Monthly Economic Highlights – October 2021

M O N T H L Y ECONOMIC HIGHLIGHTS

OCTOBER

2 0 2 1

	List of Acronyms and Abbreviations
Acronyms:
BGA	Banana Growers' Association
BSI	Belize Sugar Industries Limited
BTB	Belize Tourism Board
CARICOM	Caribbean Community
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
GDP	Gross Domestic Product
IBRD	International Bank for Reconstruction and Development
IDB	Inter-American Development Bank
IMF	International Monetary Fund
MOF	Ministry of Finance
SDRs	Special Drawing Rights
SIB	Statistical Institute of Belize
UHS	Universal Health Services
US	United States
Abbreviations and Conventions:
$	the Belize dollar unless otherwise stated
bn	billion
bp	basis point
mn	million
M-o-M	month-on-month
ps	pound solids
TC/TS	long tons cane to long ton sugar
Y-o-Y	year-on-year
YTD	year-to-date

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 2021 figures in this report are provisional and the figures for 2020 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 2021 are based on GDP estimates from the Central Bank of Belize.

i	Central Bank of Belize
	Monthly Economic highlights ■ October 2021

Table of Contents

Summary of Economic Indicators	v
Overview	vi
1	Money and Credit	1
		Money Supply	1
		Net Foreign Assets	1
		Net Domestic Credit	2
		Bank Liquidity	2
		Interest Rates	3
		Credit Union Lending	3
2	Real Sector Developments	5
		Commodity Production	5
		Domestic Exports	5
		Gross Imports	5
		Tourist Arrivals	5
		Consumer Price Index	6
		Sugarcane and Sugar	6
		Citrus	7
		Banana	8
		Petroleum	8
		Marine Exports	8
		Other Domestic Exports	9
3	Central Government Finance	10
		Central Government Operations	10
		Central Government Domestic Debt	11
		Public Sector External Debt	12
Statistical Appendix	14

Central Bank of Belize	ii
Monthly Economic highlights ■ October 2021

List of Charts and Tables

Charts

1.1	Change in Net Foreign Assets of the Banking System	1
1.2	Change in Net Domestic Credit of the Banking System	2
1.3	Change in Domestic Banks' Loans	3
1.4	Excess Statutory Liquidity	3
1.5	Weighted Average Interest Rates on New Loans and Deposits	3
1.6	Change in Credit Unions' Loans	4
2.1	Gross Imports	5
2.2	Stay-Over Arrivals	6
2.3	Monthly Sugar Production	6
2.4	Sugar Exports	7
2.5	Citrus Deliveries	7
2.6	Citrus Juice Export Volume and Revenue	8
2.7	Banana Exports	8
2.8	Marine Export Volume	8
2.9	Other Domestic Exports	9
3.1	Central Government Operations	10
3.2	Central Government Current Revenue	10
3.3	Central Government Current Expenditure	11
3.4	Distribution of Central Government's Domestic Debt	11
3.5	Distribution of Interest Payments on Central Government's Domestic Debt	12
3.6	Distribution of Central Government's Domestic Securities	12
3.7	External Disbursements to Central Government by Creditor Type	13
3.8	External Debt Service Payments	13

Tables

A.1	Factors Responsible for Money Supply Movements	14
A.2	Net Foreign Assets of the Banking System	14
A.3	Central Bank's Foreign Assets Flows	15
A.4	Major Sources of Foreign Currency Inflows Into Domestic Banks	15
A.5	Net Domestic Credit	16
A.6	Sectoral Composition of Domestic Banks' Loans and Advances	17
A.7	Sectoral Composition of Credit Unions' Loans and Advances	18
A.8	Domestic Banks' Liquidity Position and Cash Reserves	19
A.9	Domestic Banks' Weighted Average Interest Rates	19
A.10	Domestic Banks' (Rolling) Weighted Average Interest Rates	20
	on New Loans and Deposits
A.11 Production of Main Domestic Exports	20
A.12	Domestic Exports	21

iii Central Bank of Belize

Monthly Economic highlights ■ October 2021

List of Charts and Tables

A.13	Gross Imports by Standard International Trade Classification (SITC)	21
A.14	Tourist Arrivals	21
A.15	Percentage Change in Consumer Price Index Components by	22
	Major Commodity Group
A.16	Sugarcane Deliveries and Production of Sugar and Molasses	22
A.17	Exports of Sugar and Molasses	23
A.18	Citrus Deliveries and Production	23
A.19	Export Sales of Citrus Products	24
A.20	Banana Exports	24
A.21	Petroleum Production and Exports	25
A.22	Marine Exports	25
A.23	Other Domestic Exports	25
A.24	Central Government's Revenue and Expenditure	26
A.25	Central Government's Domestic Debt	27
A.26	Public Sector External Debt	28

Central Bank of Belize	iv
Monthly Economic highlights ■ October 2021