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Jul 3, 2013

Statistical Institute releases growth figures for 2012

GDPOn the economic front, the Statistical Institute of Belize (S.I.B.) is reporting that Belize’s economy grew by two point four percent in the third quarter of 2012 when compared to the corresponding period in 2011. That places the growth rate for the first nine months of 2012 at five point eight percent. The biggest improvement was in agriculture which rebounded after three consecutive years of being impacted by diseases and severe weather conditions. In the case of the banana industry, production rose by thirty-six point two percent as a result of investments to restore farms and improved farming techniques. Orange and grapefruit deliveries to the citrus factories rose by twenty-seven point two percent causing an almost equally strong increase in concentrate production. Sugarcane production grew by nineteen point three percent, but due to rain, sugar output only increased by ten point one percent.  There was also a growth in tourism with overnight visitors up by nine point one percent causing the hotel and restaurant sectors to grow by six point two percent. Wholesale and Retail Trade grew by three point eight percent in the 2012 period, compared with eight point one percent in 2011. The reopening of a large shrimp farm in southern Belize was almost singularly responsible for the five point three percent boost in fisheries industry. There was increased production of manufactured beverages by seven point two percent. The downside is in the depletion of oil reserves. The production of crude petroleum declined by twenty-seven percent, its lowest level in four years. All be told, except for oil, SIB is reporting growths in other primary sectors of the economy.

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2 Responses for “Statistical Institute releases growth figures for 2012”

  1. Ricky Malthus says:

    In reporting on any economy , the statistics must reflect not only the percentage of growth but also show the number of increased employment tied to that percentage. SIB consistently errs in this respect. The Belize economy is so tiny that an ” input-output” analysis can be provided with very little effort to show the sale of raw materials in all sectors of the economy, the resultant increase in production, and the increased in employment and the increase in GDP. Having said that , the 2.4% increased GDP must reflect an increase in employment of 7.2%. for that quarter abovementioned. Prove what you say SIB or you are dealing in smoke and mirrors to placate the chief politician who has horribly mismanaged the economy , created an additional super bond, and continue to assassinate our economy. SIB is all about fictitious quantifications and a waste of tax money which could be better spent in a different more profitable area of the economy. But this da Belize and only the incompetent and the corrupt poco tiempo enjoy the benefits of the system and how it is set up.

  2. Initiate says:

    Interesting how others brought a much more negative perspective across of ‘economic growth news’

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