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Belize’s Economy Sees a Fifteen-Percent Growth

Belize’s economy saw a fifteen-percent growth in the third quarter of 2021. According to the Statistical Institute of Belize, the country produced eighty-five point seven million dollars more in goods and service in September 2021 compared to the same time last year. Statistician Class Two, Christopher Hulse explained that there were improvements across three sectors, including livestock.

Christopher Hulse, Statistician Class Two, Statistical Institute of Belize: “Quarterly GBP is compared to the quarter for the previous year and for the period July to September 2020 the total was $564 million dollars. For the third quarter of 2021 Belize produced goods and services totaling $649.7 million dollars. So this represents an increase of $85.7 million dollars or 15.2%. Looking at the first nine months of 2021 in comparison with the first nine months of 2020 the economy has increased by 9.5% or $175 million dollars. Now we look specifically at the overall third quarter GDP. The graph shown highlights the movement in GDP from 2016-2021. This is the GDP at constant prices means that it has been adjusted for inflation. So we know that for most of 2020 the global economy was distorted due to COVID-19. In Belize we had four quarters of decreased production up to the first quarter of this year. We now have two consecutive quarters where we see production approaching levels prior to 2020. However I want us to observe that the level of GDP for 2021 for quarter three is still lower than the pre pandemic levels. So that’s the emphasis that even though we see an increase of 15.25 the level is still not where it was before we were hit with the restrictions from COVID-19″.

The institute notes that there was also a twelve point four percent increase in construction, but there were declines in electricity, water and sugarcane.