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Jul 3, 2013

Contracting economy; Statistical Institutes 2013 figures

On Tuesday night, we gave you the numbers that showed most industries were increasing in production up to 2012. Tonight the figures released from the Statistical Institute of Belize show that growth has slowed significantly. For January to March 2013, SIB indicates that the economy had contracted by a negative point five percent, during the first three months of 2013. That is a startling reversal from a six point one percent increase in the same period of 2012. Most sectors of the economy experienced growth, but the contraction according to SIB, was a result of plummeting production in citrus, crude petroleum and electricity. The most improved part of the economy involved the services sector, which accounts for more than three-fifths of the total economy, it expanded by five point three percent. The agricultural industry, with the help of the new owners of the Belize Sugar Industry, experienced its best first quarter performance since 2004 due to favorable weather conditions and improved factory efficiency. According to the release, (Quote) “Sugarcane yields grew by four percent, resulting in a slightly higher rate of growth in sugar output. On the other hand, the citrus and banana industries did not fare as well, both being negatively affected by heavy rains in the southern districts. Citrus was the hardest hit, with fruit and juice production declining by about thirty-five percent and forty percent, respectively, reaching their lowest point in eighteen years.” (Unquote)  While heavy rains pounded the southern districts and ruined the crop, lack of rain is cited for less electricity generation. Insufficient rainfall at the Chalillo and Mollejon hydroelectric plants led to Belize Electricity Limited’s dependency on power from Mexico’s CFE. The country’s single largest export earner, crude petroleum, fell for a third straight year.

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4 Responses for “Contracting economy; Statistical Institutes 2013 figures”

  1. Ricky Malthus says:

    The truth will surface that the leadership of SIB falsifying its reports to assuage the temperament of the UDP regime. This is stupid and irresponsible. How can there be such a dramatic increase of 2.4% in GDP one quarter and a negative .5% the following quarter, ceteris paribus? So where did the jobs/employment evaporate? Where did the investment and money infusion that created this 2.4% GDP increase evaporate? SIB and the UDP regime think Belizeans are really stupid but there are some who have mastered the discipline of critical thinking through the intricacies of economics and math to discern fluff. Nice try SIB. Stick to the factual truths ,SIB, when reporting lest you show yourself as asinine.

  2. melinda says:

    @mathus is a die hard blue concas. nothing will ever please him except ralphonomics. if the institute had reported positive growth he would have railed, they reported negative growth and he is all about blaming people again. yes an economy can fall within three months, einstein, in fact it can fall in a week, you bubu.

  3. Initiate says:

    “…While heavy rains pounded the southern districts and ruined the crop, lack of rain is cited for less electricity generation. Insufficient rainfall at the Chalillo and Mollejon hydroelectric plants. ….” This is truly almost unbelievable that such a big different can occur.

    and at @mathus yeah I’m sure you make any real sense or cents either.

    a die hard blue concas . . .:) comes from a overdoze of garbage … when life for a concas has been too good in the past….

  4. Ricky Malthus says:

    @bubu Melinda, I love your ad hominem attacks. It is beyond you to see how implausible the SIB stats are, so you attack the prophets. You and those like you keep Belize down. You hate all the Paisas but love to be subjugated by Mennonites, Chinese, et al. . My writing rankles you because you observe the truth that I speak of . Good nite to you.

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