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GDP up by 5.%

The Gross Domestic Product (GDP) is the total goods and services produced by Belize within a given year. The Statistical Institute of Belize has released the data for the second quarter from April to June.  Belize produced goods and services totaling $765.3 million. There is increase of $39.5 million or a 5.4 percent increase from same period last year. Angelita Campbell, Statistician II, for the Statistical Institute of Belize explained that there were increases in agriculture, electricity, water, trade, construction and the hotel and restaurant industry that contributed to the 5.4 percent increase for the second quarter.

Angelita Campbell, Statistician II, for the Statistical Institute of Belize: “Contributing to this increase of 5.4% we have the agriculture, hunting and forests contributing 1.4% to the over all 5.4%. We have electricity and water contributing 1.1% to this 5.4%. Wholesale and retail trade contributing 0.7%, construction at 05.%contribution and hotel and restaurants at 0.3% contribution. Now we will be looking at the production in the primary industries. The primary industry which accounts for almost 1/10 of the  country’s economic activity increased by 7.8 million dollars or 9%. Within this sector we have the agricultural hunting and forestry going up by 10.6% or 8.3 million dollars. Contributing to that 10.6% we have sugarcane going up by 7.9%, Banana going up by 26.3%, livestock also increasing by 15.3% however we have citrus going down by 34.3% and that is due to aging fruit trees and citrus screening, Fishing also went down by 16.4% and that is seen in a drop in shrimp export of the 77.9%. Whole fish exported dropped by 45% and Lobster tail exported dropped by 6.6% however we have conch exporting of 100%. Sugarcane produced for the quarter at 889.2 thousand metric tons which indicated as mentioned before a 7.9% increase or 65.4 metric thousand tons and was due to favorable weather conditions and impure milling efficiency. We have banana producing 24,792 metric tons in the year 2018 which indicated as mentioned before a 26.3% in increase of 5168 metric tons as the industry gets back to normal production before Hurricane Earl.”

Livestock production also contributed positively to the growth in the primary sector for the second quarter, while cattle production rose by 22.5 percent, pig production by 29.6 percent and poultry production by 12.4 percent. Strikingly, citrus production dropped by 33.1 percent due to aging fruit trees and citrus greening. Marine production didn’t do so well either as exports of shrimp, whole fish and lobster tails declined by 16.4 percent during the quarter.