| GDP Contracted By 23% in 2nd Quarter |
| Wed, August 26, 2020 |
|
Turning now to the economy, the Statistical Institute of Belize today released the figures for the second quarter of 2020. That's April first to June 30th, three months which were spent mostly under lockdown. And the figures reflect that. Belize's GDP took a historic nosedive, contracting by 23% in that second quarter.
Here's more from the SIB's quarterly press conference which was held virtually today via ZOOM:
Jacqueline Sabal, Statistician II, SIB
"For the second quarter months of April to June 2020 Belize produced goods and services totaling $558.6 million dollars. This represents a decrease of $169.9 million dollars or 23.3 percent when compared to the second quarter of 2019."
Jules Vasquez:
"Would you say the main reason for the sharp decline in the GDP was the total shutdown of the services sector, virtually total shutdown?"
Jacqueline Sabal, Statistician II, SIB
"Yes, agreed, the decrease was mainly due to the impact of COVID19 with the restrictions and like you mentioned the shutdown that occurred but for example like the primary sector we did notice that the drought contributed to the decline in that sector."
While Belize's GDP contracted by 23% in the second quarter, for comparison Barbados was down 27% in that same period, while Mexico was down 20%, and the USA was down 32%.
|
