According to statistics, Belize’s economy experienced a two percent decline in the overall production level within the first three months of this year compared to that of last year in 2015.
Production in the primary sector fell abruptly during the first quarter by 34.1 this year following a slowdown in both the agriculture and fisheries industries. Marine exports went from 4.5 million pounds to less than 1 million pounds due to a decline in shrimp production and banana shipments dropped by 42 percent while citrus production also saw a decline of 17 percent.
Sugarcane was the only good within the primary sector that experienced a significant growth of 27 percent in terms of deliveries made to the factory, however, the extraction decreased to about 4 percent due to lowered cane purity. Livestock production also saw a growth in poultry production rising by 7 percent and that of swine increasing by 16 percent.
As for the secondary sector, there was an increase of 4.2 percent due to continued strong performances in “Electricity and Water” and “Construction”. Rains were a contributing factor of high water levels in the dams and a 54 percent jump in hydroelectricity generation. Water distribution rose by almost 7 percent while construction went up by 12 percent. Due to increases in the production of both soft drinks and beer, beverage production grew by a total of 13 percent.
The tertiary sector which accounts for a half of the country’s total economy saw a rise of 4 percent during the first quarter of 2016. The amount of overnight visitors rose by more than 17 thousand, resulting in a reasonable growth of 5 percent in “Accommodation and Food Services”. On the other hand, “Wholesale and Retail Trade” recorded a 2 percent increase in activity, while “Government Services” rose by almost 12 percent during the quarter.
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