Posted: Thursday, July 3, 2025. 10:52 pm CST.
By Aaron Humes: In a promising start to 2025, the tertiary sector of the economy has once again demonstrated its vital role in driving growth, with activities valued at $977.6 million in the first quarter. This marks a robust increase of 7.4 percent, or an additional $67.5 million, compared to $910.1 million in the same quarter of 2024.
The notable growth can be largely attributed to the ‘Accommodation and food services’ industry, which experienced a remarkable surge of 12.2 percent. This growth aligns with the increasing tourism activity, as cruise passenger arrivals saw a 5.2 percent rise, jumping from 378.7 thousand visitors in the first quarter of 2024 to 398.3 thousand in the first quarter of 2025. Moreover, there was also a 1.9 percent increase in overnight visitors, who increased from 179.6 thousand to 183.0 thousand.
In addition to the tourism-driven growth, the ‘Financial and insurance services’ sector also showed significant expansion, rising by 12.6 percent from $105.2 million in the first quarter of last year to $118.4 million in the same period this year.
Economists view these developments as indicators of a recovering economy, with increased tourist arrivals and spending reflecting growing confidence in the market. As the country continues to bolster its infrastructure and services, stakeholders are optimistic about maintaining this momentum throughout the year.
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