Economic Growth of 7.1% in Belize’s Fourth Quarter of 2024

Belize’s economy grew by 7.1% in the fourth quarter of 2024, driven by strong performances in both the tertiary and secondary sectors, according to the Statistical Institute of Belize (SIB).

According to SIB’s latest report on the Gross Domestic Product (GDP), the total value of goods and services produced during the period from October to December 2024 amounted to $1.425 billion, an increase of $94.5 million compared to the same quarter in 2023.

The tertiary sector led the way, contributing significantly to the overall growth, with a 10.2% rise in production, reaching $907.2 million. Key drivers included a 32% increase in accommodation and food services, fuelled by a rise in tourist arrivals. The number of overnight visitors surged by 18.4%, and cruise passenger numbers grew by 13.8%.

The secondary sector also saw growth, with an 8.3% increase in value, largely due to a 13.1% rise in the construction industry. The primary sector saw a decline of 5.5%, mainly due to reduced banana and livestock production, as well as a drop in marine exports.

SIB also reported that the ‘Taxes on Products’ category “rose by 3.6%, from $183.6 million in the fourth quarter of 2023 to $190.2 million in the fourth quarter of 2024.”

According to the report, it shows that although issues in agriculture and fisheries slowed down growth in the primary sector, the overall economy still performed strongly.