GDP Increase Recorded In 2015 Third Quarter

January 9, 2016

According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the third quarter of 2015 quarterly GDP at current prices was estimated at $1,350.3 million, a 6.3% rise year-over-year.

The report said, “During the third quarter 2015, quarterly GDP at current prices was estimated at $1,350.3 million. This represented a 6.3% rise year-over-year.

“The main driver was a $53 million gain in the surplus on trade in goods and services. Final consumption expenditure also increased 2.8% during the period due mostly to household consumption. In contrast, capital formation recorded a small decline of 0.7%.

“After adjusting for inflation, real GDP increased by 4.4%. Overall inflation for the 3rd quarter, as measured by the implicit price index, increased 1.8%.”

Charts extracted from the report

CURRENT ACCOUNT

“Household final consumption increased 3.8% reflecting greater expenditure on durable goods such as motor vehicles, non-durable goods such as food purchased in stores and services such as accommodation and catering. After adjusting for inflation, household consumption rose 2.7%.

“Government consumption weakened 0.3% due mostly to fewer outlays on goods and services. After adjusting for inflation, government consumption fell 1.1%.

“Gross capital formation [i.e. investment in fixed assets] declined 0.7% as lower investment was made in machinery and equipment such as furniture and industrial machinery. In real terms, gross capital formation contracted 1.4%.

“The net surplus on trade in goods and services grew $53 million or 45.2%. The rise in the surplus was a result of the combined effects of higher earnings from exports of services and fewer payments for imports of goods.

“Exports of services rose 3.5% due to increased compensation in the international business sector and reinsurance premiums collected from non-residents.

“A 13.2% fall in the imports of goods, mostly fuel imports, contributed $31.7 million to the larger surplus in the third quarter. In real terms, the net surplus on trade in goods and services rose 49.4%.”

The Quarterly GDP Publication Q3 2015 report follow below [PDF here]:

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Comments (29)

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  1. WarwickBoy says:

    4.4% real GDP growth – that’s pretty impressive.

  2. Triangle Drifter says:

    Oh dear, more good news. Proof that the OBA is doing it all wrong. Lets see how Alaska Hall spins this.

    Give then a few days to come up with something, brief their supporters, & send them back out into the field to respond.

    • mixitup says:

      And he’s OFF!!

    • Edward Case says:

      Hard times for the PLP for sure. If they hadn’t been so wreck less with our money, then they might still have a shred of credibility. Too bad huh.

      • Ian says:

        I’m sorry but if the driver of that trade surplus was mostly service exports via reinsurance transactions, coupled with a reduction in imports (which doesn’t necessarily speak to an improving economy), what exactly does that have to do with either the PLP or OBA?

        • Kangoocar says:

          Oh gee, once again I find myself having to help you Ian with putting your big boy pants on?? Why don’t you look at the last 4 dismal years of economic disaster your plp caused before thankfully they were kicked in their behinds out of power!!! Just to remind you, the last 4 yrs of the plp experiment only produced EVERY Bermuda economic indicator to be pointing straight to shite!!!! If you actually were an honest person, you in fact would be acknowledging the shear miracle of what the OBA has managed to create after you consider the absolute mess your incompetent plp left them with!!! Any economic indicator that points up, is nothing short of a miracle when one considers what I already told you!!!
          May I suggest, you spend your time trying to sort out your beloved plp who anyone with one once of brain mass would quickly conclude are in a total MESS right now!!!!! Oh, sorry, you brain mass might fall short of the required once???

          • Ian says:

            That long ranted literally amounted to nothing of any substance. Thanks for the waste of space… Keep believing in miracles!

        • yess says:

          Triangle Drifter is an OBA die hard. Anything positive he gives credit to the OBA. Anything negative he blames the PLP.

        • serengeti says:

          Household consumption rose 3.8%. Are you took thick to understand the significance of that?

          • Ian says:

            Yeah… I’m sooo thick. You guys love throwing around the insults huh. Do you think it gives you credibility.

    • Ian says:

      Triangle is drifting out into the endless abyss that is ignorance once again.

    • yess says:

      How do you give credit to the OBA because the Insurance and Reinsurance companies sold more premiums?

      Typical OBA supporter.

      • serengeti says:

        And because household consumption rose by 3.8%.
        And because government consumption reduced.
        All good news. You lot hate it don’t you.

        • Ian says:

          Grasping at straws…

          • hmmm says:

            Yes the PLP faithful worshipers are clutching at straws.

            Me I’m Bermuda and Bermudians first, and the OBA are delivering for Bermuda and Bermudians here.

            • Ian says:

              Oh yeah. What exactly has the OBA delivered for Bermudians. Comprehensive immigration reform starting with an effort to get PRC legislation in line with its clear intent? Nope, their response predictably worked to the benefit foreigners. Easier access to PRC status? Nope, they “delivered” that to foreigners. Easier access to Bermuda real estate for folks that have thrived on the likes of housing allowances (many PRC holders). Nope that was delivered to foreigners too. Easier access for the spouses of foreigners to come here and work? Nope that one goes into the “directly benefits foreigners” bucket too. Retroactively canceling a corporation of Hamilton lease lawfully entered into by a Bermudian developer all whilst exposing Bermudians to 10s of millions in legal claims? Nope, that’s not delivering for BermudiAns. And their foreign friends and family will likely benefit from that if that development goes anywhere. I could go on and on but it’s pretty clear to anyone that’s honest with themself that the OBA has always served foreigners, and the “Bermudians” who are more foreign than Bermudian, first and foremost.

  3. serengeti says:

    Great news.

  4. average Bermudian says:

    Your statements are proof that you don’t have anything between your two ears.

  5. investigator says:

    Good thing we have a great government . Results are showing now!

    • Coffee says:

      Curb your enthusiasm ! Good government , bad government , top earning families are still exiting Bermuda every month .

    • Ian says:

      Mm yummy yummy kool aid

  6. bluebird says:

    Well done “OBA” and the children and grandchildren of Bermuda are so thankfull that the PLP/BIU have left them $2BILLION DOLLARS of DEBT for them to pay off in the rest of there lives.

    • Ian says:

      You can continue lying to yourself but I’m pretty sure the PLP left with 1.3b after 14 years. Who took it to +2b in a fraction of that time. Not the PLP

      • Toodle-oo says:

        Its been explained 1000xs to you why the debt continued to grow once the OBA got in . You’ve never even acknowledged reading those explanations much less admitting to understanding them .

        Answer this . How would you have liked it/reacted had government severed 3000 workers like Barbados recently did ?

        • Ian says:

          There’s always an “explanation” from folks like you for EVERYTHING the OBA does. Which funny enough strarts with a conclusion, namely that if it happens on their watch then it’s automatically acceptable. Nobody is interested in you justifica… err “explanations” anymore.

          • Toodle-oo says:

            Everything you typed above is totally irrelevant and a deflection . We know you can’t handle the truth anyway .
            Just answer the question !
            Do you understand why the debt continued to grow since the OBA got in and how would you like it if 3000 government workers were let go ?

  7. JUNK YARD DOG says:

    Welcome to the Third world.

    Why is the Government sucking the life blood from the senior citizens.
    We all have paid our dues.
    Why are you not satisfied.
    We built this country.
    All you have to do is run it properly.
    How is it with all this crime we can not go out of an evening with out the risk of being shot at, or our women attacked by a a knife.
    How do we defend our selves in a war zone.
    You spend our taxed millions for what,more Police jeeps and Campers
    You have your laws, exercise them. Get all the guns.
    You have a Police force ( Service ) and an Army .
    You achieve little or no results .
    You expect us to hold your hand.
    We are living in an armed land.
    No wonder Cambridge beaches can’t fill its rooms.
    If you all do not buck up and stop spending money you don’t have recovery will not take place in my life time.

    “From riches to rags”.

    • hmmm says:

      The Government don’t run the police force.

      If you have personally been a victim or witness or have information of a shooting, knife attack, having to defend yourself in a warzone then PLEASE REPORT IT TO THE POLICE.

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