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Belize’s 2nd quarter GDP grew amid tertiary sector surge

GeneralBelize’s 2nd quarter GDP grew amid tertiary sector surge

by Kristen Ku

BELIZE CITY, Wed. Sept. 27, 2023

Second Quarter 2023 GDP

Belize’s Gross Domestic Product (GDP) for the months of April to June 2023 stood at $1.314 billion, marking a 2.6% increase or a growth of $33.8 million from the previous year’s second quarter (Q2) value of $1.28 billion.

During this quarter, output in the primary sector, valued at $90.5 million, decreased by 16.7% compared to 2022’s second quarter.

This decline was due to challenges in major agricultural industries such as sugarcane, banana, and citrus fruit. However, livestock production saw a growth of 12%, particularly in cattle output.

There was also a 3.2% decrease in the secondary sector to $192.6 million. Despite an 11.2% expansion in construction, manufacturing experienced a significant decline, mainly in citrus concentrate and sugar production.

Beverage production, on the other hand, slightly increased, while electricity generation was up by 3.7%.

In the tertiary sector, however, which accounts for approximately two-thirds of the nation’s economy, there was a surge to $859.5 million, an 8.9% rise from the same period in 2022.

Significant growth was observed in ‘Administrative and Support Services’, ‘Government Services’, ‘Accommodation and Food Services’, and the ‘Transportation’ industry.

Taxes on Products: There was a decrease of 6.7% for this period, declining from $185.5 million in Q2 2022 to $171.1 million in Q2 2023.

Annual GDP 2022: The total GDP value for 2022 reached $5.016 billion, an 8.7% or $402.9 million growth compared to 2021.

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