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Economy grew by more than 10 percent in the last quarter of 2022

Posted: Thursday, March 30, 2023. 9:52 pm CST.

By Benjamin Flowers: The Statistical Institute of Belize (SIB) is reporting strong economic performance for the last quarter of 2022.

On Wednesday, the SIB released its preliminary estimates for the period October- December 2022 which showed that the value of goods and services produced in Belize during that period was valued at $1.336 billion.

“This represented an increase of 10.5 percent or $127.5 million in the level of economic activity during the period when compared to the $1.208 billion recorded for the fourth quarter of 2021,” the SIB said.

The SIB attributed the growth to strong performances in the secondary and tertiary sectors (25.5 and 10.7 percent respectively) and noted that the primary sector declined by 6.2 percent as industries within the agriculture sector continued to experience difficulties.

Production within the primary sector totaled $152.8 million for the fourth quarter of 2022, down by 6.2 percent or $10 million from $162.8 million during the fourth quarter of 2021. Secondary sector activities grew by 25.5 percent or $37.9 million overall, from $148.7 million in the fourth quarter of 2021 to $186.6 million in the fourth quarter of 2022; while production in the tertiary (services) sector over the same period was valued at $823.5 million, an increase of $79.9 million or 10.7 percent from the $743.6 million produced in the same period in 2021.

The SIB noted that ‘Taxes on Products’ were up by 12.8 percent, from $153.4 million in the fourth quarter of 2021 to $173.1 million in the fourth quarter of 2022.

“For the year 2022, preliminary annual GDP figures indicated that the economy grew by 12.1 percent or $556.2 million, with total goods and services produced during the year valued at an estimated $5.14 billion,” the SIB added.

 

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