Belize’s Economy Declines by 13.1% for Third Quarter of 2020

Belize’s economy shrunk by thirteen percent in the third quarter of 2020. According to the Statistical Institute of Belize, during the months of July to September, the total value of goods and services produced within the country for that period was down by more than eighty-five million dollars when compared to the goods and services produced for the same period last year.  Statistician Two Jacqueline Sabal shared more about the country’s G.D.P. for the third quarter of this year.

Jacqueline Sabal

Jacqueline Sabal, Statistician II, SIB

“For the third quarter months of July to September of 2020, Belize produced goods and services totaling five hundred and seventy-eight point nine million dollars. This represents a decrease of eighty-seven point eight million dollars or thirteen point two percent when compared to the third quarter of 2019. For the first nine months of 2020, the country’s GDP was estimated a one thousand eight hundred and seventy-eight point five million dollars – this was a decline of three hundred and sixteen point two million dollars or fourteen point four percent from two thousand one hundred and ninety four point seven million dollars in the first nine months of 2019. This significant decrease in the country’s level of production was the result of prolonged dry weather conditions combined with the devastating economic effects of COVIDS-19. The pandemic was especially detrimental to the second and third quarters of the year.”