The Statistical Institute of Belize reported that the Belize economy grew strongly in the second quarter of 2014, with GDP growth of 8.7% compared to the same period in 2013. Several major economic sectors saw higher production, including agriculture, electricity and water, manufacturing, and hotels and restaurants. Agriculture rebounded with a 26% growth thanks to large increases in sugarcane and citrus production.

1. Belize
GDPGross Domestic Product
Statistical Institute of Belize
1902 Constitution Drive
Belmopan City, Belize C.A.
Phone: 501.822.2207 / 2352
Fax: 502.822.3206
Email: info@mail.sib.org.bz
Web: www.sib.org.bz
Preliminary estimates of economic growth released by the
Statistical Institute of Belize indicate a strong second quarter
performance, with growth of 8.7 percent compared to the
second quarter of 2013. This, coupled with the less rapid
economic expansion of the first quarter of this year resulted in
growth of 3.7 percent for the first six months of 2014.
Higher levels of production for the period from April to
June of this year were recorded across most of the major
economic sectors, including Agriculture, Electricity and Water,
Manufacturing, and Hotels and Restaurants. Fishing and
Government Services were the only two sectors which were
down in comparison to last year.
After two consecutive quarters of negative growth, agriculture
rebounded by 26 percent, as two of the three major crops
recorded considerable increases. Sugarcane deliveries
rose by 80 percent compared to the second quarter of 2013
while citrus, specifically oranges, went up by 68 percent.
Also contributing to the boost in this sector were increases
of 23 percent in both crop production and livestock. Banana
production was down marginally, as periodic cold fronts
between November of last year and March of this year slowed
the growth of this fruit.
The effects of the expansion in sugarcane and citrus
production were also felt in the upswing in manufacturing,
with sugar and orange concentrate production rising by 68
percent and 58 percent, respectively. Heightened domestic
demand resulted in an increase in beer manufacturing, while
rum production was up substantially due to greater exports
of this product. Soft drink production declined slightly, as the
upgrading of equipment caused some production delays. As
anticipated, crude oil production continues to fall rapidly with
the depletion of reserves in Spanish Lookout.
Favourable weather conditions allowed for a rapid expansion
in electricity generation by the hydroelectric plant, resulting
in a 43 percent increase in electricity production during
the quarter. The construction sector continues to benefit
from ongoing municipal and rural infrastructure projects,
growing by 7 percent. The accommodation sector grew by a
significant 22 percent compared to the same period in 2013,
as evidenced by the continued increase in both overnight and
cruise ship tourist arrivals.
August 27, 2014
For more information contact Data Dissemination Department at telephone numbers 822-2207/2352 or e-mail at info@mail.sib.org.bz.
An Excel version of the tables contained in this release can be downloaded from our website at www.sib.org.bz
Economy Performs Strongly In Second Quarter
With 8.7% Growth
0.3
1.1
0.5
4.7
1.8
8.7
2009 2010 2011 2012 2013 2014
Percent
Figure 1: Second Quarter GDP Growth;
2009-2014
106.3
59.4
23.3
85.9 67.6
111.5
19.9 21.1 16.8 25.4 26.5
25.8
330.2
446.7
414.9 397.9
326.7
587.0
2009 2010 2011 2012 2013 2014
ThousandsofMetricTons
Citrus Bananas Sugarcane
Figure 2: Second Quarter Production of Three Major Crops;
2009-2014
53.7
67.4
57.6
81.5
61.0
86.9
2009 2010 2011 2012 2013 2014
ThousandsofMegawattsHours
Figure 3: Second Quarter Electricity Production;
2009-2014
60.2 59.8 64.6 70.4 73.3 84.0
140.0 152.3 168.8 130.2 121.1
204.8
1 2 3 4 5 6
ThousandsofTourists
Figure 4: Second Quarter Tourist Arrivals;
2009-2014
Overnight Cruise Ship