Column: Economy, Rising GDP, Be Optimistic

August 30, 2022 | 7 Comments

[Opinion column written by Senator Arianna Hodgson]

Bermuda’s economy is on the rebound, and as a people, we have a lot to be encouraged and optimistic about regarding the future of our country.

The big headlines are:

  • GDP is up!
  • Consumer spending is up!
  • Employment income is up!
  • Tourism arrivals and spending are up!
  • Bermuda’s trade in goods and services with non-residents is up!

What does this mean for you?

Rising GDP means that under your PLP government, the economy is growing, and the resources available to Bermudians and residents [goods and services, wages, and profits] are increasing.

Rising consumer spending means that as Bermudians we are getting back to work, experiencing a greater sense of job security, and looking toward the future and more are spending within our economy. This benefits local businesses and workers as it moves many from survival to profitability.

Increased employment income is good news because that means more Bermudians are earning more, allowing them to spend more, save more, and invest more in the security and future of their families.

Increased Tourism Arrivals and Expenditure means that our hotels, Airbnbs, taxi drivers, restaurants, and other components of the hospitality industry are seeing more business, earning more money, and providing more opportunities and job security for Bermudians.

A trade surplus in goods and services with non-residents means that Bermuda has increased the export of services related primarily to business, accounting, and insurance services transactions. This means more money is coming into Bermuda than leaving, which is tremendously beneficial to our economy.

While the general economic performance of Bermuda is good, we must continue working together to sustain our economic growth and increase the number of jobs that so many of our people desperately need.

As your government continues to make the expansion and sustainability of Bermuda’s economy possible, we also recognize the significant role that our employers, business owners, and consumers contribute to the Bermuda success story. Together we have made this happen, and that unity resulted in encouraging economic trends and justifies your government’s approach towards stimulating economic growth while providing opportunities for Bermudians.

Strong, listening leadership, decisive action, and a united Bermuda brought us through the darkest days of the Covid 19 pandemic. That same approach will provide Bermuda with nothing but success as we live with Covid and rebuild Bermuda even better than before for all.

- Senator Arianna Hodgson, Junior Minister for Labour, Finance and Health

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Comments (7)

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  1. Joe Bloggs says:

    “Rising GDP means that under your PLP government, the economy is growing, and the resources available to Bermudians and residents [goods and services, wages, and profits] are increasing.”

    Bermuda is another world! Whilst the world is in a deep recession, largely caused by the Russian invasion of Ukraine, Bermuda is bucking the trend and our economy is growing!

    Equally, whilst the U.S. and U.K. (our biggest trading partners) have inflation rates in excess of 9% the PLP Government has kept Bermuda’s inflation rate at only 3.7%, less than 1/2 that of our biggest trading partners!

  2. Question says:

    Absolutely delusional. They really have no idea what ordinary people are experiencing.

    • Joe Bloggs says:

      In addition to the PLP Government rhetoric being out of step with “what ordinary people are experiencing” our PLP Government is espousing economic impossibilities! If our 2 main trading partners have inflation rates in excess of 9%, it is not possible that our inflation rate is only 3.7%, If the world is in a recession it is not possible that our economy is growing whilst the economies of our sources of wealth are shrinking.

  3. comfortably numb says:

    ‘Listening Leadership’? If that were the case the TAF would be long gone

  4. Sandgrownan says:

    What f*****g planet does this idiot live on?? How utterly bereft of any sort of understanding. Delusional.

  5. Ringmaster says:

    Pure PLP BS. If things were so rosy people would not need $150 cash for school uniforms, charities begging for donations, free LED bulbs and the list goes on.
    Things that have gone up which impact people is real inflation, food prices, cost of living generally, Health care (increases in Future Care are more than the measly increase in pensions).

  6. kevin says:

    The Spin doctor at work if the plp said the moon was falling there would be absolute chaos as the flock would actually believe it. It is without a shadow of doubt either they really don’t know any better or they play all Bermudians as idiots or they only have to convince their core supporters you pick it….
    PLP here today…… Bermuda gone tomorrow

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