Commissioner of Police conducts Meet and Greet in Santa Elena, Cayo
August 28, 2019
Belizean teacher named 2020 Teacher of the Year in Nevada, USA
August 28, 2019

Economy sees marginal decline in Second Quarter 2019

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.

 

Advertise with the largest and fastest growing audience in Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at [email protected] or call us at 670-6397.

 

© 2019, BreakingBelizeNews.com. This article is the copyrighted property of Breaking Belize News. Written permission must be obtained before reprint in online or print media. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *