Today the Statistical Institute of Belize also released the figures for the country’s Gross Domestic Product. Preliminary estimates indicate that from October to December 2015, the country’s level of economic activity increased marginally by 0.6 percent compared with the same period in 2014. The total value of goods and services produced in Belize during the fourth quarter rose by almost $4 million dollars from $657.4 million in 2014 to $661.1 million in 2015.
The primary sector experienced a sharp drop of 27.4 percent in total production for the period, as several major industries recorded downturns during the quarter. Marine production was significantly lower compared to the fourth quarter of 2014, due to a decline in farm shrimp production. Banana shipments also decreased, by 25 percent. Livestock production was down during the quarter, as both cattle and swine saw decreases for the period. With sugarcane deliveries starting in December 2015, a month earlier than in the previous delivery season, production of over 122 thousand metric tons was recorded for the fourth quarter of 2015, while there was no sugarcane production recorded for the same quarter of 2014.
Citrus fruit deliveries also saw an increase during the three month period, with orange production in particular rising by about 2.5 thousand metric tons. Electricity production grew by more than 18 percent, with hydroelectricity generation surging due to higher levels of water in the reservoirs prior to the start of the rainy season. Water distribution was up by 8 percent during the last three months of 2015 when compared to the same period of 2014, as new connections were added to more rural communities in the country. Construction activities saw a 5 percent increase during the quarter, as a result of ongoing works on municipal recreational parks and other infrastructural developments. This was reflected in a 9 percent growth in construction loans issued by commercial banks.
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