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The Economy declines by 0.8%

The latest figures from the Statistical Institute of Belize are in and they were presented this morning via a press conference.  In the second quarter of 2019, the economy experienced a decline of 0.8 percent.  According to the Statistical Institute of Belize, Belize’s Gross Domestic Product (GDP) which is the main benchmark of the country’s economic growth recorded a 0.8 percent decrease mainly due to decreases in the primary and secondary sectors. Jacqueline Sabal, Statistician II, says that to determine the country’s GDP the primary, secondary and tertiary sectors are looked at.
Jacqueline Sabal, Statistician: “For the second quarter of 2019 Belize produced goods and services totaling $687.9 million dollars, this represents a decrease of $5.8 million dollars or .8% when compared to the second quarter of 2018. Production within primary industries declined by 2.9% or $2.6 million dollars totaling $87.8 million dollars during the second quarter of 2019. Within the primary sector agriculture, hunting and forestry declined by 2.8% or $2.4 million dollars totaling $83.9 million dollars. While the fishing industry declined by 5.3% or $0.2 million dollars bringing the total for the fishing industry to $3.9 million dollars.”
Sabal noted that the drought had negatively impacted some sectors, while other sectors such as sugar saw a growth due to the drought.
Jacqueline Sabal, Statistician: “Production within the secondary industries declined by 12.9%, this represents a $15.6 million dollar decrease bringing the total for this industry to $106 million dollars for the quarter. Electricity and water recorded reduced output of 19% or $9.1 million bringing that industry total to $39 million dollars. While construction activities decreased by 21.9% or $5.1 million as reflected in the decrease of loans for construction during the quarter. Despite the decrease in sugar cane deliveries, dry weather conditions contributed to excellent cane maturity improving sugar cane quality. As a result sugar production grew by 6.4%. The dry weather conditions also lead to an increase in the demand for water and water production rose from 616.1 million gallons in 2018 to 699.6 million gallons in 2019.”
For the second quarter of 2019, only the tertiary sector experienced a growth of 3.6 percent or $16.3 million dollars when compared to 2018. Within this sector, there were increases in hotel and restaurant services, transportation and communication services, as well as in wholesale and retail activities.