1. Latest Economic
Statistics
May 28, 2014
IT-VET, Belize City

2. Outline
• Consumer Price Index for April 2014
• External Trade Statistics at end of April
2014
• GDP growth in first quarter of 2014
• Questions and Comments

3. APRIL 2014 CPI

4. April 2014 Inflation Rate
• Consumer prices continue to trend upwards
but at a slightly slower rate than at the start of
year.
• Between April last year and April this year
they increased by an average of 1.3 percent.
• Average rate of inflation for first four months
of 2014 is 1.6 percent.

5. April 2014 Inflation Rate cont’d
• Increase mainly fueled by higher food,
transportation and housing, water, electricity,
and gas prices.
• In April 2014, the rate of inflation rate stood at
2.0 percent in both US and Canada and 3.5
percent in Mexico.

6. EXTERNAL TRADE
STATISTICS
JANUARY - APRIL 2014

7. IMPORTS
• Imports increased 3.8 percent to $602 million
between January and April 2014.
• Increased spending on all major categories of
goods except free zone purchases, which has
fallen by $18 million.
• In absolute terms, largest increase was in
purchases from Mexico and Central America

8. DOMESTIC EXPORTS
• Earnings down $44 million or 17.9% in first
four months of year ($205mn vs. $249mn)
• Sugar and crude petroleum combine for $34
of total decrease
• Decreased sales of all major exports except
marine products.
• Receipts from minor exports remained at $32
million.

9. GDP GROWTH IN Q1-2014

10. Belize’s
economy slips
0.4 percent in
first quarter of
2014.

11. • Belize’s economy has not declined in the past
19 years
• During that period, only once before (2009)
was there been a decline in the first quarter;
growth was 0.6 percent in that year.

12. Sector
Q1-2014
Growth
Comments
20.6%
• Except for Q3-2013, Fishing has
performed well since mid 2012.
• Shrimp farming responsible for growth
49.8%
• Sharp decline in electricity generation
in first half of last year
• Recovery in Q1-2014
13.1%
• Double-digit growth in both cruise and
overnight visitors
6.7%
• Boosted by public sector construction
•Most consecutive quarterly increases
(11)

13. Sector
Q1-2014
Growth Comments
-9.8%
• Declines in sugarcane, citrus and bananas
• Fifth consecutive decline
• Fall in Q1-2013 was almost twice as large
-23.1%
• Oil production has been declining steadily
• Production at lowest level ever
• Export earnings down $18 million at end of
April 2014
17.0%
• Consistent with crop production, sugar and
citrus processing were weaker in quarter.
•Beer production up almost 7% while soft
drink and flour production remained fixed
-2.7%
• First quarterly decline since Q1-2012
• Very strong increase in Q1-2013
Agriculture
Oil
Manufacturing
Wholesale & Retail Trade

17. THANK YOU!

18. QUESTIONS
OR
COMMENTS