Services growth led by accommodation and food services despite cruise downturn

Posted: Thursday, September 26, 2024. 11:28 am CST.

By Aaron Humes: In the second quarter of 2024, the production in the tertiary sector experienced significant growth, reaching a value of $911.8 million. This marked a substantial increase of 10.5 percent or $87 million from the same period in 2023, when it was valued at $824.8 million, according to the Statistical Institute of Belize (SIB).

Strong performances across various service sector industries primarily drove the expansion. Despite a decrease in cruise ship calls, the accommodation and food services industry expanded by 33 percent, attributed to a 22.4 percent rise in overnight visitor arrivals.

Additionally, wholesale and retail trade activities grew by 23.1 percent, transport services recorded a growth of 29.9 percent, and financial services and insurance industry revenues increased by 12.7 percent.

In contrast, the production of ‘Government services’ declined by 8.4 percent during the second quarter of 2024 compared to the same period in 2023. These developments reflect dynamic shifts within the country’s economy, indicating both areas of growth and decline across various sectors.

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