Pandemic Causes Economy to Shrink for a Fourth Quarter

Jaqueline Sabal

Belize’s economy shrank for a fourth consecutive quarter, as a result of the COVID-19 pandemic.  The latest Statistical Institute of Belize data shows that Belize produced sixty million dollars less in goods and services in the first quarter of 2021, accounting for an eight percent decrease in the economy.  Belize’s largest economic sector, tourism, continued spiraling downwards as hotels and restaurants saw eighty-one percent less of its pre-COVID revenues.  On the other hand, an increase in the generation of electricity and water were recorded, and the sugar industry experienced growth.

Jaqueline Sabal, Statistician II, SIB

“Within the primary sector, output decreased to seventy-six point eight million dollars during the first quarter of 2021. This represents a decline of two percent or one point six million dollars, when compared to the first quarter of 2020.  The sector most severely impacted by COVID-19 pandemic, the tertiary sector, continue to report the largest decrease among all sectors, with a significant twelve-point three percent impact or fifty four point seven million dollar decrease across all tertiary industry, bringing this industry down to three hundred and ninety point three million dollars.”