S.I.B. Report: G.D.P. Increased by 13.5% in Second Quarter
The Statistical Institute of Belize today held its third press conference for this year and presented G.D.P. estimates for the second quarter of 2022, as well as the consumer price index and external trade statistics for the first eight months of the year. Also shared were the estimates of the annual gross domestic product for 2021. News Five’s Duane Moody was there and files this report.
Duane Moody, Reporting
The good news coming out of the Statistical Institute of Belize is that the economy improved by thirteen point five percent in the second quarter of 2022. Data shows that between the months of April to June of this year, the value of goods and services produced locally was one point three one five billion dollars, up by one hundred and fifty-six point nine million dollars when compared to this same period in 2021. This growth, according to statistician Christopher Hulse, was as a result of a boost in tertiary and secondary sectors.
Christopher Hulse
Christopher Hulse, Statistician II, S.I.B.
“Across the three sectors for the annual, we see primary growth at twenty-two point four percent, secondary growth at eleven point five percent and tertiary at thirteen point nine percent. G.D.P. is spread across three sectors and this is how those sectors contributed to that G.D.P. So the tertiary sector continues to be the largest part or the biggest contributor. So if you see tertiary sector, it is around sixty to sixty-two percent of our G.D.P. is from services. Primary is seven point eight percent, secondary is sixteen percent and tax to the G.D.P. is thirteen point seven percent. So overall, we said that the G.D.P. was one point three two billion so that means out of that one point three two million, tertiary contributed eight hundred and twenty-one point six million dollars for that, secondary two hundred and twelve point three million; primary a hundred and one point three million and then taxes at one hundred and eighty point six million dollars.”
Between January and August of this year, the inflation rate is up significantly. Consumer prices went up by seven point four percent in August, primarily in prices of fuel, food, LPG and restaurant services. When comparing 2021 and 2022 figures, premium gas saw a fifty percent increase, followed by the cost of food products such as vegetable oil, watermelon, potatoes and pigtail. Orange Walk experienced the highest cumulative inflation rate of eight point seven percent while Belmopan experiencing the lowest inflation rate at four point eight percent between January and August. In breaking down the consumer price index, Statistician Melvin Perez says that the increasing trend began from November 2020.
Melvin Perez
Melvin Perez, Statistician II, S.I.B.
“Prices started to increase since February up to August of 2022. These increases were a combination of higher prices for food, butane and fuel. Looking at the same period in the year of 2021, we can also see how prices increased throughout these months, but they were not high enough to offset the increases in the year of 2021, which is why when we compare both periods, a cumulative inflation rate of six percent was reported. Looking at the trend line, it is clearly showing us how prices has been going throughout the years, specifically starting from November of 2020 where prices started to increase heavily up to august of 2022.”
As it relates to trade, imports were up by twenty point eight percent and domestic exports were down by forty-four point five percent.
Ronald Orellana
Ronald Orellana, Statistician, S.I.B.
“For the period of January to August of this year, Belize imported goods valuing one point seven seven billion dollars. This was a significant growth of thirty-four point eight percent or four hundred and fifty-six point three million dollars as imports increased in most commodity categories when compared to imports of the same period of last year.”
Duane Moody for News Five.
