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Over 5 percent GDP growth recorded for first quarter of 2019

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Posted: Thursday, June 27, 2019. 10:51 am CST.

By BBN Staff: The latest data on the economy provided by the Statistical Institute of Belize (SIB) shows that economic growth for the first three months of 2019 has been over 5 percent.

The SIB’s latest Gross Domestic Product (GDP) figures were released yesterday, showing economic growth at 5.2 percent for the first quarter of 2019, when compared to the same period last year.

The SIB’s preliminary estimates say that the value of goods and services produced during the first quarter of this year was $782 million, which represents an increase of $38.6 million from $743.4 million recorded for the same quarter in 2018. The increase in economic performance was led by increases in the Primary and Tertiary sectors, while the Secondary sector recorded a decrease.

An increase in the production of sugar was the major driver for the 13.8 percent increase in the Primary Sector, supported by increases in banana, and livestock production. The SIB attributed gains in all these industries to favorable weather conditions during the quarter.

Growth in tourism was the major driver for the 5 percent growth in the Tertiary Sector, which accounts for more than half of the country’s total economy. This growth was supported by an increase in wholesale and retail trade.

The Secondary Sector declined by some 4.7 percent due largely to reductions in electricity generation and construction activities during the quarter. This overall decline came despite increases in the “Manufacturing and Mining” sub-sectors, and increases in the production of beer and soft drinks.  

 

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