2017 National Economic Report Of Bermuda

February 18, 2018

The Ministry of Finance recently released the 2017 National Economic Report Of Bermuda, with the 31-page document providing an overview of the island’s economy.

The report said, “The Ministry of Finance estimates that Bermuda’s GDP mayhave increased by 0.75% – 1.25% per cent in 2017 following a marginal contraction of 0.1 per cent in 2016.

“Many of the major economic indicators such as employment, employment income, air visitors, new construction projects and retail sales increased in 2017 indicating a strengthening in the Bermuda economy.

“The number of jobs is estimated to have grown by 0.1 per cent and the official unemployment rate remained at 7.0 per cent. In the tourism sector, air visitors increased by 10.3 per cent while cruise arrivals rose by 5.1 per cent. Employment in hotels grew by 1.3 per cent.

“Employment income rose by 3.1 per cent over the first three quarters of 2017. The largest increase occurred in international business sector whose employment income rose by 4.2 per cent.

“In 2017 the international business sector provided 3,838 jobs in the economy reflecting a growth of 0.2 per cent year-over year, or an increase of 6 posts. Over the first nine months of 2017, foreign exchange earnings of the international companies increased by $54.4 million to $1.509.6 billion representing growth of 3.7 per cent

The full 2017 National Economic Report of Bermuda follows below [PDF here]:

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