Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, and gross domestic product in the 2nd quarter of 2022.
Consumer Price Index
For the month of February 2023, the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 113.5. This was an increase from 106.6 in February 2022, indicating a 6.5 percent national inflation rate for goods and services regularly bought by Belizean households. The category of ‘Food and Non-Alcoholic Beverages’ continued to make the largest contribution to the overall increase in consumer prices, accounting for well over one-half of the national inflation rate for the month, as food prices continue to rise rapidly. This was followed by ‘Transport’, responsible for about one-sixth of the country’s inflation in February.
The year-to-date inflation rate for the first two months of 2023 stood at 6.5 percent. Prices for ‘Food and Non-Alcoholic Beverages’ were 14.9 percent higher than they were in the first two months of 2022, primarily due to higher prices for cereal products, dairy products, meats, vegetables, cooking oils, and fresh fruits.
Click the following link to read more: Consumer Price Index, February 2023
Merchandise Trade
Belize’s total imports for the month of February 2023 were valued at $200 million. This was a decrease of 4.4 percent or $9.2 million from imports for February 2022, which totaled $209.3 million (see Figure 1). Substantial reductions in purchases of ‘Machinery and Transport Equipment’ and goods destined for the ‘Commercial Free Zones’ overshadowed increases in imports of ‘Food and Live Animals’, ‘Mineral Fuels and Lubricants’, and ‘Chemical Products’ during the month. Merchandise imports for the first two months of the year, January to February 2023, amounted to $412.4 million, representing a 3.1 percent or $12.5 million increase from the same period last year, when total imports were valued at $399.9 million.
Total domestic exports for the month of February 2023 amounted to $22.6 million, down 23.4 percent or $6.9 million when compared to exports for February 2022, which were valued at $29.5 million. Merchandise exports for the period January to February 2023 totaled $47.1 million, down 5.1 percent or $2.5 million from the same period last year when total domestic exports were valued at $49.6 million.
Click the following link to read more: External Trade, February 2023
Gross Domestic Product
Preliminary Gross Domestic Product (GDP) estimates by the Statistical Institute of Belize indicated that, for the fourth quarter months of October to December 2022, the value of goods and services produced within Belize totaled $1.336 billion. This represented an increase of 10.5 percent or $127.5 million in the level of economic activity during the period when compared to the $1.208 billion recorded for the fourth quarter of 2021.
Click the following link to read more: Gross Domestic Product, 4th Quarter 2022
