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Feb 22, 2019

2018 Experienced Positive GDP

Prime Minister Dean Barrow

During Thursday’s economic forum, the Prime Minister boasted about the encouraging outlook of the economy. According to P.M. Barrow central government recorded a primary balance of not less than two point two percent. He said that fiscally and economically the economy is currently sound, and theoretically ready for takeoff.

 

Prime Minister Dean Barrow

“Of course, in terms of where we are now while the new equation is maturing, the picture dare I say so, is encouraging. GDP growth has been positive for 2018, more than doubling 2017’s one point four percent and calculated by the Central Bank of Belize to be not less than three percent. So I turned that around and I say slightly more than three percent, not less than three percent, more than three percent. That welcome doubling of growth was achieved by much improved performances in the primary and tertiary sectors. Stay-over tourist arrivals increased by twelve point six percent to a record high of four hundred and thirty eight, two hundred and twenty four visitors. And cruise ship calls also surged with a nineteen point on percent jump to one point one million passengers in 2018. Tourism will remain the brightest star in our development firmament with both stay over and cruise projected to rise yet again in 2019. Agricultural output also experienced growth of ten percent in 2018 over the previous year. The dollar value of this was six hundred million. And 2019’s figures are expected to show further growth with a slew of non-traditional exports making their way into various markets. Most interestingly in the context of today’s theme, the agriculture sector provides us with one perfect example of technology adaptation by the government. This comes by way of the Belize Agriculture Information Management System, a geo-referenced farm registry for real-time reporting and data analysis aimed at improved productivity, efficiency, and more targeted technical and policy support.”

 

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