Statistician, Christopher Hulse
by William Ysaguirre (Freelance Writer)
BELIZE CITY, Thurs. Mar. 27, 2025
Belize produced a $1.425 Billion value of goods and services in the last 3 months of 2024, which was $94.5 million more, or a 7.1 percent growth in Gross Domestic Product (GDP) over the $1.331 Billion produced in the 4th quarter of 2023, the Statistical Institute of Belize (SIB) reported at Belize Institute of Management in Belize City on Wednesday morning, March 26.
A shortfall in production in the primary sector in bananas, cattle and marine products was offset by substantial growth in the secondary sector and strong performances in the tertiary sector, statistician Christopher Hulse reported. Belize exported 763 thousand pounds of shrimp and other marine products in the 4th quarter of 2024, which was 2.9 percent less than the 785,000 pounds exported in the 4th quarter the year before. Citrus production grew to 2,600 tonnes in 2024, 62.5 percent more than the 1,600 tonnes produced in 2023. Overall, the primary sector declined by 5.5 percent, from $166.9 million in 2023, to $157.8 million in the 4th quarter of 2024.
The secondary sector made up for this, as production increased by $13.1 million, to $170.3 million in the 4th quarter of last year, which was 8.3 percent more than the $157.2 million produced in the 4th quarter of 2023. This came from a 13.1 percent growth in the construction industry to $68.6 million for the last quarter, and a 15.8 percent increase in beer and soft drink production. Citrus concentrate production more than doubled to 44,000 gallons in the last quarter of 2024, compared to 20,000 gallons in the 4th quarter of 2023. Electricity generation increased to 95,600 megawatt hours, a 15.8 percent increase over production in the 4th quarter of 2023. Water consumption also grew by 2.3 percent to 738.8 million gallons in 4th quarter 2024, up from 722.1 million gallons for the same period in 2023.
The strongest growth was in the tertiary sector, which valued $907.2 million in the 4th quarter of 2024, a 10.2 percent increase over the $823.2 million produced in the same period of the year before. Overnight visitor arrivals increased by 18.4 percent to a record 131,100 visitors, up from 110,700 the year before, which drove a 32 percent growth in earnings from accommodations and food services. Similarly, cruise passenger arrivals grew to 264,700, a 13.8 percent increase over the 232,600 passengers arriving in the last quarter of 2023. Wholesale and retail trade also grew by 10.4 percent, and transport services earned $14.4 million more than in 2023, a 25.3 percent growth. Revenue from Government services increased 8.2 percent, and the financial and insurance services reported a 6.6 percent increase.
Statistician Ronald Orellana
Belize’s external trade deficit also fell by $11.7 million or 5.9 percent, as exports grew by 12.3 percent in February this year, while imports fell by 4 percent, compared to a year ago, statistician Ronald Orellana reported. Domestic exports tallied $23.3 million in February, up from $20.7 million in February 2024. Sugar exports were valued at $4.4 million, compared to $2.3 million a year ago. Lobster and conch exports were valued at $2.7 million, up from $1.5 million last year, and higher prices for orange concentrate earned $2.3 million last month, compared to $1.1 million a year ago.
Imports were valued at $218.4 million in February, compared to $227.5 million a year ago, primarily as a result of a decrease in mineral fuel and lubricant imports, which were valued at $23.5 million last month, compared to $45.8 million a year ago.