by Kristen Ku

BELIZE CITY, Wed. Dec. 13, 2023

The Statistical Institute of Belize’s preliminary estimates show a 3.4% increase in the country’s Gross Domestic Product (GDP)—estimated at $1.2 billion for the third quarter of 2023.

This growth was primarily fueled by the tertiary sector, with contributions from industries such as ‘Wholesale and Retail Trade’, ‘Government Services’, ‘Hotels and Restaurants’, ‘Transport’, and ‘Administrative and Support Services’. There was also noteworthy growth in the ‘Construction’ industry.

However, the primary sector suffered a steep decline due to adverse weather conditions and the absence of sugarcane and citrus production during the quarter.

Within the Livestock sector, there were mixed outcomes, with cattle output increasing by 15%, which somewhat mitigated the 7.7% decrease in pig production, and 5.1% decrease in the production of poultry — from 11.7 million pounds to 11.1 million pounds.

There was also a 26.4% downturn in the fishing industry, despite a slight 4% increase in shrimp output. Output in the secondary sector decreased overall by 6.2%, from $175.1 million to $164.3 million, when compared to the same quarter last year, due to the impact of diminished agricultural outputs on the ‘Manufacturing’ industries. The absence of sugar production and a drop in citrus concentrate production were key factors in this decline.

Electricity generation also fell by 22.6% due to low rainfall, although this led to an increase of 10.2% in water consumption, from 703.9 million gallons to 770.3 million gallons. There was a substantial boost, however, in the ‘Construction’ industry, which grew by 11.1%.

The tertiary sector’s output, valued at $784.7 million, marked a 9% increase from the same period in 2022.

The ‘Wholesale and Retail Trade’ industry grew by 11.7%, and the expansion of businesses in the ‘Transport’ and ‘Administrative and Support Services’ generated growth in these areas by 13.5% and 9.4%, respectively.

The ‘Hotels and Restaurants’ industry saw a significant rise of 26.7%, from $41 million to $51.9 million, correlating with an increase in tourism activities, while government services also saw a significant increase of 13% in production.