Posted: Wednesday, August 28, 2019. 4:36 pm CST.
By BBN Staff: Belize’s economy declined by 0.8 percent during the Second Quarter of 2019 (April-June), when compared to the same period last year, according to the latest data issued by the Statistical Institute of Belize (SIB).
The SIB’s Gross Domestic Product (GDP) statistics, released today, showed that the total value of goods and services produced within the country for the period stood at $687.9 million, down $5.8 million from the $693.7 million produced in the second quarter of 2018. The decline came as a result of declines in the Primary and Secondary economic sectors. The Tertiary (Services) sector was the only economic sector to see growth during the quarter.
The Primary Sector, which covers raw materials for export, fell by 2.9 percent. The SIB said that the decline in the primary sector was due largely to lower sugarcane, marine products, and citrus production, with each falling 4.7 percent, 5.3 percent, and 33.8 percent respectively.
The declines in the Secondary sector, which fell by 12.9 percent, were due to declines in electricity generation, manufacturing, and construction activities.
The Tertiary Sector, grew by 3.6 percent during the period, due to the growth experienced in the wholesale and retail trade, transport and tourism industries.
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