Belize’s Economy Grows by 6.6%

Belize’s economy grew significantly in the third quarter of 2024. This is according to the Statistical Institute of Belize (SIB). It said that the economy expanded by 6.6% compared to the same period in 2023. The SIB reported that the total value of goods and services produced from July to September reached $1.23 billion, up $75.6 million from the $1.15 billion recorded last year.

According to the SIB, production in the primary sector for the third quarter of 2024 was valued at approximately $72.4 million. This reflects an increase of $1 million, or a 1.5% increase, from $71.4 million in the same period of 2023. The primary sector, including agriculture, recorded improvements in key crops such as bananas, citrus, and sugarcane. The fishing industry also grew by 25.5%, with production rising from 447.1 thousand pounds to 560.9 thousand pounds.

The secondary sector, covering industries like manufacturing and construction, grew by 3.3%. “Electricity generation grew from 88 thousand megawatt hours to 100.9 thousand megawatt hours,” reported the SIB. This was attributed to the higher rainfall experienced that led to a raise in water levels in dams to produce more electricity. However, the manufacturing sector saw a slight decline due to lower production of flour and dairy products. The production of beverages like rum and beer increased.

The largest contributor to overall growth was the tertiary sector. This sector includes services like trade, tourism, and transportation, and it grew by 9%. The “Accommodation and food services” industry reported a 20.7% increase due to a rise in overnight visitors. Despite there were fewer cruise ship arrivals compared to previous years, the increase in overnight visitors contributed to the strong performance in tourism.