- October 10, 2023
- Posted by: BCCI-Editor-M
- Category: News & Press Releases
Statistical Institute of Belize: GDP Second Quarter Release for 2023
GDP UP 2.6% IN SECOND QUARTER 2023: STRONG PERFORMANCE IN TERTIARY SECTOR, PRIMARY AND SECONDARY SECTORS CONTRACT
SECOND QUARTER 2023:
Preliminary Gross Domestic Product estimates by the Statistical Institute of Belize showed that, for the second quarter months of April to June 2023, the total value of goods and services produced within Belize was $1.314 billion. This was an increase of 2.6 percent or $33.8 million from the $1.28 billion produced during the second quarter of 2022. This growth was driven by strong performances within industries across the tertiary sector, including ‘Administrative and Support Services’, ‘Government Services’, ‘Accommodation and Food Service Activities’, and ‘Transport’, coupled with a notable increase in ‘Construction’ within the secondary sector. On the other hand, activities within the primary sector were down considerably for the quarter, due to decreased production of the country’s major agricultural commodities. The reduction in agricultural outputs also contributed to a decrease in manufacturing activities, resulting in an overall decline within the secondary sector. ‘Taxes on Products’ were down by 6.7 percent for the period, from $183.5 million in the second quarter of 2022 to $171.1 million in the second quarter of 2023. Click HERE to read more.
