GDP up for first quarter

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By BBN Staff: Preliminary estimates from the Statistical Institute of Belize (SIB) show that Belize Gross Domestic Product for the first quarter of 2017 was up by 2.1 percent, when compared to first quarter in 2016.

The total value of goods and services produced in Belize was $748.2 million, up $15.4 million from $732.8 in the first quarter of 2016. The increase is due to increases in the Primary and Tertiary sectors, while the secondary sector experienced a decline.

Increased performance in several of the country’s major industries cause the Primary sector to grow by 11.7 percent. Bananas, led the way, growing by more than 34 percent, making its recovery from the impact of Hurricane Earl, and the closure of one of the country’s major banana farms in late 2015.

The secondary sector recorded an overall decline of 3.9 percent, with ‘Manufacturing and Mining’ activities dropping by 5.2 percent during the first three months of 2017. Citrus concentrate recorded a decline of approximately 15 percent, while Manufacturing of beverages was down by 5 percent, due mainly to reductions in the production of both beers and soft drinks. The country’s oil industry declined by 17 percent, as only one oil field remains in operation.

The tertiary sector grew by 2.4 percent during the first quarter of 2017, with ‘Government Services’ leading the way with an increase of 2.5 percent. ‘Wholesale and Retail Trade’ was up by 0.8 percent. ‘Accommodation and Food Services’ grew by a marginal 0.1 percent, even though overnight visitors rose by 2.7 percent and cruise passengers increased by 7.5 percent.

 

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