Tourism Rebound Helping Economy

The fourth quarter of 2021 saw growth for Belize’s economy. According to S.I.B’s statistics, the economy grew by four point one percent or eighty four million dollars. This is compared to the fourth quarter in 2020 at the height of the COVID19 pandemic. In the fourth quarter of 2020, G.D.P. dipped by more than sixteen percent. But, the data now shows that the tides turned in 2021. This 2021 increase, according to S.I.B, was driven primarily by the tertiary sector, including tourism.

Christopher Hulse, Statistician II, S.I.B.

Christopher Hulse

“The tertiary sector recorded the largest increase among all sectors with a significant twenty-two point one percent growth, or seventy-five point six million dollars across all tertiary industries, bringing this total to four hundred and eighteen million dollars. Within this sector the hotel and retail trade sector went up by thirty one point eight percent, as imports went up by fifty two percent. Imported crude materials were up by sixty one percent, and imported mineral fuels and lubricants also rose by a hundred and twenty two percent. The hotel and restaurant industry continues to slowly rebound, with a total of nineteen point four million dollars, compared to the fourth quarter of 2020 that only recorded four point five million dollars. This is because of the growing number of tourist visiting as well as cruise arrivals starting in quarter three, continuing in quarter four.”