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Belize’s economy is in a deepening recession.  That’s based on the most recent figures from the Statistical Institute of Belize, which were released today.  They show that for the third successive quarter, the GDP showed negative growth.  The first quarter was a contraction of 0.2%, the second quarter there was contraction of 1%, and now the third quarter figures show contraction of 0.8%

Now, a recession is defined by two successive quarters of decline, and this is the third quarter of decline, which suggests that the recession is only getting worse. 

Now, because of citrus deliveries, the third quarters usually shows growth, and the figures show this is the first time in six years that the third quarter showed negative growth.  It’s also the first time since 2007/2008 that there has been three successive quarters of contraction in the GDP. Â 

And what’s driving it?  Well, production is down across all major industries, from fisheries, to aquaculture, to bananas.  All that accounts for a decrease of 5.6 million dollars in the total goods and services produced by Belize in the third quarter of 2016.