When we reported on the GDP, or Gross Domestic Product two weeks ago - the figures showed modest but stable growth of 1.8% in the third quarter - which is fair, especially coming off a drought.
But, the bottom just fell out of that picture because, tonight, that number has been revised sharply downward. The new revised figure shows that the GDP contracted by 0.4% in the third quarter.
The Statistical Institute of Belize says there was, quote, "an error in one piece of data obtained from one of the SIB's data providers." End quote.
And here's the error: the 'Electricity and Water' sector, was originally estimated at $44.2 million dollars in production. But that was wrong, the total production was only $30.3 million dollars - about one quarter below what was stated.
And, so, right there, the secondary sector went from a 4.5% growth rate to to decrease of almost 11 percent - leading to an overall GDP contraction of 0.4% in the third quarter.
The second quarter also decreased, in that case it was by 0.8%.
So, that's two quarters in a row of contraction - which is the textbook definition of a recession.
Just yesterday, the IMF said, quote, "recent data indicate a slowdown in economic activity, reflecting a severe drought. Growth for 2019 as a whole is projected at 1½ percent."
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