Home Latest News Belize’s economy grew by 1.2% in 2017

Belize’s economy grew by 1.2% in 2017

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Latest figures from the Statistical Institute of Belize reveal that for the fourth quarter of 2017, Belize’s Gross Domestic Product (GDP) increased by 2.8 percent. The fourth quarter saw Belize’s total value of goods and services produced at six hundred and ninety-five point eight million dollars, which is an increase of nineteen point one million dollars when compared to the same period in 2016. Increases were recorded across the three sectors as explained by Statistician I, Jefte Ochaeta.

Jefte Ochaeta – Statistician I: When we look at the industry contribution to the gross domestic product gross rate we can see as shown in this graph the colors; the higher note blue indicating the higher the contribution to the economy by the industry. In this case the 1.5% contribution to the 2.8 increase was coming directly from agricultural sector and following that we had electricity with a .4% and also other private services contributed positively to the increase of the 2.8%.”

The primary sector saw an increase of point one percent.   According to Ochaeta, there was a decrease in marine production.

Jefte Ochaeta – Statistician I: “The fishing component of this economy decreased significantly thus lowering the production of primary sector to a total of $55.5 million dollars. The Agricultural, Hunting and Forestry Industries increase by $5 million to a total of $47 million; that is almost an 11% increase in this industry were we saw significant increases in the citrus production of 185.9 % more oranges and grapefruits being delivered and also we saw significant increase in Banana of 13% and livestock of almost 9%.”

When it comes to the Secondary Sector, there was an overall increase of five point one percent in the fourth quarter of 2017.

Jefte Ochaeta – Statistician I: The manufacturing decreased by 3.5% that is $1 million less than the previous quarter due to a decrease in beverages of 6.6%, fertilizers of 6.5%, Petroleum of 23.7% even though there was increase in sugar production of 12.2%, citrus of 404.7% and flour of 12.6%. It wasn’t enough to bring up the value of the manufacturing industry as petroleum was pulling it down due to the levels of the decrease of petroleum. Electricity and water on the other hand increased significantly by 17.8% or $6 million more from the quarter of 2016 as we had an increase of 20.6 percent of electricity and 1.6 percent increase in water.”

The Tertiary Sector saw an overall increase of three point one percent during the fourth quarter of 2017 when compared to the same period of 2016.  The economy grew by 1.2 percent in 2017.

 

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