S.I.B. Reports 3.2% GDP Growth for 2023

The Statistical Institute of Belize held a press conference today to present its G.D.P. estimates for the fourth quarter of 2024. As well as the consumer price index, external trade statistics for February 2024, and the Consumer Confidence Index. Also shared was the breakdown of the Multidimensional Poverty Index, which is a measure of poverty across various dimensions of wellbeing, such as health, education, and employment. And living standards. News Five’s Britney Gordon reports.

 

Britney Gordon, Reporting

According to the Statistical Institute of Belize, the economy grew by three point two percent in the fourth quarter of 2023. This growth was attributed to the tertiary sector, which observed an eight point eight increase of about seventy point three million dollars in comparison to the fourth quarter of 2022. SIB credits this growth to the strong performance of the industries within the service sector.

 

Christopher Hulse, Statistician II, S.I.B.

“The tertiary sector went from seven hundred ninety-seven point one million in quarter four of 2022 to eight hundred sixty-seven point four million for quarter four of 2023. This is an increase of seven point three million or eight point eight percent mainly driven by an increase in the hotels and restaurants industry, transportation.  We see arts, entertainment, recreation. The industries that have a tie to the increase in tourism movement. Looking at the other services, admin and support services went up by four point five percent as we see an increase in BPO’s and also travel agencies and tour operators. So two things that are increasing, the call centers and since we have tourism movement we see the travel agencies and tour operators also increasing. We have increases in real estate, one point eight percent, human health, two point four slight decreases for wholesale and retail trade, communication, and other services. Adversely, the primary and secondary sectors contracted, undergoing a three-point one and two-point eight decrease, respectively. This puts the primary sector down by an estimated five million dollars and the secondary sector down by eight point eight million dollars. These declines were attributed to poor weather conditions that negatively impacted water levels and subsequently resulted in low crop outputs and electricity generation. Now, for Banana,  if we look at the levels, that 21 3 is still low, But 2022 was such a down year that when we compare the two periods together, we will observe an increase. But compared to before 2022, we see that overall banana is still down. So we will have that trend for most of the crops, that for the entire year. If we look at the sum of it, it will be down due to the weather conditions for most of them. Now conversely, we see an increase for livestock. So overall, livestock saw an increase of eighteen point four percent, where we had cattle up by twenty-four point five percent, pig up by twenty-two point one percent and poultry up by eleven point two percent. So even though we saw declines in the crop, livestock offset that decrease, and that’s why when we look at the primary sector overall Even though the crops were affected, we saw zero point eight percent decline because of the livestock going up.”

 

External Trade reports from February 2024 revealed an increase of thirteen point seven percent of imports and an eight point one percent decrease of domestic exports. The most notable contributors to the increase in imports were machinery and transport equipment, as well as minerals, fuels, and other lubricants. The decrease in domestic export revenue was attributed to several key exports.

 

Ronald Orellana, Statistician II, S.I.B.

“Animal feed revenue plummeted from ten point one million to two point eight million as exported quantities fell by more than two thirds during the period. Likewise, sugar exports saw a notable decrease of six point eight million, dropping from ten point seven million to three point eight million, with earnings down by sixty-four percent. Reduced exports of lobster products and shrimps during the period. Led to trip led to a three point eight million decline in revenues from marine products dropping from seven point one million to three point two million. Diminished volumes of orange concentrate also contributed to a downturn in exported citrus declining from four million to one point seven million. Despite the general decline in domestic exports, Bananas experienced a significant increase of seven point four million, surging from five point one million to twelve point five million, with quantities more than doubling for the period. Additionally, other exports category went up by one point eight million, from six point two million to seven point nine billion, due to wooden furniture and crude soybean oil.”

 

Britney Gordon for News Five.