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GDP shows improving economy for Belize

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Posted: Friday, August 31, 2018. 9:32 am CST.

By BBN Staff: The Statistical Institute of Belize (SIB) has released figures for the country’s Gross Domestic Product (GDP), for the second quarter of 2018.

GDP refers to the total market value of all the goods and services provided for a period of time.

From April to June of this year, the country’s economic activity increased by 5.4 percent of $40 million when compared to this same period last year.

For this year’s second quarter, figures stand at $765.3 million while for this same time last year it was only $725.9 million.

The SIB attributes this increase to growth in the private sector. It reported that sugar cane deliveries, banana shipments, livestock production all saw increases. However, citrus and marine productions
contracted.

The SIB reported that the secondary sector also recorded increases. Those increases were seen in electricity and water, water generation, construction activities and manufacturing beverages.

The tertiary sector also saw growth which increased the GDP for the second quarter of this year. Accommodation and food services, over night visitors, cruise passengers, wholesale and retail trade all
recorded significant increases.

 

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