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Belize economy shows growth in last quarter of 2017 Print E-mail
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Thursday, 05 April 2018 00:00

The Statistical Institute of Belize is reporting that for the three months of October to December 2017, the total level of economic activity in the country of Belize increased by 2.8 percent. The Institute estimates that the total value of goods and services produced during this period was $695.8 million, an increase of $19.1 million from $676.7 million produced in the fourth quarter of 2016.  All three sectors of the economy recorded increases with the secondary sector experiencing the highest rate of growth at 5.1 percent, followed by the tertiary sector at 3.1 percent. The primary sector was almost unchanged during the period, growing by a marginal 0.1 percent.

The minimal 0.1 percent overall rate of growth experienced by the primary sector during the fourth quarter was the result of positive performances in the major agricultural industries. The banana industry recorded an increase of 12.7 percent for the last three months of 2017, with shipments increasing from 17.6 thousand metric tons to 19.8 thousand metric tons as the industry recovered from the effects of Hurricane Earl in August 2016. Sugarcane deliveries saw an increase of 1.9 percent due to a good crop season in the northern part of the country. Citrus, which was also impacted by Hurricane Earl, saw the crop season being pushed back during 2017.As a result production during the fourth quarter of the year rose sharply by 186 percent compared to the fourth quarter of 2016. Similarly, livestock production expanded by almost 9 percent, largely due to a 14.4 percent growth in poultry production in response to increased demand. However, notwithstanding these increases in the agricultural industries, growth in the primary sector was hampered by a significant decline of 35.3 percent in the fishing industry, as the shrimp industry continued to struggle.

Last Updated on Thursday, 05 April 2018 13:40