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Belize’s economy sees growth in Q4 2023

GeneralBelize’s economy sees growth in Q4 2023

by Kristen Ku

BELIZE CITY, Wed. Mar. 27, 2024

The Belizean economy experienced growth in the final quarter of 2023, from October to December, according to the latest GDP report by the Statistical Institute of Belize.

The economy grew by 3.2% in the fourth quarter of 2023, primarily fueled by the tertiary sector, which saw an 8.8% increase or $70.3 million more than the $797.1 million produced in the fourth quarter of 2022, overshadowing the decrease in both primary and secondary sectors.

The report details that the tertiary sector’s spike was primarily due to strong performances in ‘Accommodation and food services’, which grew by 52.7% or from $45.5 million to $69.4 million when comparing Q4 of 2022 and 2023, and ‘Transport, storage, and communication’, up by 22.8%. Notably, the ‘Administrative and support services’ sector also increased by 4.5%.

In contrast, the primary sector decreased by 3.1%, with bananas being the only agricultural crop to show an increase, growing by 24.7% from the previous year. Citrus production faced a sharp decline of 53.5%, mainly because of the citrus greening disease.

The secondary sector, hit by reduced production levels across major agricultural industries, declined by 5.3%. In particular, sugar output was notably constrained, reflecting a fall from 0.8 thousand metric tons in the fourth quarter of 2022 to 0.3 thousand metric tons in the fourth quarter of 2023.

The report also shows a decrease in marine exports by 8.3% and an increase in livestock production by 18.4% during the quarter.

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