Belize’s Economy Grew 7.1 Percent in Final Quarter of 2024

Belize’s Economy showed strong performance in the last quarter of 2024, according to the latest data from the Statistical Institute of Belize. The SIB’s preliminary Gross Domestic Product (GDP) estimates for the period October to December 2024 showed economic growth of seven-point-one percent when compared to the same period in 2023. The value of goods and services produced within the country during the period amounted to $1.425 billion. The SIB noted that the tertiary (services) sector was the major driver in economic performance, followed closely by the secondary (manufacturing) sector. Christopher Hulse, Statistician II at the SIB, said that preliminary estimates showed that the economy grew by eight-point-two percent in 2024, compared to 2023.

Christopher Hulse, Statistician II, SIB: “Goods and services produced in the fourth quarter of 2024 totaled $1.43 billion. This is an increase of $94.49 million or 7.1 % when we compare it to the fourth quarter of 2023, which was at $1.33 billion. Looking at the $1.43 billion, we can see how that is spread across the three sectors with and taxes. Primary contributed $157.8 million out of that $1.43 billion. Then secondary, $170.3 million. Tertiary, $907.2 million. And then taxes, $190.2 million. Since we have the fourth quarter, we can generate a preliminary estimate of goods and services produced in the year 2024. And that is giving us a total of $5.54 billion an increase of $417.6 million or 8.2 % when we compare it to the annual GDP of 2023 which was at $5.12 billion. Similarly, we can see how that $5.54 billion was spread across the three sectors and taxes, with primary giving us $474.7 million, secondary at $756.5 million, tertiary at $3.5 billion, and taxes at $762 million.”

The data presented this week are preliminary and is expected to be finalized later this year.