Posted: Thursday, September 25, 2025. 10:58 pm CST.
By Aaron Humes: The Statistical Institute of Belize (SIB) announced on Wednesday that the Gross Domestic Product (GDP) growth rate for the year 2024 has been downgraded by more than half, from 8.2 percent to a much lower 3.5 percent.
This adjustment deflates the optimistic projections frequently touted by Prime Minister John Briceño, who had celebrated the figures as a symbol of his administration’s economic success.
In his budget speech earlier this year, Prime Minister Briceno boldly stated, “…Belize had the highest GDP growth rate in the Western Hemisphere (in 2024), at 8.2 percent, second only to the oil-exporting nation of Guyana.” The International Monetary Fund (IMF) echoed this figure in their Article Four review.
However, Jacqueline Sabal, Manager of the SIB’s Economic Statistics Department, clarified that the revised GDP figure of 3.5 percent stemmed from a more comprehensive data analysis compared to the earlier estimates, which were based on quarterly indicators.
“It is important to note that the annual GDP growth rate for 2024 of 3.5 percent differs from the estimated 8 percent derived from the quarterly GDP figures. This discrepancy is due to the fact that the annual GDP is based on a more comprehensive data set,” Sabal explained during a press briefing.
Sabal elaborated: “When we compile annual GDP, we have access to more complete data, including financial reports and revenue data, which are not available in the quarterly assessments that rely more heavily on volume indicators.”
Despite the downward revision, the SIB reported positive growth across all three economic sectors. The primary sector, which includes agriculture, grew by 2.8 percent, rebounding from adverse weather conditions of the previous year. The secondary sector saw a 3.3 percent increase, aided by the establishment of a new local cement production facility. Meanwhile, the tertiary sector, encompassing services, experienced the most robust growth at 4.6 percent, largely driven by gains in accommodation and food services.
Belize is projected to slow economic growth even further this year as a result of international pressures on key sectors.
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The post Statistical Institute of Belize revises GDP growth for 2024 down from 8.2 percent to 3.5 percent, citing more complete data appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Thursday, September 25, 2025. 10:58 pm CST. By Aaron Humes: The Statistical Institute of Belize (SIB) announced on Wednesday that the Gross Domestic Product (GDP)
The post Statistical Institute of Belize revises GDP growth for 2024 down from 8.2 percent to 3.5 percent, citing more complete data appeared first on Belize News and Opinion on www.breakingbelizenews.com.
