PM Optimistic that Economy Will Grow in 4th Quarter

Prime Minister Dean Barrow is optimistic about economic growth for the fourth quarter. Revised figures released by the Statistical Institute of Belize show that there was a contraction in the third quarter.  According to the S.I.B., the percent change within the Secondary Sector, within which electricity production falls, was adjusted from a four-point five percent rate of growth to a decrease of ten-point eight percent.  As a result, the total G.D.P. for the quarter was also affected, going from a growth rate of one point eight percent to a contraction of zero point four percent.  Prime Minister Dean Barrow says, however, that there was overall economic growth.

Dean Barrow

Prime Minister Dean Barrow

“Indeed in terms of the text book definition of a recession but you do understand that in putting the three quarters together there is growth. So we will have to fast on to that for now and I certainly believe that the last quarter will provide the kind of bump that will make sure that when we report next year, soon as the figures are in, it will be clear that the recession has been passed through and is in the rare view mirror.”

Reporter

“But how does that square away with the fact that the sugar crop is starting late due to drought conditions and other situations they say government can help with.”

Prime Minister Dean Barrow

“Remember that we did come up with a package to try to help everybody who suffered from the drought. I think there was some offer to farmers that they didn’t find satisfactory. We are going through the processes of getting the additional help externally that was promised to us. It is taking sometime but we don’t control the situation in that regard. I still believe that overall there is going to be growth in the fourth quarter. We have to wait and see. I don’t think that I will be proved wrong.”