Belize’s Fiscal Performance is Lauded by PM Barrow in New Year’s Message

Prime Minister Barrow’s annual New Year’s message, set against a jazz rendition of Auld Lang Syne, covers several issues, including the economy, as well as crime and violence.  In the prepared statement, PM Barrow lauds the country’s fiscal performance, attributing the growth of the economy to the service sector, namely the tourism industry as it relates to an increase in the number of commercial flights and visitors to Belize.  As recent as November twenty-eighth, the Statistical Institute of Belize released third quarter GDP estimates and PM Barrow echoed those projections during his message.

Prime Minister Dean Barrow

“In the first half of 2018, Belize’s G.D.P. grew by three point four percent, due in large measure to a five point two percent second quarter expansion.  And now, the Statistical Institute of Belize has certified our third quarter growth figure as a very consistent three point three percent which is also the best it has been in four years.  No one can doubt that we will end the year with an overall economic expansion of not less than three point five percent.  Tourism, as usual, led the way in 2018 and most noteworthy in this regard is the fact that tourism expenditure as a share of G.D.P. has increased from twenty point five percent in 2017 to almost twenty-five percent in 2018.  In fact, looking back over the last ten years, total tourism spending in Belize exploded by two hundred and fifty-three point five million dollars.  This phenomenal performance is set to continue in 2019, especially with the new flights from Mexico City and Minneapolis having started in December and of course with the fillips we got from events such as the Sir Richard Branson Belize Blue Hole Expedition.”