SIB Reports Belizeans ‘Feeling’ Financially Better

According to the Statistical Institute of Belize (SIB), Belizeans are feeling a bit more optimistic about the economy as the country’s Consumer Confidence Index (CCI) in Belize rose slightly by 0.9% in November 2024, reaching 44.7, up from 44.3 in October. 

This marks a recovery after a dip in previous months.

The CCI measures how consumers feel about the economy, their personal financial situation, and their willingness to make significant purchases like homes or cars. An index above 50 indicates general optimism, while anything below signals more pessimism.

SIB reports that the rise in November was driven by improvements in consumers’ views of both their current financial situations and their expectations for the future. The ‘Present’ component, reflecting current financial sentiments, increased by 3.6%, while ‘Expectations’ about future conditions grew by 3.5%. However, consumer sentiment regarding major purchases of durable goods, such as appliances and vehicles, saw a decline of 5.8%.

Urban areas saw a more significant boost in confidence, especially in future expectations, with an increase of 7.1%. Rural areas also showed optimism, though more modestly, with a 0.7% increase.

While men experienced a notable 4.9% rise in confidence, particularly about their present financial situation, women saw a slight decline of 2.9%, due to lower confidence in making large purchases.

Age-wise, younger groups, especially those aged 18-24, reported the highest increase in confidence, with a 5.7% rise. However, those aged 25-34 saw a drop of 7.1%.

The index reflects shifting moods in the country, with a general trend toward optimism but cautious outlooks on major spending, according to the SIB.