Tag:
Statistical Institute of Belize
Business & Economy
SIB Reports Consumer Prices Rise and Exports Fall
The Statistical Institute of Belize (SIB) released its latest economic data near the end of May, painting a challenging picture for the national economy. Belizean consumers are feeling the effects of rising prices, while trade activity has slowed considerably. According to the SIB's April 2025 report, released on May 29th, the national Consumer Price Index (CPI) rose by 1.3% compared to April 2024. This indicates that the cost of everyday goods and services, such as groceries and transportation, continues to increase, putting pressure on household budgets nationwide.
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
SIB Reports Consumer Confidence Index Up by 5.2%
The Statistical Institute of Belize (SIB) reported a significant increase in the Consumer Confidence Index (CCI) for January 2025, which rose by 5.2% compared to December 2024. This improvement brought the CCI to 50.5%, indicating a shift in optimism about the economy and personal financial prospects for the first time since the SIB began tracking this indicator.
Business & Economy
SIB reports that the consumer price increased by 2.6% in December 2024
Belize has experienced a significant increase in consumer prices, with a rise of 2.6% reported in the final quarter of 2024. This information comes from the latest report released by the Statistical Institute of Belize (SIB) on January 30, 2025. Rising costs in essential categories such as food and housing primarily drove the increase in the inflation rate.
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%.
Business & Economy
Cost of living still high; basic food items affected
The cost of living continues to be a dilemma for many Belizeans as prices for basic goods have increased nationwide. According to the Statistical Institute of Belize (SIB), consumer prices for April were 3.9% compared to last year. Basic staples such as a 16-ounce loaf of bread recently experienced a 20% increase. In San Pedro Town, Ambergris Caye, the price of bread sold in packs of 17 and 22 ounces remains unchanged; however, other food items have slightly increased due to the cost of transporting goods to the island.
