Bermuda's Economy: Continued Economic Growth Will Create More Jobs

Senator Leslie Robinson - Junior Minister of Economy & Labour and Public Works

Bermuda's Economy: Continued Economic Growth Will Create More Jobs

In December the Government released a report on Bermuda’s economic performance in the second quarter of 2023. Given the busy holiday, some may have missed it, but I would like to share some of the highlights of that report.

Amidst global uncertainties, Bermuda's economy did not just hold steady; it thrived, growing by an estimated 2.3% year-over-year after adjusting for inflation. This growth is not just a number; it's a testament to the resilience of Bermuda’s economy, which is supported by effective policies introduced by the PLP government.

Increased household and government expenditure, alongside robust business investment, have driven this
expansion. Consumer confidence is also on the rise.
We've seen a 3.6% increase in consumer spending, reflecting a growing trust in our economy's future prospects. Employment income has risen across various sectors, from International Business to Construction, indicating a broad-based recovery that will benefit all Bermudians.

Our tourism sector is also recovering, with a substantial increase in air visitors and their expenditure. This isn't just good news for those who work in our hotels, but it’s positive news for all businesses and workers who contribute to and support this vital sector.

Investment in infrastructure and technology continues to be a priority, with Gross Capital Formation growing and significant investments in machinery, equipment, and construction. Investments today lay the groundwork for more job creation in the future.

Perhaps most encouragingly, the number of businesses in Bermuda is growing, which is evidence of a confidence in the future of Bermuda’s economy. Whether it be International Business or local small businesses, more companies in Bermuda are essential for our continued prosperity and future job creation.