SIB: Economy grew by 1.8 percent in 4th quarter of 2018

BBN Staff:  Belize’s Economy grew by 1.8 percent in the last quarter of 2018, driven primarily by the good performance of the Primary and Tertiary Sectors.

According to the Statistical Institute of Belize’s (SIB) 4th quarter Gross Domestic Product (GDP) report, the total value of goods and services produced in Belize was $706.4 million, up $9.2 million from $697.2 million in the fourth quarter of 2017. The SIB said that the 12.6 percent increase within the Primary sector and the 2 percent increase within the Tertiary sector made up for the 9.6 percent decline in the secondary sector. The Primary Sector, made of up raw material exports, saw expansion in various industries such as poultry, citrus, and bananas.

“The secondary sector, which accounts for almost one-fifth of the total economy, declined by 9.6 percent during the fourth quarter of 2018. ‘Electricity & Water’ production fell by 24 percent, despite a 4.5 percent increase in water production, as the lack of rainfall during this period caused a 28.3 percent decline in electricity generation,” the SIB said.

The tertiary (services) sector, which is responsible for more than a half of the national economy only grew by 2 percent during the fourth quarter of 2018, when compared to the same period of 2017. ‘Hotels and Restaurants’ expanded by 7.4 percent and got a boost from the 9.6 percent increase in tourist arrivals due to the addition of more direct flights to Belize.

Growth for the first three quarters of 2018 was as follows: first quarter 1.8 percent, second quarter 5.4 percent, and third quarter 3.3 percent.

 

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