Posted: Tuesday, July 19, 2022. 7:24 pm CST.
By Benjamin Flowers: Investopedia defines a recession as two straight quarters where the economy contracts; and while Belize saw several instances where the country fit that profile, first quarter 2022 Gross Domestic Product statistics marks the fourth straight quarter Belize has seen economic growth.
Data from the Statistical Institute of Belize (SIB) shows that the streak began back in second quarter 2021 when the economy grew by 22.3 percent, it would continue in the third quarter where growth was recorded at 15.2 percent, into fourth quarter where growth stood at 14.8 percent and finally first quarter 2022, growth was recorded at 5.3 percent.
Goods and services in the first quarter 2022 totalled $1.21 billion, a $61.3 million increase over first quarter 2021.
“This represented the highest level of production for any first quarter on record, surpassing the pre-pandemic production levels recorded for the first quarter of 2019,” the SIB said. “Moreover, revised quarterly estimates indicated that, by the end of 2021, the country’s economic output had effectively recovered to levels exceeding those recorded for pre-pandemic 2019.”
The Tertiary (services) sector, led the way in terms of contribution to GDP, representing a total of 61.7 percent. This was followed by the Secondary (manufactured goods) sector 15.2 percent, Primary raw materials sector, at 13 percent and Taxes at 10.1 percent.
The Primary sector was the only sector to see contraction in revenue, recording $158.2 million a 1 percent ($1.6 million) decline from first quarter 2021.
The Secondary sector recorded revenue of $183.9 million, a 2.6 percent ($4.6 million) increase when compared to the same period last year.
Meanwhile, the Tertiary sector recorded revenue of $749.2 million, a 6 percent ($42.7 million) increase over first quarter 2021.
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