The Statistical Institute of Belize today held its second quarterly press conference for 2024. They shared the most recent statistics on the GDP, and the unemployment rate, among others.
The GDP showed double digit growth - with a strong push from tourism where 'Accommodation and food services' grew by almost 50% driven by increased tourist arrivals to the country - which are on track for an all time record.
Here's the GDP breakdown:
Christopher Hulse, Statistician II
"For the first quarter of 2024 goods and services produced within the country totaled $1.49 billion. This is an increase of $136.2 million, or 10% when compared to the first quarter of 2023, which was $1.36 billion."
"Now, let's go into the primary sector. As stated previously, this sector totaled $128.6 million. This is a decrease of 12 point 9 million or 9.1%. When we compare it to the $141.6 million in quarter one of 2023. Within the primary sector, we saw decreases in agriculture, forestry and fishing 8.3% And we saw a 16.3% decrease in mining."
"Let's look at the secondary sector now where we look at the raw products being processed into a manufacturer good for the secondary sector. We have goods total at $202.6 million. This is an increase of 6.9 million or 3.5% when we compare it today 195. 7 million in quarter one of 2023. Within the sector, manufacturing was the only industry that saw a decrease driven by the decline in citrus products and beverages."
"Looking at the tertiary we're no longer focusing on goods. we're now looking at services. So in the quarter one of 2023, we had $847.5 million within this sector. We're now at $964.7 million. That is an increase of 417. 2 million or 13.8%."
