Unemployment rate at 5 percent in October 2022, economy grew by 12.8 percent in third quarter of 2022, consumer prices up 6.5 percent, and both imports and exports up 28.4 percent and domestic exports down 33.1 percent respectively

Today, the Statistical Institute of Belize published its latest statistics on the Consumer Price Index, Merchandise Trade, 3rd Quarter 2022 Gross Domestic Product, and the October 2022 Labor Force Survey.

Consumer Price Index

The most recent data from the Statistical Institute of Belize’s monthly Consumer Price Index (CPI) survey indicated that, for November 2022, the All-items CPI, which summarizes price levels for all categories of consumer goods and services, stood at 113.0, an increase from 106.1 recorded in November 2021. This indicates that the country experienced an overall national inflation rate of 6.5 percent on the cost of goods and services regularly purchased by Belizean households. As food prices continued to rise rapidly, the category of ‘Food and Non-Alcoholic Beverages’ accounted for more than two-fifths of the overall national inflation for the month, followed by ‘Transport,’ which accounted for more than one-third of the country’s inflation for November. The year-to-date inflation rate for the first eleven months of 2022, compared to the same period in 2021, stood at 6.2 percent.

Click the following link to read more: Consumer Price Index, November 2021

Merchandise Trade

Belize’s total imports for November 2022 were valued at $263.3 million. This represented an increase of 28.4 percent or $58.2 million from November 2021, when imports totaled $205.2 million. Merchandise imports for the first eleven months, January to November of 2022, amounted to $2.509 billion, representing a 32.7 percent or $617.8 million increase from last year when total imports were valued at $1.892 billion.

Total domestic exports for November 2022 amounted to $22.3 million, down by 33.1 percent or $11.1 million compared to exports for November 2021, which were valued at $33.4 million. Merchandise exports for the period January to November 2022 totaled $458.8 million, up 14.7 percent or $58.7 million from the same period in 2021, when total domestic exports were valued at $400 million.

Click the following link to read more: External Trade, October 2021

Gross Domestic Product

Preliminary Gross Domestic Product estimates by the Statistical Institute of Belize indicated that during the third quarter months of July to September 2022, the value of goods and services produced within Belize totaled $1.176 billion, representing a 12.8% or $133.4 million increase from the third quarter of 2021, when total output was valued at $1.043 billion.

Click the following link to read more: Gross Domestic Product, 3rd Quarter 2022

Labor Force Survey

Preliminary results from the Statistical Institute of Belize’s most recent round of the Labour Force Survey (LFS) showed that, in October of 2022, the unemployment rate stood at 5 percent. Gains in employment were seen primarily in call centers, tourism, and manufacturing.

Click the following link to read more: Labour Force Survey, October 2022