SIB Gives Stats on Economy and Employment for Nine Months of 2021
The nine months of 2021 looked far better than the same period in 2020, according to statisticians who collected data on the country’s economy, employment and inflation rates, and external trade. Today the data was presented to the media and Marion Ali was present and filed the following report.
Marion Ali, Reporting
The cost of living or the rate of inflation at the end of September, 2021 stood at five point two percent over the same time last year. This was the highest increase on record since August of 2008. Statistician with the Statistical Institute of Belize, Melvin Perez explained to the media today what were those determining factors that played a part in the jump in prices across the board.
Melvin Perez, Statistician, SIB
Melvin Perez,
“Looking at what contributed to this increase was first the transport category, which had a notable increase of sixteen point two percent as higher prices for motor vehicle fuels were recorded. It was followed by food and non-alcoholic beverages category which went up by five point eight percent, as higher prices for meats, vegetables and fruits were recorded for the period. Prices in housing, water, electricity, gas and other fuels went up by three point five percent.”
The Gross Domestic Product, or GDP for short, also grew by fifteen point two percent over 2020, but it remains lower than the pre-pandemic level. External trade, which includes imports and exports, also rose by significant margins, going by SIB’s data.
Tiffany Vasquez
Tiffany Vasquez, Statistician, SIB
“For the period January to October of 2021, Belize’s imports stood at one point billion dollars. This was a significant growth of almost thirty percent or three hundred and eighty-six point five million dollars as imports increased across all commodity categories when compared to that same period last year. Such a wide sweep in increased imports is reflective of not only a comparison made to the severely-reduced imports of 2020, which were notably impacted by the challenges of the pandemic, but higher world market prices for various commodities and greater shipping costs were largely responsible for this increase. For the period January to October of 2021, Belize’s domestic exports totalled three hundred and sixty-seven point four million dollars. This was a respectable thirteen point two percent increase or a growth of forty-two point eight million dollars over exports for that same period last year.”
The unemployment rate fell, according to the SIB, from thirteen point seven percent to single digits – nine point two percent over the same comparable period. According to the statistics, the labour force in September comprised around one hundred and ninety one thousand eight hundred and eighty persons and around ninety percent of that amount was employed in some form. Statistician, Wendy Benavides broke down the figures:
Wendy Benavides, Statistician, SIB
Wendy Benavides
“The decline in the level of unemployment was largely due to persons rejoining the labour force and finding jobs. Across the districts, Toledo registered the highest unemployment level at fourteen point six percent, followed by Cayo, at eleven point four percent. Unemployment figures decreased in all districts except for Toledo, where a notable increase was observed among young females, ages fourteen to twenty-four years.”
Orange Walk, according to the figures, recorded the lowest unemployment rate at six point four percent. And while the statistics shows that the Belize District registered the highest unemployment rate at fifteen point one percent in 2020, by September of this year, those figures dropped to six point five percent, mostly due to gains made in the tourism, real estate, trade and the services sector. Marion Ali reporting for News Five.
