Tag:
Gross Domestic Product
Government
Belize’s 2025/26 Budget Presented: “From Promise to Performance”
Prime Minister John Briceño has presented Belize’s national budget for the 2025/26 fiscal year, unveiling a $1.78 billion spending plan under the theme “From Promise to Performance.” Delayed from its usual March presentation due to the March 12 general elections, the budget outlines the government’s financial priorities amid a backdrop of robust economic recovery and ambitious social investments.
Business & Economy
SIB reports a decrease in imports and an increase in exports
In a recent economic update, the Statistical Institute of Belize (SIB) reported a significant decrease in imports, accompanied by an increase in exports, for the first two months of 2025. As of February 2025, Belize's imports decreased by 7.8%, totaling $461 million compared to $499.8 million during the same period last year. In contrast, exports increased by 7.7%, reaching $40.4 million, up from $37.5 million in the first quarter of 2024. This shift reflects a positive trend in Belize's trade balance, which could strengthen the country's economic resilience.
Business & Economy
Belize celebrates record-breaking tourist arrivals in 2024
In 2024, Belize's tourism sector has seen remarkable growth, making it a historic year for the industry. The Belize Tourism Board (BTB) reported that overnight visitor arrivals reached 562,405, exceeding pre-pandemic levels by 11.8% compared to 2019, the previous peak year for tourism in the country. The year 2024 has been transformative for Belize's tourism industry, marked by record-breaking visitor numbers and substantial economic contributions, solidifying the country's position as a leading destination in the Caribbean.
Business & Economy
SIB report 6.6% GDP growth in 3rd quarter of 2024
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.
Business & Economy
SIB releases mid-year consumer report: National Inflation rate up by 3.8%
The Statistical Institute of Belize (SIB) released its mid-year Consumer Price Index (CPI) report for July on August 28th, 2024. The report revealed that the CPI, which summarizes price levels across all consumer goods and services categories, rose to 118.9 from 114.6 in July 2023, resulting in a national inflation rate of 3.8%.
Government
PM’s State of the Nation address unveils tax breaks for middle class
On Tuesday, September 17th, Prime Minister Honourable Dr. John Briceño delivered his first State of the Nation address in the Capital City of Belmopan. The Prime Minister shared with Belizeans that the country's state is strong, and the gross domestic product has significantly increased, along with a robust tourism industry and a low unemployment rate. Among other important topics discussed, the highlight of his speech to many was the announcement of a break in income tax for wage earners making up to BZ$29,000 annually.
Business & Economy
SIB says Belize’s economy grew by 3.2% in 2023; imports continue increasing
The Statistical Institute of Belize (SIB) reported on March 28th that the country’s economy grew by 3.2% in the fourth quarter of 2023. The report also showed an incidence of multidimensional poverty down to 10.1% in September of that same year. However, there was an increase in consumer prices and imports during the same period.
Business & Economy
IMF preliminary report says Belize’s economy is growing
Despite residents voicing their struggles in the current Belizean economy, a report published on Monday, September 24th by the International Monetary Fund (IMF) states that the country’s economy has grown by an estimated 5.4%.