Belize’s economy grew by 10.5 percent in the second quarter of 2024, driven by strong performances across all sectors. The Statistical Institute of Belize (SIB) reported that the GDP for April to June reached $1.432 billion, up from $1.296 billion in the same period last year.
Growth in the primary sector was fueled by increases in key agricultural products. Citrus production saw a significant rebound, rising from 1.9 thousand metric tons in Q2 2023 to 4.8 thousand metric tons. Banana production increased by 22.9 percent, while sugarcane deliveries grew by 14.1 percent. However, the fishing industry recorded a 4.1 percent decline due to a sharp drop in shrimp production.
In the secondary sector, electricity generation surged by 35.5 percent, a result of reduced electricity imports and increased local production to meet peak demand. The manufacturing industry also saw modest gains, with citrus concentrate production more than tripling and sugar output increasing by 8.3 percent. However, these gains were partially offset by declines in flour and beer production.
The tertiary sector, which accounts for nearly two-thirds of the economy, contributed $911.8 million, with notable increases in wholesale and retail trade (up 23.1 percent), accommodation and food services (up 33 percent), and transport services (up 29.9 percent). The SIB highlighted that overnight tourist arrivals grew by 22.4 percent during this period, despite fewer cruise ship calls.
"Production in the tertiary sector...was driven by strong performances across various service sector industries," the report stated. Additionally, taxes on products rose by 15.4 percent compared to the same period last year.
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