G.D.P. Down by 13.1% for Last Quarter of 2020

The Statistical Institute of Belize has given its report on the state of the Belize economy. During a virtual presentation today, the S.I.B. shared that the economy contracted by thirteen point one percent during the last quarter of 2020. The S.I.B.’s report shows that gross domestic product was down significantly due to a decline of goods and services produced across some of the productive sectors.  The primary industries, which include agriculture, hunting, forestry and fishing, grew by a negligible zero point three million dollars. The secondary industries of electricity, water, construction, manufacturing and mining were up overall by a whopping seventeen point three million dollars.  The tertiary industries took a hit, down by eighty-four point four million dollars in wholesale and retail trade; hotel and restaurants; transport and communication, as well as government services. Jacqueline Sabal of the S.I.B. tells us how these figures contributed to a downturn in the G.D.P.

Jacqueline Sabal

Jacqueline Sabal, Statistician II, S.I.B.

“For the fourth quarter months of October to December 2020, Belize produced goods and services totaling five hundred and ninety two point six million dollars. This represents a decrease of eighty-nine point six million dollars or thirteen point one percent when compared to the fourth quarter of 2019. Preliminary annual estimates for the year 2020 indicate that goods and services produced totaled two thousand four hundred and seventy five point one million dollars. This represents a decrease of fourteen percent from two thousand eight hundred and eighty point nine million dollars produced in 2019.”