Posted: Tuesday, December 10, 2019. 4:52 pm CST.
By Aaron Humes: Belize’s economy contracted slightly in the third quarter of 2019 as opposed to expansion after the Statistical Institute of Belize (SIB) found an error in its calculations.
Today, the Institute announced that an error in data on the Electricity and Water section of the Secondary Industries sector reduced production figures by $14 million, reflecting a decrease of 24.1 percent.
In a domino effect, the percentage of the secondary sector where electricity production falls went from positive 4.5 percent to negative 10.8 percent, and the overall gross domestic product (GDP) went from 1.8 growth to 0.4 percent decline.
The contraction is the second successive per quarter after GDP was reduced by 0.8 percent, after starting the year up a solid 5.2 percent.
Fourth-quarter results are due out early next year.
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