A rapidly expanding tourism sector contributed to major economic growth in Belize last year.
According to the Prime Minister of the Central American country, Belize’s economy expanded significantly in 2018.
Belize’s Economic Growth Expected to Surpass 3.5%
“In the first half of 2018, Belize’s GDP grew by 3.4% due in large measure to a 5.2 % second-quarter expansion. And now, the Statistical Institute of Belize has certified our third quarter with a figure as a very consistent 3.3% which is also the best it has been in 4 years,” Prime Minister Barrow announced in his recent New Year’s message.
Although data for the full year was not available at the time of the delivery of the message, Barrow is confident that economic growth for full year 2018 will surpass the level achieved during the first half of the year.
“No one can doubt that we will end the year with an overall economic expansion of not less than 3.5%,” he commented.
Tourism Driving Growth
Much of this growth can be attributed to the country’s flourishing tourism sector.
“Tourism, as usual, led the way in 2018 and most noteworthy in this regard is that Tourism expenditure as a share of GDP has increased from 20.5% in 2017 to almost 25% in 2018. In fact looking back over the last ten years, total Tourism spending over has exploded by 253.5 million dollars,” Barrow explained.
Growth Expected to Continue in 2019
The Prime Minister expects to see continued economic growth in Belize this year.
“This phenomenal performance is set to continue in 2019 especially with the new flight from Mexico City and Minneapolis having started in December… That has supercharged our determination to seize 2019 with both hands and ring from it every last bit of promise with which it is coming upon us,” Barrow said.
Positive Outlook for Belize Real Estate Market
The positive outlook for the tourism sector also bodes well for the outlook for the Belize real estate market which is closely linked.
A number of Belize’s recently completed new hotels in destinations such as Ambergris Caye include a real estate component and several new hotels and resorts in the pipeline also include suites and condos for sale.