S.I.B. Sends Revised Notice of Retraction of Economy

Revised figures have been released by the Statistical Institute of Belize. They show that there has been a contraction in the economy by point four percent in the third quarter of this year between July and September. It follows a shrinking of the economy of point eight percent in the second quarter of this year. The new figures have sent out alarm bells since they indicate that there is trouble in the economy. According to S.I.B., the ‘Electricity and Water’ sector, was revised downward from forty-four million point two dollars worth of production and a growth rate of ten point seven percent for a total output of thirty point three million dollars and a decrease of twenty four point one percent. The S.I.B. states that the primary sector declined by four point three percent, mainly due to a drop in both banana production and marine exports. The Secondary Sector was also adjusted from a four point five percent rate of growth to a decrease of ten point eight percent which means that the total G.D.P. growth for the quarter went down to six hundred and forty nine point two million dollars.