Minister Furbert: GDP Indicates ‘Positive Growth’

May 9, 2019 | 35 Comments

“The 2018 Fourth Quarter GDP in constant prices indicates that our economy has experienced a third straight quarter of positive growth,” Minister for the Cabinet Office Wayne Furbert said.

Speaking at a press conference this afternoon, Minister Furbert said, “Last week I reported the results from the 2018 4th Quarter Bulletin of Statistics which signaled positive growth for our economy.

Chart extracted from the report:

CURRENT ACCOUNT - Google Chrome 592019 70535 PM

“Today, I am pleased to highlight some further good economic news for Bermuda. Before I release the data. I realize that there are those who do not speak in statistical terms.

“GDP, which is Gross Domestic Product, is one of the primary indicators to measure the health of the economy. GDP measures the value of all goods and services produced in an economy in a given period of time, usually quarterly or yearly.

“The GDP statistics that I will refer to are in constant prices which reflects the value of produced goods and services, but it uses consumer and producer price indices to remove the effects of rising price levels [inflation].

“This Government highlighted in February 2019 that our 2nd Quarter constant GDP increased 0.8 %, and the 3rd Quarter GDP increased 1.6% year-over-year.

“Today I am happy to report that the 2018 Fourth Quarter GDP in constant prices indicates that our economy has experienced a third straight quarter of positive growth.

The 9-minute live video replay is below:

“Our 2018 4th Quarter GDP increased year-over-year by 1.5 % to $1.15 billion. In other words if you add the value of all final goods and services produced in the fourth quarter it comes to $1.15 billion.

“Here are a few of the year-over-year highlights from the 4th Quarter GDP publication:

  • “Growth was driven mostly by an increase in the net surplus on trade in goods and services. This surplus balance on trade in goods and services increased by 24.8 % which equates to $30.4 million.
  • “Gross capital formation, which reflects investment in construction and machinery and equipment, increased 1.5%.

“I also wish to share some results from the February 2019 Consumer Price Index publication.

“The Consumer Price Index [CPI] is a measure of the change in the price of a basket of consumer goods and services. The CPI includes: Food, Rent, Transport and Foreign Travel, Health and Personal Care

  • “The level of inflation decreased 0.2 percentage points from the 1.3 per cent measured in January 2019 to 1.1% in February 2019.
  • “The lower rate of inflation is good for households as the rise in the cost of consumer goods and services slowed in comparison to January 2019.

“Some other areas of note for the February CPI:

  • “Between January 2019 and February 2019, the average cost of goods and services in the CPI was unchanged.
  • “The all-items index remained at 105.2 in February.
  • “The Rent sector rose 0.5 per cent for the month; and the average cost of household repair materials increased 3.7 per cent.

“As I indicated last week, overall, this Government is making progress by implementing policies that stimulate our economy. Our economic progress translates into good news for Bermuda.”

Links to reports:

  • The Quarterly Gross Domestic Product By Expenditure report here [PDF]:
  • The Consumer Price Index report here [PDF]:
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Comments (35)

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  1. Ringmaster says:

    An increase in GDP can also be driven by the hiring bonanza in the Civil Service. What is the GNP which is the better statistic?

  2. Question says:

    Of course it’s up over 4Q17. That quarter was a disaster. They’re now measuring against their own dismal performance.

    Where are the net new jobs? Where is Arbitrade? Where is fintech? Why are we still on the blacklist?

    • sandgrownan says:

      Bingo. Of course, Flip Flop the devil is in the detail:

      After adjusting for inflation, Household Final Consumption decreased 2.6 per cent year-over-year to $638.4 million
      (Table 1). During the year, households spent less on clothing, furniture, information processing equipment and
      accommodation services.
      Government Final Consumption increased 0.4 per cent due to higher wages and salaries which was offset by a
      reduction in spending on goods and services. (Table 1).

      So, people are spending less, because they have less. And Government costs more, while tax revenue decreases. So, Flip Flop, what are you going to do about it? How are you going to pay for healthcare reform?

      • JAWS says:

        It’s funny how you obaUBPers dislike Mr.Furbert and other surrogates that where in the UBP. Now you wonder why so many black voters refuse to rejoin the obaUBP again which clearly resulted in a 25 to 11 victory to the PLP. The man was even your leader at one point, but anytime a member departs from the obaUBP you result to name calling. This doesn’t help the OBA.

        Now your using Mr.Cannonier as the Opposition Leader in the same position after you all booted him as Premier. It’s a rumor going around about a third party being created. If it does happen it would be the best thing for Bermuda because honestly the voters are not supporting the OBA aka UBP anymore.

        • Marching Band says:

          Funny how all you PLPers love Furbert , Simmons and Swan considering you hated them as UBPers?

        • kevin says:

          Jaws you are blind deaf and dum…serious look at the real facts …you are so hung up on race you have no idea what this government is doing to our country..here is a fact if you continue to think this circus can get us out of this hole you are smoking good stuff and you are the problem
          plp need to resign they have no clue nor do their followers

          • Real Talk says:

            Kevin shout your trap JAWS is so correct. Until you accept the facts you will fail at every turn. You don’t GET IT!! The UBP proved to Bermuda it has always been about race when #1 they change the name to get away from their past and present and #2 always trying to find a person of color to front as the leader when we all know the truth. Why would a party change a name specially when we all know that when the UBP was in charge the $$$$$$ was flowing. RACE is what destroyed the UBP and the oba is the UBP. Why do you really believe you lost 25 PLP vs 11 oba. That party will not win the next election. Cannonier is wasting his time and he knows it. Kemp and be the oba/UBP leader and Cannonier, Slyan and the others need to create the third party or former BDA PArty. It’s going to happen one way or another.

            • sandgrownan says:

              Party over country every time. It’s all about 25-11.

              Here’s another score – 17-21. 17 years of failure, incompetence and “friends & family”.

              You simply don’t get it do you.

              • You are right says:

                Hey like the man Ricky Bobbie once said “if you ain’t 1st you are last” go whine somewhere else and if you don’t like our Bermuda there are cheap flights leaving 1 way every day. Get on one.

            • Anbu says:

              Doesnt matter what they call themselves. U “thick as thieves” plpers will always resort to calling them the ubp. Who u think you’re fooling?! U all would rather continue to get stuck by your own lmao! Furbert has zero place in politics. Hes a yes man plain and simple. As are most if not all of them. They prove it daily. One question. How much better off are you now that they r back in huh? 25-11 tho right? Hahahaha bootlickers.

            • kevin says:

              Hey real talk
              here it is simple you are stuck on stupid and if you believe what you wrote wow I hope not many agree your beloved plp don’t have the ability to get us out of the hole they dug keep on voting them in soon I like many other Bermudians will be heading to higher ground good luck 25 -11 will get a grunt and squirrel fish for dinner soon

        • Joe Bloggs says:

          “you obaUBPers”

          You do realise that Wayne Furbert was a UBP cabinet Minister in the 1990s right? And afterward the leader of the UBP?

        • sandgrownan says:

          The problem with Flip Flop, apart from him not being the sharpest knife in the drawer, is that he’s a political opportunist. It’s about him.

          But avoid the question as you like.

          • Real Talk says:

            Sandgrowan but he was good enough to be your leader LOL. You don’t get it and never will. Why would black Bermudians join a party that does this to it past members. You do realize that black Bermudians are the only voters that SWING VOTE. It will not happen anymore thanks to people like you. People like you kill your own party and are to stupid to realize it.

            Joe Bloggs says:
            May 10, 2019
            “you obaUBPers”

            You do realise that Wayne Furbert was a UBP cabinet Minister in the 1990s right? And afterward the leader of the UBP?

    • Paul says:

      As the song says, we saw the signs and it’s opened up are eyes…Furbert is a disaster for the P.L.P.

  3. Paul says:

    For some reason when ever Furbert,or Swan or Simmons,make a statement I sit back and wonder if they are sincere..and this is because of the terrible things they said about the P.L.P when they were in the UBP..one has to wonder is all about having a job..

    • OMG says:

      They are all opportunists, they will say and do anything to keep their paycheck coming in

    • JAWS says:

      Incorrect!
      Don’t sit back and wonder why Furbert, Swan and Simmons like so many other black voters departed the UBP. You basically said it when you change the name to OBA overnight.

      CV Jim Woolridge may he rest in peace ….stated in his book some famous words. “Those little white boys don’t mind you being in charge as long as they can tell you what to do! He was UBP!!!

      • sandgrownan says:

        How about you talk to the core question – the economy is sunk.

      • Real Talk says:

        LOLOLOLOLOL Thanks Mr. Woolridge for being HONEST!!!! The others in the obaUBP party want to believe they can close their eyes and change the name with hopes of the core problem going away.

      • Swing Voter says:

        You came correct Jaws but the OBA will never listen and will never win until they do.

        “THE TRUTH WILL SET THEM FREE BUT FIRST IT WILL MAKE THEM MISERABLE”

        • Double S says:

          Nah PLP’s incompetence and the destruction of Bermuda socially, financially and economically will make everyone miserable first.

      • Anbu says:

        You voters better off now?

      • Double S says:

        Notice how all those ‘aisle crossers’ only left when it became clear that the UBP or the OBA would not regain power?

        Sure it is just a coincidence of course and definitely a case of political opportunism.

  4. Rotten Onion says:

    February retail sales must be coming out soon. PlP trying to grease the gullible for results.

  5. Vote no more says:

    More hot air from the coffee shop.

  6. I am still waiting for the Premiere to answer why he thought it was so great to cut the ribbon at the new Western Union when it appears like it could be not one Bermudian is employed with them. That is a slap in the face to all that are out of work especially those sixty some people our community bank just released. Very sad times is thus island and the PLP are doing nothing to address the situation. Shame on them.

    • Vote no more says:

      They can then fudge numbers and say employment is up.

  7. pussy cat says:

    old saying BS baffles brains.you are BS ‘ing an entire population. why don’t you just raise another stupid tax that you can drive us all down with. we can’t afford jack s*** nowIDEA tax stupid hot air ideas from the hill

  8. Randy Mandy says:

    If it’s so great, how come those folks in the picture look so somber? But the way, apart from Civil Service growth, there’s the airport project which will eventually end, a bunch of stalled hotel projects, crypto currencies (lmfao), and not much else in the pipeline.

  9. Ringmaster says:

    “As I indicated last week, overall, this Government is making progress by implementing policies that stimulate our economy. Our economic progress translates into good news for Bermuda.”

    Minister Furbert, please explain what these policies are. The only activity the people see are increases in taxes and Civil Servants but less services provided.
    The body language of the people around you are proof they aren’t believing this “good news”. I know you have to find something for all the spin doctors to tell you to say, but at some stage you will have to tell the truth.

  10. Joe Bloggs says:

    “Minister Furbert said, “Last week I reported the results from the 2018 4th Quarter Bulletin of Statistics which signaled positive growth for our economy.“

    Umm, not quite Wayne. You reported an increase in cruise ship passengers. Yesterday the BTA reported a fall in air arrivals. An increase in cruise ship passengers (who spend very little money at local businesses) does not signal an increase in “growth for our economy” anymore than an increase in paper clip sales indicates an increase in consumer products generally. For someone who professes to be an accountant I keep hoping for better from you.

  11. comfortably numb says:

    Dear old Flip Flop- as the old saying goes: how do you tell when a politician is lying? His lips move.

  12. Warrior says:

    Reads like a Trump report

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