The Bermuda government says economic growth in the British Overseas Territory has exceeded the pre-COVID-19 pandemic level, with international business, local financial insurance, and the real estate sectors contributing significantly to the growth.
“The growth that we see now is exceeding the level of economic performance or economic activity that we would have experienced in 2019,” Economy and Labour Minister Jason Hayward told a news conference, adding there are sectors “in which there is opportunity where we can continue to expand economic activity, and those are the areas that we have identified in the economic development strategy”.
Economy and Labour Minister Jason Hayward speaking at a news conference
Hayward said that apart from the three main growth areas of the economy, “we have seen a rebound in terms of hospitality, not to pre-pandemic levels, but growth rate moving out of the pandemic slumps.
“So we are trying to provide robust economic expansion throughout multiple industrial sectors within the economy as pertains to the items that we have identified in the economic development strategy that we will focus on over the next year.”
Hayward told reporters that there had been economic growth in the first, second, and third quarters of 2023, “which means that the growth is real growth over the 2022 numbers, indicating that the economy continues to expand,” adding that it proved that “the economy is robust, it proves that we are trending in the right direction”.
Hayward noted that in 2022 the domestic economy showed growth and that “the third quarter’s GDP estimates signify three quarters of strong economic performance in 2023 for Bermuda’s economy.”
The Economy and Labour Minister said that during the third quarter last year, 314 local businesses were created, bringing the island’s complete business register to 16,307.
The third quarter showed a 7.1 per cent growth above the 2022 figures.
In the tourism sector, the authorities recorded 61,451 air visitors during the third quarter last year, an increase of 9,386 over the same period in 2022.
“Estimated expenditure by air visitors increased to US$111.5 million from US$75.3 million recorded in the third quarter of 2022. The third-quarter economic performance highlights that Bermuda’s economy continues to strengthen.
“The government will continue to facilitate the expansion and sustainability of Bermuda’s economy by creating a business environment that allows businesses to thrive,” Hayward added.
