SIB Reports Economic Growth for Belize in Early 2025

Belize’s economy grew by 2.0% in the first quarter of 2025, according to preliminary Gross Domestic Product (GDP) figures released by the Statistical Institute of Belize. The total value of goods and services produced from January to March stood at $1.486 billion, up $29.5 million from the same period in 2024.

Growth was driven by the tertiary sector, particularly in ‘Accommodation and food services’ and ‘Financial and insurance services’. The latter rose by 12.6% to $118.4 million, while the hospitality industry grew by 12.2%, supported by a 5.2% rise in cruise passengers and a 1.9% increase in overnight visitors.

In contrast, the primary sector shrank by 10.8% to $126 million, as “reduced outputs recorded for all three of the country’s major agricultural crops” weighed on performance. Sugarcane production plunged by 29.7% due to the impact of fusarium, while citrus and banana output also declined.

The secondary sector contracted by 8.7%, largely from a 20.4% drop in manufacturing. “Citrus concentrate output fell by almost two-thirds,” and sugar production dropped 36.9%. However, electricity and water production rose by 9% and 1.5%, respectively.