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.