Unemployment rate at 2.8 percent in April 2023, economy grew by 11.5 percent in the first quarter 2023, consumer prices up 3.7 percent, and both imports and domestic exports down 3.4 percent and 53.5 percent respectively

Today, the Statistical Institute of Belize published its latest statistics on the Consumer Price Index, Merchandise Trade, 1st Quarter 2023 Gross Domestic Product, and the April 2023 Labor Force Survey.

Consumer Price Index

For May 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 consumer goods and services categories, stood at 113.9. This increased from 109.9 in May 2022, indicating that the overall national inflation rate for the month was 3.7 percent, the lowest monthly inflation rate recorded since July 2021. While consumer prices remained considerably higher than before the pandemic, the rate at which they continue to rise has been steadily decelerating since the start of this year. The increase in consumer prices for May 2023 was driven almost entirely by higher food costs. The ‘Food and Non-Alcoholic Beverages’ category was responsible for four-fifths of the national inflation rate, followed by ‘Restaurants and Accommodation Services,’ which accounted for the remainder of inflation for the month. The year-to-date or cumulative inflation rate for the first five months of 2023, compared to the same period in 2022, stood at 5.4 percent.

Click the following link to read more: Consumer Price Index, May 2023

Merchandise Trade

For May 2023, Belize imported goods valuing $235 million, a decrease of 3.4 percent or $8.2 million from the same month in 2022, when imports totaled $243.2 million. Increases were recorded for several commodity categories, including ‘Food and Live Animals’ and ‘Machinery and Transport Equipment’. However, these were overshadowed by significant decreases in others, notably ‘Chemical Products,’ ‘Mineral Fuels and Lubricants,’ and ‘Manufactured Goods.’ Merchandise imports for the first five months, January to May of 2023, amounted to $1.087 billion, representing a 1.2 percent or $13.2 million decrease from last year, when merchandise imports totaled $1.1 billion.

Total domestic exports for May 2023 amounted to $30.5 million, down by 53.5 percent or $35.1 million, compared to exports for May 2022, valued at $65.6 million. From January to May 2023, merchandise exports totaled $154.4 million, down 25.1 percent or $51.7 million from $206.2 million recorded for the same period last year.

Click the following link to read more: External Trade, May 2023

Gross Domestic Product

The Statistical Institute of Belize’s preliminary Gross Domestic Product estimates for the first quarter months of January to March 2023 indicated that the total value of goods and services generated within the country for this period was $1.447 billion. This was an increase of 11.5 percent or $149.5 million from the first quarter of 2022 when total production was valued at $1.297 billion. Strong performances were recorded for the secondary and tertiary sectors, driven mainly by growth in the ‘Hotels and Restaurants,’ ‘Transport,’ ‘Wholesale and Retail Trade,’ ‘Financial and Insurance Services,’ ‘Construction,’ and ‘Manufacturing’ industries.

Click the following link to read more: Gross Domestic Product, 1st Quarter 2023

Labor Force Survey

Preliminary results from the Statistical Institute of Belize’s most recent round of the Labour Force Survey (LFS) showed that, in April of 2023, the unemployment rate stood at 2.8 percent, down from 5 percent in October of 2022. This is the lowest level of unemployment recorded in the country to date and was the result of more persons finding jobs and persons exiting the labor force. Gains in employment were seen primarily in ‘Community, Social & Personal Services; Extra Territorial Organisations & Bodies,’ ‘Tourism,’ and ‘Manufacturing.’

Click the following link to read more: Labour Force Survey, April 2023

Unemployment rate at 2.8 percent in April 2023, economy grew by 11.5 percent in the first quarter 2023, consumer prices up 3.7 percent, and both imports and domestic exports down 3.4 percent and 53.5 percent respectively

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