Posted: Wednesday, September 25, 2024. 4:27 pm CST.
By Aaron Humes: Preliminary estimates released today by the Statistical Institute of Belize (SIB) reveal that the country’s Gross Domestic Product (GDP) experienced significant growth during the second quarter of 2024. The value of goods and services produced within Belize from April to June 2024 totaled $1.432 billion, marking a notable increase of 10.5 percent or $136.0 million compared to the same period in 2023.
This growth was observed across all three sectors of the economy. The primary sector, which had previously experienced decreases, saw a considerable boost due to strong performances by major agricultural industries. Meanwhile, the secondary sector witnessed increases in industries such as electricity, water, and construction. The tertiary sector remained the largest contributor to overall economic growth, with significant increases recorded in wholesale and retail trade, accommodation and food services, transportation, and financial services and insurance.
Notably, taxes on products also rose by 15.4 percent, reflecting a positive trend in government revenue. Overall, these figures paint a promising picture of Belize’s economic performance in the second quarter of 2024, indicating growth and stability across various sectors.
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The post Belize’s economy continues to show strong growth; 10.5 percent growth recorded in second quarter of 2024 appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Wednesday, September 25, 2024. 4:27 pm CST. By Aaron Humes: Preliminary estimates released today by the Statistical Institute of Belize (SIB) reveal that the country’s
The post Belize’s economy continues to show strong growth; 10.5 percent growth recorded in second quarter of 2024 appeared first on Belize News and Opinion on www.breakingbelizenews.com.
