Belize Economy 2013 and Inflation 2014
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Transcript of Belize Economy 2013 and Inflation 2014
January 2014 Inflation Rate
& 2013 Economic Growth
February 26, 2014IT-VET, Belize City
Outline
• Presentation of Results–January 2014 Inflation Rate–2013 Economic Growth
• Questions and Comments
INFLATION
January 2014 Inflation Rate
• There was a continuation of the upward trend in prices that started around August 2013.
• Consumer prices increased by an average of 1.8 percent between January 2013 and January 2014.
• Food and transportation prices were the main contributors, recording hikes of 4% and 5%, respectively.
GDP
Introduction
• The Statistical Institute of Belize initiated the estimation of quarterly GDP (QGDP) growth rates in 2004, and began publication in 2006.
• Main purpose was to provide timely information to government, businesses and the general public on the growth performance of the economy.
• Growth estimates are based on production data and economic activity indicators compiled for ten sectors of the economy.
– Examples• Agriculture – sugarcane, banana, citrus• Construction – building cement imports• Manufacturing - sugar, citrus concentrate, beer, flour,• Government – wages and salaries• Wholesale & retail distribution – imports & sales tax
• The quarterly rate of growth is calculated by dividing production for one quarter by production for the same quarter of the previous year.
• Example 120 /100 = 20%
• A weighted average of the growth rates is used to obtain an overall rate of growth
• Considering the QGDP estimates are based on only some of the goods and services included in the generation of the annual GDP estimates, the two procedures yield different results.
• The difference is reconciled through a benchmarking process
WHAT IS THE GROWTH NEWS FOR 2013?
Fishing
• With recovery of approximately 28 percent, Fishing was the single largest contributor to 2013 growth performance.
• Reopening of Belize Aquaculture Limited boosted farm shrimp production, causing exports receipts of that commodity to increase by 81 percent to $52 million.
Construction
• Second consecutive year of double-digit growth
• Significant boost in public infrastructure projects
Services
• Strongest performers were:– Wholesale and Retail distribution– Government– Hotel and Restaurant Services
• Growth of between 4 percent and 6 percent
Manufacturing and Mining
• Manufacturing fell by 12 percent, largely because of falls in sugar and citrus concentrate production; only increase was in soft drinks.
• Crude oil production fell for a fourth consecutive year to 2,200 barrels per day due to depletion of reserves
Agriculture
• Down by 13 percent.
• Modest decrease in banana output due to inclement weather
• Significant falls in sugarcane and citrus harvest– Sugarcane: partly due to delayed start of current
crop season– Citrus: Effects of bumper crop in 2012 and Citrus
Greening Disease
THANK YOU!
QUESTIONS OR
COMMENTS