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PM Barrow: Belize had stellar economic growth in 2018

Posted: Sunday, December 30, 2018. 9:51 am CST.

By BBN Staff:  PM Barrow in his New Year’s message to Belizeans reported that Belize had a stellar economic growth in 2018.

Barrow said that his government welcomed a number of boosts in the last part of 2018 that were powered by good financial news, good tourism news, and good diplomatic news.

“That has supercharged our determination to seize 2019 with both hands and ring from it every last bit of promise with which it is coming upon us. First, in order of importance in any assessment of how we are doing is the economy. In the first half of 2018, Belize’s GDP grew by 3.4% due in large measure to a 5.2 % second-quarter expansion. And now, the Statistical Institute of Belize has certified our third quarter with a figure as a very consistent 3.3% which is also the best it has been in 4 years,” Barrow said.

“No one can doubt that we will end the year with an overall economic expansion of not less than 3.5%. Tourism, as usual, led the way in 2018 and most noteworthy in this regard is that Tourism expenditure as a share of GDP has increased from 20.5% in 2017 to almost 25% in 2018. In fact looking back over the last ten years, total Tourism spending over has exploded by 253.5 million dollars. This phenomenal performance is set to continue in 2019 especially with the new flight from Mexico City and Minneapolis having started in December,” Barrow further stated.

Barrow also referred to the ‘Sir Richard Branson Belize Blue Hole Expedition’ as a fillip to 2019’s tourism in Belize.

According to Barrow, shrimp, citrus, banana, livestock industries also contributed to the overall growth in the Belize economy.

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