Belize’s GDP contracted 14% in 2020
Preliminary estimates from the SIB present that our annual GDP, the entire worth of products and providers produced within the nation, fell “from $2,880.9 million in 2019 to $2,475.1 million in 2020”. The SIB says the best contraction was within the second quarter, with a drop of 23%, “primarily on account of decreases inside the providers sector.”
Fourth Quarter Report
2020 4th Qtr. GDP is 13.1% lower than in similar interval in 2019
Estimates of the Statistical Institute of Belize are that the entire worth of products and providers produced inside Belize within the 4th quarter of 2020 “stood at $592.6 million, down $89.6 million from $682.2 million produced within the fourth quarter of 2019.” The SIB says the providers sector decreased by 18.8% within the 4th quarter, and there have been important decreases within the ‘Wholesale and Retail Commerce’, ‘Transport, Storage and Communication’, and ‘Taxes on Merchandise’ classes, however the output within the agricultural industries grew by 0.6%, and elevated manufacturing within the Electrical energy and Water industries helped broaden output within the secondary sector by 22.5%.
Main sector grew 0.6% in fourth quarter.
Manufacturing on this sector grew by $0.Three million, “to a complete of $54.Three million in the course of the fourth quarter of 2020, when in comparison with the identical interval in 2019.” Banana manufacturing within the 4th quarter of 2020 elevated by 20.6% over manufacturing within the 4th quarter of 2019, “from 22,900 metric tons within the fourth quarter of 2019 to 27,700 metric tons within the fourth quarter of 2020.” The SIB stories, “16,700 metric tons of sugarcane had been delivered in the course of the fourth quarter of 2020, in distinction to 2019, when no sugarcane was harvested throughout this similar interval”; citrus fruit deliveries elevated by 28%, from 2,500 metric tons in 2019 to three,100 metric tons in 2020; “cattle manufacturing elevated by 20.Eight p.c from 8,600 heads within the fourth quarter of 2019 to 10,400 heads within the fourth quarter of 2020”; poultry manufacturing fell 3.3%; pig manufacturing fell 14.2%; and the worth of marine merchandise offered was down by 42.3%, “on account of a sizeable drop in each shrimp and lobster meat exports.”
Secondary sector grew 22.5% in fourth quarter.
Pushed by the electrical energy business, output on this sector totaled $94 million within the 4th quarter of 2020, up 22.5% or $17.Three million over the identical interval in 2019. Electrical energy manufacturing, with hydroelectricity boosted by water dumped on Belize by hurricanes, grew by 142.3%, however water consumption decreased by 7.4%.
The report says “development actions grew by 7.1%, as evidenced by a rise in loans for constructing and development in addition to an increase in cement imports”, however the ‘Manufacturing and Mining’ business decreased by 11.2%, and beverage manufacturing continued to endure due to a scarcity of vacationer guests. Beer manufacturing fell 15.3%, gentle drink manufacturing elevated 1%, flour manufacturing was down 18.2%, and manufacturing of crude petroleum fell 24.6%; nonetheless, citrus focus manufacturing elevated by 18.4%, and 700 metric tons of sugar was produced in 2020, in comparison with none in 2019.
Tertiary sector down 18.8% in 4th quarter of 2020.
“The tertiary sector, which accounted for 61.Four p.c of complete GDP in the course of the fourth quarter of 2020, was the primary reason for the general decline in output. Manufacturing of providers totaled $363.7 million, down 18.Eight p.c or $84.Four million from $448 million within the fourth quarter of 2019.” (SIB)
The ‘Wholesale and Retail Commerce’ business contracted by 22.1%. Moreover, in a single day vacationer arrivals had been down by 85.6 p.c compared to the fourth quarter of 2019 — plunging from roughly 120,000 guests to only 17,000 guests. With land, sea and air transportation interrupted, the ‘Transport, Storage and Communication’ business declined by 20.4%; and “‘Authorities Providers’ declined by 3.Three p.c.”
JANUARY 2021 REPORT
Home exports up 1.1% in January
The SIB reported that Belize’s home exports “for January 2021 amounted to $16.2 million, up a negligible 1.1 p.c or $0.2 million when in comparison with exports for January 2020, which had been valued at $16 million”, with sugar earnings of $1.Three million “just about unchanged when in comparison with exports of final January”, due to “improved costs for sugar on the world market”, and revenues from animal feed exports grew “from $0.Four million in January 2020 to over $2 million in January 2021.”
Earnings from marine merchandise declined, “falling from $4.Three million in January 2020 to $2.7 million in January 2021, due primarily to an virtually 50% discount in exported portions of lobster tails in the course of the month”, citrus earnings fell “from $2.Four million to $1.9 million, the results of decreased exports of orange focus and decrease world market costs for this commodity”, and earnings from banana exports additionally fell, “from $5.7 million in January of final 12 months to $5.5 million in January 2021.”
Imports for January down 18%
The SIB reported that Belize imported items valuing virtually $131.9 million in January, “an 18% or a $29 million lower from the identical month in 2020, when imports totaled $160.Eight million.”
Smaller imports of gas and decreased costs on the world market resulted in a 48% lower in expenditure within the ‘Mineral Fuels and Lubricants’ class, “from $22.2 million in January 2020 to $11.6 million in January 2021”. The entire quantity spent on purchases of ‘Equipment and Transport Tools’ went down by “one-fourth or $9.Eight million, from $38.1 million to $28.Three million”; imports into the ‘Industrial Free Zones’, fell “from $26.9 million to $20.Four million”; and there was much less importation of steel constructions and carton packing containers, which led to expenditure within the ‘Manufactured Items’ class shrinking “from $22.6 million in January 2020 to $18.Eight million in January 2021.”
Belize imported much less lard, canned meats and margarine in January, so we expended $2.Four million much less within the ‘Meals and Stay Animals’ class, down “from $17 million in January 2020 to $14.6 million in January 2021”; and fewer purchases of gold jewellery and wrist watches led to a decline in imports within the ‘Different Manufactures’ class, down “from $11.5 million to $10.2 million.”
Belize imported $5 million extra in items, largely beer, within the ‘Drinks and Tobacco’ class, with the worth of imports on this class rising “from $3.1 million in January 2020 to $8.1 million in January 2021”; nonetheless, a lot of the beer imported “was meant for re-exportation.” The ‘Designated Processing Areas’ class “rose from $1.9 million to $3.Three million, on account of upper purchases of tissue paper, steel workplace furnishings and centrifuges.”
Earnings from main locations in January 2021
Within the month of January, earnings from Central America was up from “$0.6 million in January 2020 to $2.Three million in January 2021, due largely to heightened exports of animal feed”. Additionally, earnings from the UK, due to extra purchases of bananas, “rose from $2.7 million in January 2020 to $3.5 million in January 2021”, however earnings from the European Union fell “from $4.Three million to $3.Eight million, owing to decreased exports of bananas”, and earnings from the USA, due to nil exports of oranges and commodities made from wooden, declined “from $3.7 million to $2.Eight million.”
Shopper Costs up 1% in January
Statisticians on the SIB reported that within the month of January 2021, the entire worth of purchases within the ‘Meals and Non-Alcoholic Drinks’ class elevated notably by 5.7%, with the ‘Meals’ sub-category “rising by 6.5% in comparison with January of final 12 months”. Increased costs had been “noticed for tomatoes, purple kidney beans, pure milk, cabbages, rice, watermelons, potatoes, onions, candy peppers, entire chickens, and flour”, whereas there was a lower in costs “for floor beef, pork chops, beef steak and plantains.”
There was an increase in residence rental prices, by 1.6%, and the price of a hundred-pound cylinder of LPG went up by $7.26. The price of items within the ‘Private Care, Social Safety and Miscellaneous Items and Providers’ class went up by 2.2%, with private hygiene merchandise rising by 2.7%. The price of transportation went down “by 3.1% for the month of January 2021 when in comparison with January 2020, and lowered costs on the gas pumps noticed costs within the ‘Fuels and Lubricants’ sub-category go down by 8.8%.”
Lodge lodging charges had been down 24.4%, resulting in a big drop of 12.8% for the month of January 2021 when in comparison with January 2020 within the ‘Eating places and Lodging Providers’ class.