Posted: Wednesday, August 26, 2020. 3:08 pm CST.
By BBN Staff: Belize’s economy contracted by 23.3% in the second quarter of 2020 (ie. April to June 2020) when compared to the same period last year according to the Statistical Institute of Belize (SIB). The SIB notes that there were contractions across all 3 sectors: the primary sector contracted by 12.2%, secondary by 19.5% and tertiary by 23.2%.
Goods and services produced during the second quarter of this year totaled $558.6 million and represents a $169.9 million decrease in the value of Belize’s output when compared to the same period last year. At $558.6 million, Belize’s second quarter output is now $144.6 million less than the second quarter output in 2015.
Belize’s 23.3% reduction in second quarter output contributed to an overall 14.7% contraction for the first 6 months of 2020 and represents the deepest contraction experienced by the country’s economy in recent history.
In its presentation on August 26th, the SIB notes that “economic activity declined significantly across all three sectors, as the COVID-19 pandemic, coupled with extended dry weather conditions, continued to severely impact the Belizean economy”.
The contraction in Belize’s second quarter GDP represents the 5th consecutive quarter that the economy has declined. This means that Belize’s economy was in recession before the onslaught of COVID and continues to be in recession mode.
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