Statistics Bulletin: Imports, Employment, Visitors
According to the 2016 Q4 Quarterly Bulletin of Statistics, imports rose 10.8%, employment income slipped 0.2%, and the Island hosted 49,580 air visitors during the fourth quarter of 2016, an increase of 17.0% when compared to the same period of 2015.
Imports
The report said, “Imports rose 10.8 per cent to $249.8 million. The increase was due largely to an $11.7 million rise in imports of machinery, particularly electrical machinery and mechanical appliances. Imports of finished equipment grew $6.5 million reflecting increased imports of furniture. Food, beverages and tobacco increased $5.6 million year-over-year due mostly to fruit and fish imports. Imports of chemicals and miscellaneous items also increased $2.2 million and $1.3 million, respectively. In contrast, the combined import values of all other commodity groups decreased $2.8 million.
“Imports from the United States of America grew $31.6 million during the fourth quarter. The value of imported goods from the Caribbean, United Kingdom and all other countries increased with the exception of Canada which recorded an $11.3 million contraction.
Chart extracted from the report:
Employment Income by Industry
The report said, “Employment income slipped 0.2 per cent or $1.7 million. The international business industry recorded the largest decline of $6.7 million due mostly to lower bonuses and stock options awarded during the period. Conversely, the business services sector recorded the largest increase of $5.3 million reflecting growth in personnel and associated remuneration.
Arrivals and Expenditure
“The Island hosted 49,580 air visitors during the fourth quarter of 2016, an increase of 17.0 per cent when compared to the same period of 2015. Estimated total expenditure by air visitors increased 27.3 per cent to $65.6 million year-over-year. Visitors spent $10.0 million more on accommodation and food and $4.0 million more on shopping, entertainment and transport services.
“A total of twenty-two cruise ships visited the Island carrying 53,419 passengers. Total expenditure for these passengers was estimated at $8.1 million. In comparison, twenty cruise ships visited Bermuda’s ports during the same period in 2015 with $5.8 million being spent by cruise visitors.
Chart extracted from the report:
Employment in Hotel Industry and Hotel Gross Receipts
“At the end of October 2016, there were 2,411 workers employed within the hotel industry. The level of employment decreased by 62 employees, representing 121 less Bermudians and an additional 59 non-Bermudians
“Hotel gross receipts totaled $57.3 million representing an increase of 9.6 per cent or $5.0 million. This increase reflected a $2.6 million gain in room rentals and a $1.5 million rise in food sales. Sales of alcoholic beverages and all other receipts also increased during the period.”
The full Quarterly Bulletin of Statistics follows below [PDF here]:
So America’s Cup imports duty free while while employment income slips.
Shame to lose all that duty we’d have with no AC.
The report said, “Employment income slipped 0.2 per cent or $1.7 million. The international business industry recorded the largest decline of $6.7 million due mostly to lower bonuses and stock options awarded during the period. Conversely, the business services sector recorded the largest increase of $5.3 million reflecting growth in personnel and associated remuneration.
DO YOU UNDERSTAND WHAT THIS MEANS?
Glad to see the non- Bermudian jobs flourishing under this Gov’t! Way to go OBA!!
Union Jobs represent the only area in our economy that has not seen significant contraction. Maybe the OBA should consider cutting these as per SAGE commission, after all it would be in our national interest. Maybe then more Bermudians will be employed in our hotels because they will actually need to work, rather than living off overtime, sickpay and wildacat strikes at the Taxpayers expense.
Please state specifically where the 2,000 jobs have been lost. It is easy to say, but can you prove?
We are clearly in pre election mode and, as we have seen across the Atlantic, there is a real need to fact check and prove.
Please prove.