Economic growth in third quarter dragged down by off-seasons in agriculture, manufacturing sectors

Published by BBNTEAM at December 14, 2023

Tags

Posted: Thursday, December 14, 2023. 7:45 am CST.

By Aaron Humes: The service sector continues to pace Belizean economic growth while the agriculture and manufacturing industry sectors took their annual break.

Belize produced just under $1.2 billion in goods and services for July to September 2023, up 3.4 percent from the same period in 2022. The tertiary sector industries, particularly wholesale and retail trade, government services, hotels and restaurants, transport, and administrative and support services, all saw significant growth as well as construction in the secondary sector but breaks in the sugar and citrus industry production cut growth in both the primary and secondary sectors, the latter of which depends on the former’s seasonal activity. Taxes on products were up by 2.3 percent for the period, from $181.4 million in the third quarter of 2022 to $185.6 million in the third quarter of 2023, contributing 15 percent of economic value.

Of Belize’s three major primary industries, only banana was active during the quarter but it did not perform well, with production falling by a considerable 23.8 percent, from 23.4 thousand metric tons to 17.8 thousand metric tons, as yield was impacted by unfavorable weather conditions. There was extended production of sugar cane and citrus in 2022 that did not occur in 2023. Livestock production rose 15 percent, with 50 percent greater cattle output leading the way, while production of pigs and poultry well to under 10 thousand heads and 11.1 million pounds respectively. Marine products fell 26.4 percent, with only shrimp output seen to rise by 4 percent.

Despite the height of the rainy season, there was a reduction of 22.6 percent in electricity generation, although water consumption rose by 67 million gallons.

While July to September also forms part of the ‘slow season’ for tourism, there were significant increases in both cruise ship and overnight visitors, leading to a solid quarter for hotels, restaurants, and transport; meanwhile, businesses have expanded in both transport and administrative and support services. Even the Government is getting on the act; production of government services also rose notably by 13 percent compared to the third quarter of last year.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn 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 mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.