Sunday, February 9, 2025

SIB report 6.6% GDP growth in 3rd quarter of 2024

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The Statistical Institute of Belize (SIB) has reported a 6.6% growth in the country’s Gross Domestic Product (GDP) for the third quarter of 2024, indicating a continuation of the positive economic trends observed throughout the year. This growth follows a 10.5% increase in the second quarter and a 10% rise in the first quarter, demonstrating a robust economic recovery post-pandemic.
The growth in the third quarter was driven by all sectors of the economy, with significant advancements in the tertiary sector, which includes services such as tourism, retail, and transportation. The tourism industry, a cornerstone of Belize’s economy, has dramatically recovered, evidenced by increased visitor arrivals by air and cruise ships. This resurgence can be attributed to enhanced marketing efforts and improved travel conditions, drawing tourists back to Belize, which is nearing pre-pandemic levels. Manufacturing and construction, the secondary sector, also contributed positively to GDP growth. Increased investments in infrastructure and utilities have stimulated activity in these areas, with construction projects likely playing a crucial role in job creation and economic stimulation.
Alongside GDP growth, other economic indicators have shown favorable trends. The unemployment rate remained low at 3% as of April 2024, though it slightly increased from 2.8% in April 2023. This marginal rise reflects shifts within the labor market rather than widespread job losses. Additionally, inflation has remained relatively stable, with consumer prices increasing by approximately 3.8% year-to-date as of July 2024, driven primarily by rising food and non-alcoholic beverages costs.
Despite these positive developments, challenges persist. The primary sector, which includes agriculture and fisheries, experienced a decline of 9.1% compared to previous quarters due to adverse weather conditions and market fluctuations affecting production levels. For example, while sugarcane and livestock production increased, overall agricultural output struggled. Addressing these challenges will be crucial for sustaining long-term economic growth.
Belize’s economy is on an upward trajectory, with a reported 6.6% GDP growth for Q3 2024. Strong performance in the tourism and service sectors, along with ongoing investments in infrastructure, positions Belize favorably for continued recovery and growth. However, efforts must be directed toward stabilizing the primary sector to ensure balanced economic development.

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