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Statistical Institute releases latest figures

The Statistical Institute of Belize, SIB, held a press conference this morning to release the latest figures in regards to Labor Force, Gross Domestic Product, Inflation and External Trade. According to SIB, the economy in Belize declined by one point six percent in the second quarter of 2015.

Jefte Ochaeta – Statistician One

“For the months of April to June of 2015 compared to the same period last year total production of goods and services in the country fell by 1.6%. Cumulatively from the months of January to June we had an increase of 2.7% in the production of goods and services within our borders. This graph here can explain to you where the 2.7% increase for the first six months of the year were located by sectors. The primary sector had 3.5% increase for the first half of the year, the secondary fell by 5.9% and tertiary services increased by 4.1% and you can see the trend here everything is positive for the primary for the past three years. Secondary only in 2014 we had a positive increase. Those two years we had negatives and tertiary is always positive for the first half. So the GDP figures for the second half are showing that we approximately fell around $14 million dollars less than what was produced. We fell in the production which was by 1.6%. Out of this overall around $11 million dollars we found the largest decrease was in manufacturing and oil mining which was around $10.9 million dollars less than what was produced in 2014. Following this was agricultural and forestry activities, we had an $8.2 million decrease and the rest of the industries we recorded around $12 million more but overall when you sum up everything you have around $11 million less in production.”

As for Consumer Price Index, Statistician Two, Angelita Campbell explained that stood at one hundred and two point eight, a decline of one percent.

Angelita Campbell – Statistician Two

““The inflation rate for the month of July stands at ~1% and what that means is that on average prices are 1% lower than they were last July. For instance if you were to purchase a basket of goods last year on an average of $100, this year July they would cost roughly $99. Now we are not saying that every single item in that basket of goods decreased by 1% we are saying that on average the price went down by 1%. If you look closely on the diagram we are looking at the all item food index as well as the fuel index. If you look closely at the all item index we see we are moving from 103.8 to 102.8. Now if you look at the food index we see a slight decrease from 107.9 to 107.4 and as we already know the fuel index continues to decline. The diagram here comes from the household expenditure survey done in 2008 and what this is we look at the spending of household out of every $100 and if you look very closely we see the category of household water, electricity, gas and fuel take up roughly 26% of that hundred dollar, followed by the category of food, nonalcoholic beverages at 20% and transportation at 14%. If you look even closer at these three categories we see roughly 60% of the average household spending going to these three categories.”

Belize’s total imports for the month of July 2015 were valued at one hundred and eighty nine point seven million dollars. This was an increase of three point nine million dollars or two point one percent over last July’s imports, which were valued at one hundred and eighty five point eight million dollars. Total domestic exports for July 2015 amounted to sixty three point eight million dollars, up eight point four million dollars or fifteen point one percent when compared to last July.