Minister: ‘Economic Data Exhibits Positive Signs’

January 7, 2019 | 15 Comments

Minister for the Cabinet Office Walton Brown released publications from the Department of Statistics including the Consumer Price Index for September and October 2018, the 2018 Quarter 2 – Gross Domestic Product, and the 2018 Quarter 2 – Balance of Payments / International Investment Position.

  • Consumer Price Index [CPI] – September 2018 [PDF here]
  • Consumer Price Index [CPI] – October 2018 [PDF here]
  • 2018 Quarter 2 – Gross Domestic Product [GDP] [PDF here]
  • 2018 Quarter 2 – Balance of Payments / International Investment Position [PDF here]

Minister Brown said, “The economic data released exhibits some positive signs in our economy, which is still recovering after several years of economic contraction.”

“In September and October 2018 consumers paid 1.1 per cent more for the CPI basket of goods and services than they did in September and October 2017. This low level of inflation is beneficial to the economy since it helps to keep check on the price of goods and services, and also encourages people to spend and businesses to invest.”

Minister Brown also explained that in the second quarter of 2018, Bermuda’s balance of payments, “which is an important strength in the Bermuda economy, recorded a very respectable current account surplus of $149 million.”

Finally, the Minister noted, “The real GDP for the second quarter increased 0.8 % which shows some strengthening in the economy especially when this is being compared with the second quarter of 2017 when Bermuda hosted the America’s Cup. This is encouraging to see.”

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Comments (15)

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  1. Trump supporter says:

    Yada yada yada
    How about the passports you were getting straightened out.

  2. sandgrownan says:

    Can you spell disingenuous?

    The rate of change is downwards, and that’s being charitable because the spike in 2017 was dues to The Americas Cup. And that’s after a dip into genuine recession territory.

    So, Walton, where is The Finance Minister on this? What’s the plan?

  3. dawn DeRerd says:

    and in the meantime, taxes are up, health care costs are up, business confidence is down, retail sales are plummeting …. but don’t worry GDP levels on a par with 2015 are ‘positive’ signs … talk about grasping at straws

  4. Reality Check says:

    It is what it is! Get on with it! Nothing and nobody is perfect so just grow a set and soldier on!

  5. question says:

    “…..which is still recovering after several years of economic contraction.”

    You mean the 7-year PLP recession, which the OBA dragged us out of by creating economic growth, before the PLP plunged us back into recession again at the end of 2017.

  6. INNA says:

    Why is this coming from Brown and not Dickinson?

    • DeOnion says:

      He is in charge paperclips. Er ….. sorry, i meant statistics department

    • aceboy says:

      Plausible deniability.

      They have learned not to let the ACTUAL Finance Minister announce good news when it is in fact bad. It makes them look incompetent. Best to send out another Minister who can simply be said “made a mistake”.

      Remember when Jennifer Smith claimed Bermuda was out of the recession in 2010. That.

  7. Rocky5 says:

    Minister: ‘Economic Data Exhibits Positive Signs’- tell that to all the unemployed Bermudians & those leaving the Islands!!

  8. Ringmaster says:

    The most likely reason for the GDP increase is the pay rise given to the Civil Service. Paid for by more debt and increased taxes. Hardly something to be proud of. Produce real economic progress with new jobs and new revenue streams, and less taxes on the private sector.

    • Down and Out says:

      Yep, and another all-members Union meeting at 4pm Thursday to discuss with the Government the next “cost of living” increase.

      Basically, the second pay rise in the civil service since the PLP won the election.

  9. Pork & Bean says:

    Sugar Tax is gonna fix everything! Dont you worry.

    By the way, my little cousins snowball stand suffered financial loss because of the sugar tax that was imposed. Will she get a chunk of money as compensation because she was unfairly targeted like Dr. E.B. did?

    • Trump supporter says:

      She should, and if sugar tax don’t fix it the BITCOIN will.
      Pathetic actually.

  10. Ronnie Viera says:

    I don’t understand why the Minister of Finance didn’t release and comment on the report. The position of Minister of Cabinet is a complete waste of public funds and should be abolished.

  11. sandgrownan says:

    Time’s up for Walton Brown. He’s a relic and should retire.

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