New Industries to be Incorporated into S.I.B’s Module This Year

Diana Trejo

As we reported earlier, the Statistical Institute of Belize released its latest information on the performance of Belize’s economy and the factors that drive its performance. But how are Belize’s new industries performing on the national level?

Diana Trejo, Acting Director-General, S.I.B.

“The very newer industries we might not be capturing as yet. The way that we work, first of all, we work with an established structure of what the economy is like and we use that as the model to estimate the economy. Over time we have to update that, so as these new industries come on-stream and they start regular production, and we update our model for our G.D.P, we will have to take those things into account. Actually this year we intend to start data collection once more to begin the process of rebasing, restructuring our model for the G.D.P. The best practice is to do it every five years because as you’re mentioning, new industries come on-stream, changes happen in the economy that need to be taken into account, so that is something that as we update our model, we will have to start looking at newer industries.”