The economy grows 10.5% in the second quarter of 2024: growth recorded across all sectors of the economy
The Statistical Institute of Belize’s preliminary Gross Domestic Product (GDP) estimates for the second quarter months of April to June 2024 showed that the value of goods and services produced within the country during this period totalled $1.432 billion. This represented an increase of 10.5 percent or $136.0 million, compared to $1.296 billion in the same period in 2023.
From April to June 2024, economic growth was seen across all three sectors of the economy. Activities within the primary sector, which had recorded decreases for the past several quarters, were considerably boosted as a result of strong performances by the major agricultural industries, which began to rebound during the second quarter of 2024. The secondary sector saw increases in industries such as ‘Electricity,’ ‘Water,’ and ‘Construction,’ while the tertiary sector remained the largest contributor to the overall growth of the economy. Among the tertiary sector industries, significant increases were recorded for ‘Wholesale and retail trade, ’Accommodation and food services,’ ‘Transportation,’ and ‘Financial services and insurance.’ Additionally, ‘Taxes on products rose by 15.4 percent, from $174.7 million in the second quarter of 2023 to $201.5 million in the second quarter of 2024