According to the Statistical Institute of Belize, the Belizean Economy contracted by 2.2% in the first quarter of 2009 compared to the same period last year.
The main reason for this is that consumption has fallen dramatically. Wholesale and retail activity contracted by 14% compared to the same period last year.
The agricultural sector declined by 6.8% a result mainly in a huge drop in banana production which fell by 17.6%.
The tourism industry also declined significantly. It fell by 10.7%. This a continuation of the contraction that began in the previous quarter when tourism fell by 1.3%. This contraction in tourism is a direct result of the global financial crisis.
On the bright side, private business and financial services grew 10.4% in the first quarter. Construction and manufacturing both increased as well, by 5.5% and 6.2% respectively.
