Economy grows by 3.2 percent in the fourth quarter 2023, incidence of multidimensional poverty down 10.1 percent in September 2023, consumer confidence at 43.3, consumer prices up 3.9 percent, imports up 13.7 percent, and domestic exports down 8.1 percent in February 2024

Belize’s total imports for February 2024 were valued at $227.5 million. This represented a 13.7 percent or $27.5 million rise from February 2023, when imports were valued at $200 million. Significant increases were evident across several commodity categories when compared to the corresponding month of 2022, with the most notable growth observed in ‘Machinery and Transport Equipment’, ‘Mineral Fuels and Lubricants’, and ‘Other Manufactures’. Nonetheless, several of the commodity categories recorded decreases during the month, including ‘Food and Live Animals’, ‘Commercial Free Zones’, and ‘Designated Processing Areas’. Merchandise imports for the first two months of the year, January to February of 2024, amounted to $499.8 million, an increase of 21.2 percent or $87.4 million, from the $412.4 million worth of goods imported in the first two months of 2023.

Domestic exports for the month of February 2024 totaled $20.7 million, down by 8.1 percent or $1.8 million when compared to exports for February 2023, which were valued at $22.6 million. Merchandise exports for the period January to February 2024 totaled $37.5 million, a decrease of 20.3 percent or $9.6 million from the $47.1 million recorded for the same period in 2023.

Click the following link to read more: External Trade, February 2024

The Consumer Confidence Index (CCI) is an indicator that measures consumers’ sentiments concerning general economic conditions within the country, their household’s economic situation, and making major household purchases. It provides an early indication of future household spending, investing, and saving. Because household spending is a major contributor to the overall economy, this in turn is an early indicator of future economic growth.

The CCI is an index number, ranging from 0 (completely pessimistic) to 100 (completely optimistic). Generally, a value greater than 50 indicates that consumers are more optimistic overall about the economy and their economic prospects. The CCI is comprised of three components: (1) perceptions about how present macroeconomic conditions and the household’s financial situation compare to twelve months prior; (2) expectations about economic conditions and the household’s financial situation over the coming twelve months; and (3) perceptions about whether the present is a good time for making major purchases of durable goods such as homes, cars, furniture, and appliances. An index is also produced for each of these three components, to provide more detailed information on what is driving consumer sentiment.

Results from the Statistical Institute of Belize’s monthly Consumer Confidence Index survey indicate that there has been a gradual improvement in overall consumer confidence over the five months between September 2023 and February 2024. During this period the CCI rose by 26 percent from 34.3 in September 2023 to 43.3 in February 2024. Throughout the five months, consumers were consistently most optimistic regarding their expectations for the future and consistently least optimistic about making major purchases or investments.

Click the following link to read more: Consumer Confidence Index, February 2024