Belize Economy shows strong growth in First Quarter of 2024

By Zoila Palma Gonzalez: Preliminary estimates released by the Statistical Institute of Belize indicate robust economic growth in the first quarter of 2024, with the country’s Gross Domestic Product (GDP) reaching $1.49 billion.

This marks a significant 10 percent increase from the $1.36 billion recorded during the same period in 2023.

The expansion was primarily fueled by vibrant performances in the tertiary sector, which has been a consistent driver of economic activity in recent quarters.

Key industries such as ‘Wholesale and retail trade’, ‘Accommodation and food services’, ‘Government services’, ‘Transportation’, ‘Construction’, and ‘Electricity’ all contributed to the positive growth trajectory.

However, the primary sector faced challenges during the quarter, with an overall decline despite improvements in livestock and certain agricultural industries.

Decreased citrus production and a substantial drop in marine exports, including shrimp and lobster, were significant factors contributing to this decline.

The report also highlighted a notable increase in ‘Taxes on Products’, which rose by 14.5 percent, underscoring increased economic activity and higher production levels across various sectors.

Production within the primary sector was valued at $128.6 million, down 9.1 percent from the previous year.

Citrus production, a key agricultural commodity, saw a notable decline of 27.5 percent, while marine exports plummeted by 30.5 percent.

The tertiary sector, comprising a substantial portion of Belize’s economy, recorded a value of $964.7 million for the quarter, marking a robust 13.8 percent increase from 2023.

This growth was primarily driven by ‘Accommodation and food services’, which surged by 43.2 percent due to increased tourist arrivals.

The positive GDP growth in the first quarter of 2024 reflects Belize’s economic resilience and the continued strength of its service-oriented industries.

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