Today, the Statistical Institute of Belize published its latest statistics on the consumer price index, external trade, consumer confidence index, and gross domestic product in the 2nd quarter of 2024.
Consumer Price Index
Data from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey showed that, for the month of August 2024, the All-Items CPI, which summarizes price levels across all categories of consumer goods and services, stood at 119.7. This was an increase from 116.0 recorded in August 2023, reflecting a national inflation rate of 3.1 percent. The year-to-date inflation rate for the first eight months of 2024, compared to the same period in 2023, stood at 3.8 percent.
Click the following link to read more: Consumer Price Index, August 2024
Merchandise Trade
Belize’s total imports of goods for the month of August 2024 were valued at $219.2 million. This was a considerable decrease of 20.2 percent or $55.6 million from August 2023, when merchandise imports were valued at $274.8 million. Merchandise imports for the first eight months of the year, January to August 2024, amounted to $1.935 billion, representing an 8 percent or $144 million increase from the same period last year, when imports were valued at $1.791 billion.
Total domestic exports for August 2024 amounted to $43.5 million, down by 39.2 percent or $28 million when compared to exports for August 2023, which were valued at $71.6 million. Merchandise exports for the period January to August 2024 totaled $307.1 million, down 1.5 percent or $4.7 million from the same period in 2023 when imports totaled $311.8 million.
Click the following link to read more: External Trade, August 2024
Consumer Confidence Index
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.
For the month of August 2024, the National Consumer Confidence Index (CCI) stood at 43.6. This represented a decrease of 3.8 percent from 45.4 in July of 2024. This decline in the overall CCI for the month of August comes following several consecutive months of upward movement in the index starting in May 2024.
Click the following link to read more: Consumer Confidence Index, August 2024
Gross Domestic Product
Gross Domestic Product estimates for the second quarter months of April to June 2024 showed that the value of goods and services produced within the country during this period totaled $1.432 billion. This represented an increase of 10.5 percent or $136.0 million, compared to $1.296 billion in the same period in 2023.
Click the following link to read more: Gross Domestic Product, 2nd Quarter 2024
