Monthly Economic Highlights – December 2020

www.centralbank.org.bz

List of Acronyms and Abbreviations
Acronyms:
BGA	Banana Growers' Association
BSI	Belize Sugar Industries Limited
BTB	Belize Tourism Board
BTL	Belize Telemedia Limited
CBB	Central Bank of Belize
CDB	Caribbean Development Bank
CGA	Citrus Growers' Association
COVID-19	Coronavirus Disease 2019
CPBL	Citrus Products of Belize Limited
CPI	Consumer Price Index
EU	European Union
GDP	Gross Domestic Product
IDB	Inter-American Development Bank
MOF	Ministry of Finance
SIB	Statistical Institute of Belize
UHS	Universal Health Services
US	United States

Abbreviations and Conventions:

$	the Belize dollar unless otherwise stated
bn	billion
mn	million
ps	pound solids
TC/TS	long tons cane to long ton sugar
Notes:
1.	Since May of 1976, the Belize dollar has been fixed to the US dollar at the rate of
US$1.00 = BZ$2.00.
2.	The 2020 figures in this report are provisional and the figures for 2019 have been
revised.
3.	Unless otherwise indicated, the Central Bank of Belize is the source of all tables and
charts.
4.	Ratios to GDP for 2020 are based on estimates from the Statistical Institute of Belize.

ii Central Bank of Belize

Monthly Economic highlights ■ DECEMBER 2020

Table of Contents

Summary of Economic Indicators

iv
Overview	1
Money and Credit	3
Real Sector Developments	8
Sugarcane and Sugar	10
Citrus	12
Banana	13
Petroleum	13
Marine Exports	14
Other Domestic Exports	14
Central Government Operations	15
Total Public Sector Debt	17
Central Government Domestic Debt	17
Public Sector External Debt	18
Statistical Appendix	21

Table A.1: Factors Responsible for Money Supply Movements 21

Table A.2: Net Foreign Assets of the Banking System 21

Table A.3: Net Domestic Credit 22

Table A.4: Sectoral Composition of Domestic Banks' Loans and Advances 23

Table A.5: Sectoral Composition of Credit Unions' Loans and Advances 24

Table A.6: Domestic Banks' Liquidity Position and Cash Reserves 25

Table A.7: Domestic Banks' Weighted Average Interest Rates 25

Table A.8: Domestic Banks' (Rolling) Weighted Average Interest Rates 26 on New Loans and Deposits

Table A.9: Tourist Arrivals 26

Table A.10: Percentage Change in Consumer Price Index Components by 27

Major Commodity Group

Table A.11: Sugarcane Deliveries and Production of Sugar and Molasses 27

Table A.12: Exports of Sugar and Molasses 28

Table A.13: Citrus Deliveries and Production 28

Table A.14: Export Sales of Citrus Products 29

Table A.15: Banana Exports 29

Table A.16: Marine Exports 30

Table A.17: Other Domestic Exports 30

Table A.18: Petroleum Production and Exports 30

Table A.19: Central Government Revenue and Expenditure 31

Table A.20: Central Government Domestic Debt 32

Table A.21: Public Sector External Debt 33

Central Bank of Belize iii

Monthly Economic highlights ■ December 2020

Summary of Economic Indicators

Chart I: Gross Domestic Product Growth Rate

(Year-on-Year - Percentage Change)Chart II: Consumer Price Index

(All Items)

Chart III: Gross International Reserves and

Import Cover

600

6.0

550

5.0

500

450

4.0

400

$USmn

350

3.0

300

2.0

250

200

1.0

150

MonthsofImportCoverage

100

0.0

Jan Mar June Sept Dec Jan Mar June Sept Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

2018

2019

2020

Gross Official Reserves (LHS)

Months of Import Coverage (RHS)

Chart IV: Current Account Balance to GDP

0.0

-1.0

-2.0

Percent

-3.0

-4.0

-5.0

-6.0

-7.0

Jan - Sept	Jan - Sept	Jan - Sept
2018	2019	2020
Current Account Balance/GDP

Chart VII: Public Sector External Debt

Chart VIII: Central Government Domestic Debt

iv Central Bank of Belize

Monthly Economic highlights ■ December 2020