,203,631,800 $44,458,118,397
2023 $3,052,362,650 $43,118,053,175
2022 $2,846,604,350 $41,952,910,858
2021 $2,428,606,250 $39,950,899,939
2020 $2,047,284,600 $35,432,178,068
2019 $2,381,187,850 $37,925,338,329
2018 $2,285,915,050 $40,225,448,341
2017 $2,266,028,250 $38,997,129,474
2016 $2,239,604,950 $36,089,700,223
2015 $2,193,095,150 $36,211,447,840
2014 $2,138,242,200 $40,377,929,296
2013 $2,035,191,450 $38,501,122,141
2012 $1,917,083,500 $33,271,921,136
2011 $1,831,576,700 $33,756,238,766
2010 $1,748,988,400 $27,260,886,405
2009 $1,688,012,750 $22,355,151,162
2008 $1,738,453,600 $24,615,267,664
2007 $1,706,190,450 $17,856,393,235
2006 $1,590,463,100 $13,429,430,050
2005 $1,474,298,400 $10,737,500,188
2004 $1,400,202,000 $9,624,440,836
2003 $1,308,280,250 $7,691,367,471
2002 $1,243,912,050 $7,196,260,657
2001 $1,172,045,150 $8,495,806,432
2000 $1,138,138,100 $8,855,705,140
1999 $999,713,050 $8,837,070,236
1998 $929,047,000 $9,260,481,572
1997 $872,916,050 $9,965,225,678
1996 $850,339,100 $9,788,391,781
1995 $818,590,250 $9,062,131,475
1994 $771,838,000 $7,870,982,005
1993 $752,255,150 $7,249,533,620
1992 $695,741,150 $7,157,424,031
1991 $596,682,100 $6,984,367,763
1990 $546,750,912 $5,812,114,523
1989 $491,100,000 $4,757,732,200
1988 $421,450,000 $4,255,683,528
1987 $371,100,000 $3,971,044,724
1986 $311,500,000 $3,723,993,943
1985 $287,300,000 $3,282,449,236
1984 $290,350,000 $4,502,462,807
1983 $262,150,000 $5,673,248,726
1982 $248,550,000 $5,419,411,765
1981 $260,750,000 $5,624,515,873
1980 $257,400,000 $4,448,087,302
1979 $151,800,000 $3,416,777,778
1978 $136,300,000 $2,559,857,143
1977 $117,650,000 $2,092,158,730
1976 $97,094,227 $1,698,960,317
1975 $118,194,026 $1,511,420,635
1974 $103,160,450 $1,333,475,397
1973 $78,214,768 $995,531,746
1972 $65,998,069 $769,039,683
1971 $59,074,687 $664,571,429
1970 $53,339,893 $594,611,111
1969 $47,399,905 $556,293,651
1968 $44,999,910 $517,650,794
1967 $47,431,256 $492,674,603
1966 $44,450,044 $465,888,889
1965 $40,110,040 $443,587,302
1964 $36,194,586 $408,349,206
1963 $33,750,114 $383,904,762
1962 $31,857,592 $360,698,413
1961 $29,965,000 $322,053,713
1960 $28,072,478 $288,884,368

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

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

GDP per capita in Belize vs Paraguay by year

Belize
GDP per capita

GDP per capita, PPP
Paraguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Paraguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $6,416 $18,524
2023 $7,425 $13,730 $6,300 $17,564
2022 $7,068 $13,461 $6,206 $16,347
2021 $6,143 $11,716 $5,977 $15,406
2020 $5,239 $9,639 $5,365 $14,309
2019 $6,172 $10,500 $5,821 $14,150
2018 $6,012 $9,497 $6,258 $14,139
2017 $6,072 $9,121 $6,152 $13,977
2016 $6,141 $9,399 $5,775 $13,329
2015 $6,155 $9,538 $5,879 $12,679
2014 $6,128 $9,490 $6,652 $12,607
2013 $5,957 $9,526 $6,436 $12,137
2012 $5,733 $9,303 $5,642 $10,954
2011 $5,596 $9,722 $5,805 $11,442
2010 $5,461 $9,748 $4,751 $10,893
2009 $5,400 $9,728 $3,942 $9,802
2008 $5,712 $9,975 $4,385 $9,867
2007 $5,762 $10,226 $3,212 $9,179
2006 $5,525 $9,910 $2,439 $8,561
2005 $5,270 $9,466 $1,971 $8,007
2004 $5,154 $9,245 $1,786 $7,686
2003 $4,960 $8,850 $1,444 $7,276
2002 $4,859 $8,154 $1,368 $6,924
2001 $4,719 $7,852 $1,638 $6,916
2000 $4,727 $7,544 $1,736 $6,937
1999 $4,290 $6,790 $1,766 $7,080
1998 $4,126 $6,333 $1,890 $7,227
1997 $4,014 $6,243 $2,079 $7,299
1996 $4,043 $6,087 $2,088 $7,040
1995 $4,010 $6,091 $1,979 $6,966
1994 $3,877 $6,073 $1,760 $6,542
1993 $3,860 $6,075 $1,662 $6,234
1992 $3,643 $5,706 $1,683 $5,952
1991 $3,190 $5,053 $1,685 $5,873
1990 $2,986 $4,467 $1,440 $5,637
1989 $2,742 - $1,211 -
1988 $2,406 - $1,114 -
1987 $2,166 - $1,069 -
1986 $1,859 - $1,031 -
1985 $1,754 - $935 -
1984 $1,814 - $1,319 -
1983 $1,677 - $1,710 -
1982 $1,629 - $1,680 -
1981 $1,753 - $1,793 -
1980 $1,774 - $1,457 -
1979 $1,071 - $1,149 -
1978 $983 - $883 -
1977 $866 - $740 -
1976 $729 - $616 -
1975 $906 - $562 -
1974 $805 - $508 -
1973 $619 - $389 -
1972 $529 - $308 -
1971 $481 - $272.1 -
1970 $442 - $249 -
1969 $402 - $238.2 -
1968 $392 - $226.8 -
1967 $426 - $220.9 -
1966 $412 - $213.9 -
1965 $383 - $208.7 -
1964 $356 - $197 -
1963 $342 - $189.9 -
1962 $332 - $182.8 -
1961 $320 - $167.1 -
1960 $307 - $153.4 -

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

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

Belize's GDP per capita is $7,681, ranking 98/197, compared to $6,416 in Paraguay, ranking 109/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Paraguay ranks 102nd at $18,524.

Economic indicators

Belize Paraguay
Gross domestic product
$3.2B
2024
$44.5B
2024
GDP rank
168/197
2024
98/197
2024
GDP growth
3.5%
2023-2024
4.25%
2023-2024
GDP per capita
$7,681
2024
$6,416
2024
GDP per capita rank
98/197
2024
109/197
2024
GDP per capita, PPP
$14,347
2024
$18,524
2024
GDP per capita PPP rank
117/197
2024
102/197
2024
Government debt
$2.1B
2024
$19.9B
2024
Debt-to-GDP ratio
65.4%
2024
44.8%
2024
Government debt per person
$5,026
2024
$2,872
2024
Government debt per person rank
78/185
2024
103/185
2024
Average annual personal income after taxes
$9,204
2026
$6,136
2026
Market capitalization of domestic companies n/a
$313M
1999
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
35%
2024
Income share by poorest 10%
2.2%
2018
2%
2024
Government expenditure, % of GDP
26.3%
2024
21%
2024
Consumer prices inflation
3.3%
2023-2024
3.84%
2023-2024
Central bank interest rate n/a
6%
2024
Unemployment rate
29.3%
2020
5.69%
2024
Population
430409
7120169

Spending and national debt comparison by year

Belize
Spending

Debt
Paraguay
Spending

Debt
1x
Year % of GDP
Belize Paraguay
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 21% 44.8%
2023 25.8% 67.5% 21.5% 41.1%
2022 23.4% 66.8% 20.2% 40.5%
2021 25.7% 82.2% 20.4% 37.5%
2020 33.2% 103% 22.6% 36.9%
2019 27.5% 78.6% 20.1% 25.8%
2018 26.9% 79% 18.5% 22.3%
2017 27.7% 78.1% 18.1% 19.8%
2016 27.7% 70.5% 17.7% 19.4%
2015 27.9% 65.1% 18% 18.6%
2014 24.8% 61.5% 17.1% 15.6%
2013 23.8% 62.8% 17.1% 13.5%
2012 22.1% 63.1% 17.6% 12.3%
2011 23.5% 66.2% 14.7% 11.1%
2010 23.3% 68.4% 13.3% 13%
2009 23.2% 69.7% 14.3% 14.9%
2008 21.8% 64.7% 11.8% 16%
2007 22.1% 66.4% 13.1% 16.8%
2006 21.2% 71.4% 14.1% 21%
2005 21.4% 72.7% 14% 28.3%
2004 21.7% 70.7% 14% 36%
2003 24.6% 67.2% 14.6% 37.5%
2002 24.4% 53.2% 17.6% 50.5%
2001 25.9% 49.5% 19% 37.1%
2000 23.2% 79% 19.6% 33.6%
1999 23.6% 41.5% 19.2% 32%
1998 20.9% 38.7% 18% 22.1%
1997 19.9% 39.4% 18.1% 18%
1996 19.9% 38.4% 16.9% 16.8%
1995 - - 15.7% 17.6%
1994 - - 14.5% 18.7%
1993 - - 12.9% 26.6%
1992 - - 13% 34.4%
1991 - - 11.4% 49.4%
1990 - - 10.5% 67%
1989 - - 11.8% 52.9%
1988 - - 9.75% 58.9%
1987 - - 10.1% 68.7%
1986 - - 9.25% 57.1%
1985 - - 11.4% 54.7%
1984 - - 13% 31%
1983 - - 13% 22.6%
1982 - - 13.2% 21.3%
1981 - - 13.3% 17.4%
1980 - - 11.6% 17.4%
1979 - - 11.7% 19.7%
1978 - - 11.9% 20.9%
1977 - - 11.2% 18.8%
1976 - - 9.8% 14.1%
1975 - - 10.5% 12.6%
1974 - - 9.44% 12.5%
1973 - - 11.2% 15.4%
1972 - - 12.5% 18.2%
1971 - - 12.3% 18.9%
1970 - - 13.3% 19.2%
1969 - - 14% -
1968 - - 13.5% -
1967 - - 12.2% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–2000, retrieved 2026-02-20).

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

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Paraguay spent $9.33B, or 21% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 44.8% in Paraguay, ranking 67/185 and 120/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Paraguay
1x
Year Deficit/surplus, % of GDP
Belize Paraguay
2024 -1.23% -2.12%
2023 -2.42% -3.81%
2022 -1.04% -2.64%
2021 -3.29% -3.39%
2020 -8.57% -5.72%
2019 -2.9% -2.44%
2018 -1.37% -1.01%
2017 -3.48% -0.44%
2016 -4.47% -0.37%
2015 -5.14% -0.44%
2014 -1.72% -0.27%
2013 -1.21% -1.16%
2012 -0.22% -0.58%
2011 -1.06% 1.29%
2010 -1.9% 1.54%
2009 -2.46% 0.59%
2008 1.25% 2.29%
2007 -0.19% 1.27%
2006 -2.27% 0.91%
2005 -3.7% 0.74%
2004 -4.52% 1.33%
2003 -8.41% -0.07%
2002 -5.41% -1.89%
2001 -7.23% 0.07%
2000 -6.68% -0.55%
1999 -6.51% 2.67%
1998 -2.69% 4.28%
1997 -1.81% 3%
1996 -1.76% 2.43%
1995 - 2.78%
1994 - 4.59%
1993 - 4.27%
1992 - 3.1%
1991 - 3.41%
1990 - 7.56%
1989 - 5.48%
1988 - 3.01%
1987 - 2.68%
1986 - 3.08%
1985 - 0.85%
1984 - -0.42%
1983 - 0.27%
1982 - 1.52%
1981 - 0.15%
1980 - 3.4%
1979 - 4.13%
1978 - -3.42%
1977 - -0.19%
1976 - -0.06%
1975 - -1.24%
1974 - 1.67%
1973 - -0.91%
1972 - -2.51%
1971 - -1.25%
1970 - -1.26%
1969 - -1.62%
1968 - -2.34%
1967 - -1.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-02-20).

GeoRank.org/economy/belize/paraguay | 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 Paraguay's deficit of $942M, or 2.12% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Paraguay ran a deficit in 16 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 0.15% of GDP for Paraguay.

Inflation comparison by year

Inflation
Belize

Paraguay
1x
Year Consumer prices inflation
Belize Paraguay
2024 3.3% 3.84%
2023 4.4% 4.63%
2022 6.3% 9.77%
2021 3.2% 4.79%
2020 0.1% 1.77%
2019 0.2% 2.76%
2018 0.3% 3.98%
2017 1.1% 3.6%
2016 0.7% 4.09%
2015 -0.9% 3.13%
2014 1.2% 5.03%
2013 0.5% 2.68%
2012 1.2% 3.68%
2011 1.7% 8.25%
2010 0.9% 4.65%
2009 -1.1% 2.59%
2008 6.4% 10.2%
2007 2.3% 8.13%
2006 4.2% 9.59%
2005 3.7% 6.81%
2004 3.1% 4.32%
2003 2.6% 14.2%
2002 2.2% 10.5%
2001 1.1% 7.27%
2000 0.6% 8.98%
1999 -1.2% 6.75%
1998 -0.8% 11.6%
1997 1% 6.95%

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/paraguay | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 6.23% in Paraguay. In 2024, inflation was 3.3% in Belize and 3.84% in Paraguay.

Top exports between countries

Belize
Export category Export value
Paraguay
Export category Export value
Chemicals & pharma $153K
Processed food, beverages & tobacco $91K

Balance of trade

Belize Paraguay
Current account balance
-$51.7M
2024
-$1.53B
2024
Current account balance ranking
84/190
2024
133/190
2024
Current account balance, % of GDP
-1.61%
2024
-3.44%
2024
Goods imports
$1.36B
2024
$15.8B
2024
Goods exports
$482M
2024
$14.9B
2024
Service imports
$362M
2024
$2.54B
2024
Service exports
$1.16B
2024
$2.65B
2024
Imports of goods and services, % of GDP
53.7%
2024
39.6%
2024
Exports of goods and services, % of GDP
55.2%
2024
37.2%
2024

Economic freedom indices

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

Belize Paraguay
Economic freedom 64.7 66.4
Economic freedom ranking 71/197 61/197
Property rights 46.3 44.2
Government integrity 46.2 27.3
Judicial effectiveness 73.9 38.4
Tax burden 81.8 95.9
Government spending 81 86.9
Fiscal health 87.5 83
Business freedom 67.2 72
Labor freedom 57.6 44.1
Monetary freedom 72.6 76.5
Trade freedom 57.8 78.4
Investment freedom 55 80
Financial freedom 50 70

Economic freedom comparison by year

Belize
Paraguay
1x
Year Economic freedom index
Belize Paraguay
2026 64.7 66.4
2025 64.2 65.2
2024 61.2 60.1
2023 59.8 61
2022 56.6 62.9
2021 57.5 62.6
2020 57.4 63
2019 55.4 61.8
2018 57.1 62.1
2017 58.6 62.4
2016 57.4 61.5
2015 56.8 61.1
2014 56.7 62
2013 57.3 61.1
2012 61.9 61.8
2011 63.8 62.3
2010 61.5 61.3
2009 63 61
2008 63 60
2007 63.3 58.3
2006 64.7 55.6
2005 64.5 53.4
2004 62.8 56.7
2003 63.5 58.2
2002 65.6 59.6
2001 65.9 60.3
2000 63.3 64
1999 60.7 63.7
1998 59.1 65.2
1997 64.3 67.3
1996 61.6 67.1
1995 62.9 65.9

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 66.4 for Paraguay, ranking 61/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Paraguay
Services, % of GDP
62.4%
2024
48.7%
2024
Industry, % of GDP
14.6%
2024
32.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
10.7%
2024
GNI, Atlas method
$2.98B
2024
$43.7B
2024
GNI per capita, PPP
$13,760
2024
$17,930
2024
Total reserves including gold
$498M
2024
$9.89B
2023
Total reserves ranking
156/177
2024
76/177
2023
Net foreign direct investment
-$126M
2024
-$335M
2024
Net inflows of foreign direct investment
$128M
2024
$1.1B
2024
Net outflows of foreign direct investment
$2.61M
2024
$166M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
4.58%
2024
Poverty at national poverty lines
52%
2018
20.1%
2024
Gross capital formation, % of GDP
19.8%
2024
22.8%
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/paraguay | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1967–2000, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2024, retrieved 2026-02-08)
  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.