The Mineral Industry Of Central American Countries

The Belize economy recorded modest growth during 1980; the growth of the gross domestic product (GDP) in real terms was between 1% and 2%. At current prices, the 1980 GDP reached $108 million2. This output was largely attributed to the performance of a few industries, mostly nonminerals. Such performance improved significantly the balance of payments situation by reducing the deficit from $19 million in 1979 to $4 million in 1980. The rate of inflation was an estimated 18% in 1980 and would have been greater if not for a conservative monetary policy and price control on a number of essential items. Expert earnings increased $43 million, or 50%, from the 1979 level. After increasing more than 25% in 1979, imports increased only 6% in 1980 to a level of $141 million owing to the decline in investment and stabilization of petroleum prices. The balance of trade deficit was $9.8 million in 1980, a marked improvement from the 1979 level of $45.1 million. The mineral output for Belize accounted for only a fraction of 1% of the GDP. Such activity was limited to the production of limestone, marl, and sand and gravel, all of which were primarily used in construction of the Northern Highway between Orangewalk and Belize City. Mineral resources are deficient or nonexistent in Belize for the majority of metals and nonmetals, although the Government and others continue to believe that petroleum must exist in Belize. The proximity to Mexican oilfields and the growing finds in the Peters area of Guatemala support this expectation. The Government continues encouraging exploration onshore and offshore and offers terms that