Earlier this week, the Statistical Institute of Belize released their latest assessment on how the country’s economy is performing. They say that in the last quarter of 2018, Belize’s gross domestic product increased by 1.3% when compared to the same time period of 2017.

The SIB says that for the last 3 months of 2018, the stand-out performance of the banana and livestock industries allowed for that 1.3% growth in the economy. At a press conference on Wednesday, Statistician Jacqueline Sabal discussed the bottomline in these and the other industries which also contributed to that growth in the 4th quarter. Here’s what she had to say:

Jacqueline Sabal - Statistician II, SIB

“For the fourth quarter of 2018, Belize produced goods and services totalling 706.4 million dollars. This is an increase of 9.2 million dollars, or 1.3% for the same period of 2017. For the year 2018, we have a preliminary annual growth rate of 3%, in comparison to 2017. This 3% increase was due to an increase within all 3 sectors, but primarily the tertiary sector.â€￾ 

“Now, we’re looking at the 4th quarter GDP at constant prices, and the growth rate over the last 6 years. GDP by constant prices simple means that the prices are adjusted for inflation. The largest 4th quarter growth rate recorded over the last 6 years was seen during the year 2015 and 2017, both years recording a 3.9% increase. In 2015, the 3.9% rise from 649.8 million dollars, to 675.4 million dollars was due mainly to strong performances in electricity and water, and the construction industry. The 3.9% rise in 2017, from 670.8 million dollars to 797.2 million dollars, was due to strong performances from the secondary sector, but also a positive growth within the services sector, as the hotels and restaurants sub-sector grew. Now, the 1.3% rise during the 4th quarter of 2018 was due to increases within both the primary and tertiary sectors.â€￾

“Among all 3 sectors of the economy, the primary sector experienced the largest rate of growth at 12.6%. This brings the industry total up to 664.5 million dollars. Within the primary sector, Agriculture, hunting and forestry increased by 9.3%, or 4.5 million dollars, totalling 52 million dollars. This was due mainly to an increase in livestock production, which went up 0.3%, and an increase in banana production, which rose by 26.3%.â€￾

 

The SIB also says that the services sector grew by 2 percent during the last 3 months of last year. Hoteliers and restaurant owners experienced a boon due to the arrival of an 60 thousand more tourists than the year before.