Did you Know?

 

Did You Know Quick Facts

  • The cost per gallon of premium and regular gasoline was down by 25% and 27%, respectively, while diesel declined by 24% in comparison to November 2014. (January 13th, 2016)
  • All municipalities across the country recorded falling consumer prices during November 2015, with the exception of Dangriga, where prices increased by 2.1 percent as a result of a greater than average increase in home rental costs. (January 6th, 2015)
  • Contract disputes are the most mediated type of dispute in the world; this is because most contracts today include an Alternative Dispute Resolution clause which seeks to avoid the process of going to court. (December 30th)
  • Goods destined for the ‘Export Processing Zones’ grew by $5 million from $9 million to $13 million, due to large purchases of steam turbines.
  • There is pressure on Belize’s public finances that comes from compensation payments for utilities that the government nationalized in 2009 and 2011. During August and September 2015, the government paid the former shareholders of the two companies a total of US$116.5 million. (December 2nd, 2015)
  • According to the Centre for Effective Dispute Resolution, businesses lose $1.65 trillion dollars annually in poorly managed commercial disputes? In 2012, Belize’s contribution to this global figure was an estimated $64.4 million BZD. (November 25th, 2015)
  • Merchandise imports for the nine months from January to October 2015 amounted to $1.5 billion, representing a 3.1 percent or $45.1 million increase over the same nine month period last year. (November 11th, 2015)
  • For the month of August, marine exports fell from $12 million to $7 million, owing to reduced farm shrimp sales, compared to the same month last year. (November 4th, 2015)
  • Imports of ‘Machinery and Transport Equipment’, ‘Manufactured Goods’ and goods going to the ‘Commercial Free Zones’ were the categories experiencing the greatest growth, increasing by $42 million, $20 million and $14 million, respectively.
  • Earnings from crude petroleum dropped sharply by $8 million, from $12 million during August 2014 to $4 million in August 2015, largely due to lower world market prices.
  • The World Tourism Organization reports that international tourist arrivals increased by 4.7% to 1.1bn visitors in 2014 with North America recording an 8.0% increase and with visitors to the Caribbean and Latin America also rising by 7.0% and 6.0%, respectively.
  • The Central Bank’s foreign assets grew by 20.0% in 2014 and peaked at $965.3mn at the end of December with holdings consisting of cash and fixed deposits (72.7%), foreign securities (20.0%) and Special Drawing Rights (7.3%) with the International Monetary Fund (IMF).
  • Belize’s economic freedom score is 56.8, making its economy the 117th freest in the 2015 Index. Its overall score is about the same as last year, with improvements in investment freedom.
  • Low world market prices for crude petroleum led to an $8.5 million decline in export earnings from this commodity.
  • $37 million was spent on ‘Machinery and Transport Equipment’, owing to greater purchases of sailboats, airplanes, motor vehicles and telecommunications equipment within the seven month period.
  • Imports into the Export Processing Zones recorded a decrease of over $1 million, reflecting a fall in shrimp feed purchases.
    Citrus exports fell by a substantial $14 million, due almost entirely to a steep drop in orange concentrate sales, from more than $15 million to just under $3 million.
  • Goods exported for the first six months of 2015, totaled $304 million, $37 million less than the $341 million exported during the same period in 2014.
  • Merchandise imports for the first half of 2015 totaled almost $1 billion, representing an increase of 5% or $46 million over the same period last year.
  • CFATF is an organisation of 27 jurisdictions of the Caribbean Basin that have all agreed to implement the international standards to combat money laundering and terrorist financing.
  • Belize exited the CFATF follow up process faster than any other jurisdiction with similar levels of deficiencies.
  • Belize exited the Caribbean Financial Action Task Force (CFATF) and the International Corporation Review Group (ICRG) follow up lis.?
  • SIB GDP release stating accumilative growth for the first nine months of 2013 was 0.4% - Jan.2.14
  • CPI Collections in Municipalities in 2013 revealed that Belmopan had highest inflation rate of 12.5%, San ignacio with the lowest of 10.5% and OW -0.7% of inflation. Jan.9.14
  • Inflation Rate for the first nine months was recorded at 0.3% - Jan.16.14
  • Total merchandise Imports was 1.6 billion in the first ten months. 10% higher as compared to 2012. Jan.23.14
  • Majority exports from January to October were destined to the US & UK. Accounting for 40% & 30% respectively. Jan.30.14
  • Employer Fines and Penalties under the OSH act can range from $25,000 to $250,000.
  • OSH Secretariat will be established comprising of 1 Chief Inspector, a Deputy and 6 other inspector
  • Under OSH Act employors shall maintain several separate registers.
  • Any monies forming a part of the NOSH fund may be invested must be authorized by the Minister
  • All Business needs to be complaint with OSH laws, even grocery stores and restaurants
  • OSH Act will replace Factory Act Chapter 296 of the Laws of Belize
  • Prime Minister Budget Speech 2014 he promised for Central Bank to see growth of 2.0% GDP in 2014
  • Cost of Professional & Legal services drove up Capital Spending by 9 million due to debt restructing and nationalization of the utility companies.
  • GOB will pay subsidies for 1st & 2nd form students
  • Establishment of National Bank of Belize cost 10 million
  • Rains drove up Capital spending in 2013
  • Program Budgeting was introduced to all CEO's and finance staff in Fiscal Year 2013/2014
  • 2013/2014 Taxes on Goods & Services contributed to 32% of 871 million while taxes on income contributed to 27%
  • 2012 Belize reactivated the Petro Caribe Facility with Venezuela. This source of bilateral has yielded some 168 million
  • 2013/2014 Taxes Revenue was a total of 871.1 million, of which property tax contributed 1%
  • After 8 consecutive quarters of growth Belize dipped by 0.4% in the first quarter of 2014
  • SIB GDP release states the decrease was a result of decreased output levels of Agriculture, Mininig & Manufacturing
  • Agriculture decreased by 10% in first quarter due to downturn in orange production and late start of sugar cane harvesting
  • Decline in three major agriculture sectors resulted in a 30% or 26 Million in earnings for the same period compared to 2013
  • Minister of Finance signed agreement with the Republic of South Africa for exchange of info relating to tax matters. - Jun.26.14
  • In the signed agreement with the Republic of South Africa the financial secretary has authority to obtain or provide info held by banks without no limitations. - Jul.3.14
  • If asked by the financial secretary to provide information you must do so within 30 days according to agreement. - Jul.10.14
  • No breach of confidentiality or action against those who discloses information. Jul.17.14
  • The Tax Information Agreement Exchange came into force on June 16, 2014. - Jul.24.14
  • Since the start of the year Belize has imported $956 Million, 6.2% more than last year.- Jul.31.14
  • During the month of June imports fell in the Free Zone by as much as 8 million. - Aug.7.14
  • The US supplied more than 48 millions in goods by June 2014. Aug.14.14
  • In June Belize imported 159 Million in goods, representing a 5.7% increase compared to last year. Aug.21.14
  • Consumer Price index increased from 102.2 in July 2013 to 103.5 in July 2014. Aug.28.14
  • Higher prices in transport and water and more were the main drivers of inflation in 2014. Sept.4.14
  • Food Index fell for the first time in three years. - Sept.18.14
  • With inflation rates at 2.5% San Ignacio/ Santa Elena showed highest change in CPI, while Belize City and PG saw the lowest. - Sept.25.14
  • All monies or revenues raised or received by Belize MUST be paid into and form one consolidated revenue fund. Oct.2.14
  • Establishment of a Development Fund. - Oct.9.14
  • House of Representative through the revolution can authorize Minister to get loans by advancements from Banks or Public institution. - Oct.30.14

BCCI TV Appearances

VP Commerce, Marcello Blake and Councillors Andrew Roe and Rufino Lin talk on the current state of the Belizean Economy.  

BCCI President Nick Usher and VP Services Giacomo Sanchez on speak on the action plan of the 2016-2018 BCCI Executive Council 

BCCI Counselors Nick Usher and Rufino Lin on Fuel Tax and De Risking


BCCI introduce the first Belizean Roots Expo

BCCI talks on Pillar 1 of the Business Manifesto (15.Mar.2016)

Launch of the Alternative Dispute Resolution Service 

Super Bond and the Business Perspective

White Paper on Investments

Business Perspective Television Show

Brief History: On June 8, 2009, the Belize Chamber of Commerce and Industry embarked on a new initiative to give a voice to its membership with the creation of its first ever radio/television show - Business Perspective. Through a partnership with R.S.V. Ltd. at the time, viewers looked forward to watching the show every Wednesday at 7:15 p.m. where various topics were discussed - Crime, Contraband, Review of Auditor General's Report, Returnable Containers Bill, just to name a few. After a period of time, the show became difficult to sustain; hence, the reason why the show went on hiatus. After a couple months, the Chamber is now ready to reintroduce the Business Perspective to the general public after forging a new relationship with IdeaLab Studios, our new media partner. You can now tune in at 8 p.m. on Thursdays on Channel 5 to see the first in a series of brand new shows. The main focus of the show is to inform and educate the general public about key issues affecting the business community.  

General Notice! 
"The Business Perspective TV Show ends its Second Season."

The Belize Chamber of Commerce and Industry would like to inform you that its second season of the Business Perspective TV Show has come to an end. The BCCI would like to extend its heartfelt appreciation to IdeaLab Studios for their tireless efforts in producing the Chamber's Business Perspective TV Show. We take the opportunity to also thank our sponsors: The Angelus Press Ltd., Brother's Habet Ltd., Pandora Window Box Nursery, and of course Western Union, because without their partnership in this endeavor the Business Perspective Show could not have launched its second season. The show will resume mid-year in a more accessible format.

Past Business Perspective Shows

January 19, 2012 - Revenue Tax Fair 2012

January 12, 2012 - Public Financing: Are We Living Above Our Means?

January 5, 2012 - Public Financing: Trends, Super Bonds


If you are interested in purchasing a copy click here


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Chamber Services


For more information

Email us at: businessperspective@belize.org

DVD copies for each show are also available for purchase. You can contact the BCCI office for more information.

Sponsors

Western Union 
Brother's Habet Ltd.
The Angelus Press
IdeaLab Studios
Pandora Window Box Nursery