We turn now to the latest economic numbers from the Statistical Institute of Belize.
And the news tonight is that with the reopening of the country for business, trade, and tourism, there has been a 14.8% growth in the economy when comparing the last quarter of 2020 and the same period last year. Here's how Statistician Christopher Hulse made the point that the GDP numbers are inching closer and closer to the pre-pandemic trends:
Christopher Hulse - Statistician II, SIB
"For 2020, the total was $573.3 million. For the fourth quarter of 2021. Produce, goods, and services totaling $657.9 million. This is an increase of $84.6 million, or 14.8%, of course, when we compare it to the fourth quarter of 2020. Since this is the fourth quarter, we can have ab estimate for the annual of 2021, which is showing growth of 9.8%. That means comparing all four quarters for 2020, to the fourth quarters of 2021, we see a 9.8% growth. Now let's look specifically at the fourth-quarter GDP from 2016 to 2021, and this highlights the movement in GDP. So, we have gross domestic product at
constant prices. This simply means that the prices we are using have been adjusted for inflation, so we have the 14.8% for 2021. But I want us to understand again that for 2020, that was when the pandemic really was upon us. So, comparing those quarters, we see growth. But, if we compare a year before, we can see that we're still approaching back to pre-pandemic production. So looking at 2019 GDP, we're at -4.2%, in terms of production."
The Statistical Institute says that the country's primary sectors experienced a 2.9% GDP growth for last year's last quarter. But, secondary sectors had a 19% decline. This is mostly due to electricity generation, which had a steep 57% fall off. There was less rain when compared to the same time period back in 2020 wen hurricanes of Eta and Iota filled up the dams leading to excess electricity production.
Turning now to the Tertiary Sector, the SIB says that these industries, which include wholesale and retail trade, transportation and communication, and tourism had an increase of 22.1%.
Viewers will remember how the Tourism Industry was devastated back the pandemic back in 2020. Well, according to the statisticians, that sector is making quite the comeback. Here's that part of Christopher Hulse's presentation from today:
Christopher Hulse - Statistician II, SIB
"The tertiary sector recorded the largest increase among all sectors with a significant 22.1% growth, or $75.6 million across all tertiary industries, bringing this total to $418 million. Within this sector, the wholesale and retail trade sub-sector went up by 31.8% as imports went up by 52%. Imported, crude materials were up by six to one person, and imported mineral fuels and lubricants also rose by 122%. The hotels and restaurants industry continues to slowly rebound, with a total of $19.4 million, compared to a quarter 4 of 2020, which only recorded $4.5 million. This is because of the growing number of tourists visiting, and as well as cruise arrivals starting in quarter 3, continuing in Quarter 4. The hotels and restaurants industry went up by 331.9% from 4.5 million to 19.4 million. Overnight tourist arrivals were up by 309.9% from approximately 17,000 people in 2020 to 70,000 in 2021 quarter four. Hotel revenue up by 412% and cruise passenger travel a quarter 4 2021 was approximate. 162 thousand people. There was none in quarter 4 of 2020. So looking at the graph the gray and the light green from my angle - so, for 2020, you see that there is no cruise ship, and we had a small influx of overnight tourists at $17.2 thousand. But in 2021 - and it follows the previous trends, where the majority of our tourist arrivals come from the cruise. So, we see 161.7 for cruise, and then, that 17.2 for overnight tourists, went up to 70.7 in quarter 4 for 2021."
