how the belize economy did in first quarter, 2014

Latest Economic Statistics

May 28, 2014IT-VET, Belize City

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

APRIL 2014 CPI

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.

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.

EXTERNAL TRADE STATISTICS

JANUARY - APRIL 2014

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

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.

GDP GROWTH IN Q1-2014

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

• 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.

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)

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

THANK YOU!

QUESTIONS OR

COMMENTS