The GDP has grown by 2.4 percent in 2010-11 and with the Belize budget 2011-12 the government expects a growth rate of 3%. In the previous fiscal the government has been successful with its pro-poor initiatives and social protection programs and this year the trends are supposed to continue as well.
The Belize government has been focusing hard on improving its infrastructure as well as creating new jobs that will be necessary for the success of its projects. The administration also came up with the DFC to make credit accessibility easier for the small and medium enterprises. It has also been successful in reducing the levels of gang violence in Belize City.
The government, though, is facing some critical problems such as the high international price of crude oil which has already shot over $100 per barrel. The government is taking all the steps necessary to protect the economy from the aftereffects of these prices and is hoping for the Middle East to become politically stable so that the oil prices can go down a bit.
Belize Budget 2011-12: Income Estimates
The Belize government hopes to earn 843,630,033 Belize dollars from various grants and revenues in the 2011-12 fiscal.
The recurrent revenues for 2011-12 fiscal are supposed to be in the region of BZ$ 784,049,120.
The tax revenues are expected to go up to 687,266,405 Belize dollars. BZ$ 256,741,782 dollars will come from the taxes on profits and incomes. The government is expected to earn 5,459,364 Belize dollars.
In 2011-12 the government will earn BZ$ 198,325,370 from international transactions and trade. Goods and services tax will contribute 226,739,889 Belize dollars in the same period.
Non-tax revenues will generate BZ$ 96,782,715 in 2011-12. Property income will provide BZ$ 12,229,037 to the national government, while 13,618,718 Belize dollars will come from licenses.
In 2011-12 the Belize administration is expected to earn BZ$ 28,842,826 from royalties. Other non tax revenues will help in generating 42,092,134 Belize dollars for the present fiscal.
Belize is estimated to earn 5,285,913 Belize dollars in 2011-12 as capital revenues. The whole amount will be realized from selling crown lands.
It is supposed to receive grants worth BZ$ 54,295,000 in this period.
Belize Budget 2011-12: Expense Estimates
The Belize government expects its expenses to go up to 887,987,180 Belize dollars in 2011-12.
Its recurrent expenses are supposed to amount to BZ$ 729,553,294. The personal payments are estimated to reach the 300,368,173 Belize dollars mark.
The government will spend 112,080,653 Belize dollars for debt servicing interests and other charges. Its pension payments will amount to BZ$ 48,915,975.
The Belize administration will spend 167,929,907 Belize dollars for various goods and services. It will pay BZ$ 100,258,586 for various current transfers and subsidies.
The government s capital expenditures will go up to 160,433,886 Belize dollars in 2011-12. Its Capital II expenses will go up to BZ$ 48,193,840 and its Capital III expenses will reach the BZ$ 107,280,960 mark. The government will also spend BZ$ 4,959,086 for capital transfers and net lending.