Timber is also important, especially mahogany and other tropical hardwoods.
Fishing and livestock are being developed. The fastest-growing area of the Belize economy has been the service sector, particularly 'offshore' activities including lightly regulated banking sector and a 'flag of convenience' shipping register. However, these have started to cause political difficulties for the Belizean government. It has until 2005 to tighten its regime or face sanctions. Tourism, fuelled by foreign investment, has also expanded in recent years, although not at the rate the government had originally hoped.