Statistical Institute releases growth figures for 2012

On 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.