S.I.B. Reports GDP Improving

Jefte Ochaeta

The Statistical Institute of Belize is reporting that Belize’s economy is bouncing back. After a record low second quarter in 2020, GDP for 2021’s second quarter has seen a twenty-two percent increase.  The figures reported are not back to pre-COVID numbers, and S.I.B. is unable to say at this time whether this growth will continue in to the next quarter.

Jefte Ochaeta, Statistician 1, S.I.B.

“The GDP for the country of Belize was valued at seven hundred and eleven point four million dollars. This is an increase of a hundred and twenty nine point six million dollars, or twenty two point three when compared to the second quarter of 2020.   The second quarter estimate for 2021 has a significant increase in the growth rate, that of twenty two percent. However, as we can also note, the year 2020 was an odd year. That was when the pandemic hit. Therefore the economy went on a downward turn globally. And thus, now we can see from the information that is presented to us, the GDP is now recovering to some sort of normality. But, however it is still not at the level of pre-pandemic years.”

Diana Castillo-Trejo

Diana Castillo-Trejo, Director, S.I.B.

“Last year, and especially the second quarter, was probably the worst second quarter on record, in terms of GDP. So, it just stands to reason that as we recover, and it I think it is important to note as well, that when we compare with pre-pandemic, that we are still in the pandemic. So conditions are not what they were pre-pandemic. So even that comparison to say, 2018-2019 are not the best comparison, because circumstances are not what they were at that time.”