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SIB says Belize’s GDP up by 1.1%

The Statistical Institute of Belize has reported that for the second quarter of 2017, Belize’s Gross Domestic Product (GDP) was  up by 1.1 percent when compared to the same period in 2016.All three sectors recorded a growth.  The Primary Sector recorded the largest increase of 4.1%, followed by Tertiary Sector with an increase of 1.7%, and Secondary Sector recording a minimal increase of 0.7 %. This year saw Belize’s total value of goods and services produced stood at $737 million dollars, an increased by $8 million dollars when compared to 2016 for the same quarter which stood at $729 million dollars. Angelita Campbell of the Statistical Institute of Belize tells us more.

Angelita Campbell – Statistician II

“The first six months of 2017 we saw an increase of 1.1% or $16.5 Million increase when compared to the same period last year. The bar chart shows the rate of increase or decrease in the production of the second quarter over the last six years. We see an increase of 1.1% in 2017 woith a noticeable 9.4% in 2014. It is interesting to note that in 2017 we had the highest monetary value in production of 737 Million for the second quarter over the last six years. The primary industry recorded an increase of 4.1% or $13.2 Million when copared to the same period of 2016. Within the primary sector we have an increase in agriculture, hunting and forestry of 4.2% or $3 Million. Sugar cane delivered increased by 19.4% as production in the west increased. We have livestock recorded an increase of 1.4% as pig and cattle production both increased due to market demand and prices. Citrus production also recorded an increase of 31.9% due an increase of 35.4% in the number of oranges delivered as a result of late blooming of the fruit. The bar chart in front us illustrates an increase in the production of sugar cane delivered.  We see for this quarter, we see 824,000 tons of sugar cane being delivered, an increase of roughtly 134 tons when compared to the same period last year.”

Fishing also saw an increase of 11.5 percent or $200 million dollars as a result of an increase in the export of shrimp which amounted to over 150,000 pounds. Meanwhile, there was a decline in Banana production that stood at nineteen thousand metric tons for the second quarter, a decrease of four thousand metric ton or 16 percent. (Second Quarter Banana Graph). When it comes to the Secondary Sector, citrus, sugar, electricity and water all recorded an increase. On the other hand, petroleum, beverages and flour all recorded a decrease.

Angelita Campbell – Statistician II

“The secondary industry increased by 0.7% as electricity and water sector increased. Despite the increase in citrus concentrate and sugar production of roughly 30.1% and 18.1% respectively, manufacturing and mining sector recorded a marginal decrease of 0.3%. Petroleum recorded a decline of 18.2% due to natural depletion of reservoirs. Beverage also recorded a decrease of 13.5% as both beer and sugar production declined by 7.7% and 20.3% respectively. Flour production also recorded a decline of 10.4%. Electricity and water recorded an increase of 5.6% or $1.8 Million. Electricity generation increased by 6.7% while we had an increase in water production of 0.6%. The diagram shows the decline in petroleum extraction over the second quarter for the last six years and in 2017 we see 95,000 barrels of petroleum being produced, a reduction of roughly 11,000 barrels.”

The Tertiary Sector also saw an overall increase of 1.7 percent with overnight visitors recording the highest increase of 14.2 percent.

Angelita Campbell – Statistician II

“The tertiary industry which accounts for over 60% of total production increased by 1.7% or $7.1 Million. Within this sector we have private services going up by 4.9% or an increase of $5.6 Million; we have transport, storage and communication increasing by 4.4% or an increase of $3.3 Million due an increase in freight. Contrarily, we have wholesale and retail decreasing by roughly 2.3% and that is as a result of decrease in importation. We have hotel and restaurants decreasing by 2.4% though we have overnight visitors increasing by 4.2% that was offset by passengers going down by 4.8% and room revenue actually going down by10.8%. The bar chart in front of us indicates the decrease in cruise passengers of roughly 10,000 persons due to two less cruise ships being docked in the country. We also see an increase in tourist visitors overnight at roughly 14,000 persons.”

The country is finally bouncing back from a recession with the GDP up for the second consecutive quarter in 2017.