GDP Increased 2.4% In 4th Quarter Of 2022
According to the Quarterly Gross Domestic Product [GDP] report from the Department of Statistics, during the fourth quarter 2022, GDP at “constant prices was estimated at $1,478.9 million, rising 2.4% year-over-year after adjusting for inflation.”
Charts extracted from the report:
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the Quarter 4, 2022 Quarterly Gross Domestic Product [GDP] by Expenditure publication.
“After adjusting for inflation, the GDP in constant prices [real GDP] increased 2.4% in the fourth quarter of 2022.
Minister Hayward explained, “Real GDP for the first three quarters of 2022 has been revised as follows: the first quarter from a 5.2% increase to a 5.7% increase, second-quarter GDP from a reported 3.9% increase to a 6.8% increase and the 5.0% contraction in the third quarter has been revised to a 2.9% contraction.
“Household Final Consumption increased 4.5% year-over-year to $795.2 million. Consumption of services, which accounted for 74.2% of total consumption, increased by 6.1% year-over-year. This growth was reflected in higher expenditure for catering, accommodation, and air transport services.
“For non-durable and semi-durable goods, spending fell 1.0%, influenced primarily by reduced spending on food, household supplies and electricity. Spending on durable goods rose by 4.8%, primarily due to increased expenditure on furniture and furnishings, information processing equipment and motorcycles.
“For Government Final Consumption, a year-over-year decline of 2.6% to $197.4 million was due mainly to lower expenditure on equipment, rentals and salaries. In contrast, spending related to training and materials and supplies increased.
“Gross Capital Formation [i.e. investment in fixed assets] shrank 3.5% year-over-year to $208.9 million. Gross Capital Formation related to Construction fell 1.4%. Investment in Machinery and Equipment also decreased 5.5% due to lower imports of agricultural machinery, office furniture and equipment and industrial machine parts.
“The External Balance of Goods and Services rose 5.1% year-over-year to $277.3 million as the growth in receipts for the Export of Goods and Services exceeded the rise in payments from the Imports of Goods and Services. Exports of Goods and Services increased 4.9% due to increased fuel exports to visiting airlines and higher receipts related to travel services.
“Imports of Goods and Services increased 4.8% as payments rose for higher imports of machinery, miscellaneous goods, and basic and semi-manufactured goods. Prices for air passenger and freight transport and travel services continued to grow year-over-year.
“The Quarter 4, 2022 Quarterly GDP by Expenditure publication is available online at https://www.gov.bm/quarterly-gross-domestic-product. The public is advised to read the concepts and definitions on the last page of the publication before reviewing the data.”
The full Quarterly GDP Publication Q4 2022 follows below [PDF here]:
“After adjusting for inflation …”
Dear “Government spokesperson”, which inflation rate was used please? The 4.1% that our Premier and Minister of Finance keep reporting or the double digit inflation reported by the Department of Statistics in its most recent annual report?
Those graphs are extremely misleading. You have to question the competence of the mo ron that put those out, unless they are deliberately designed to mislead a gullible public.
I think you answered your own question.
Yes, probably.
The Dept of Statistics is a joke and needs to be shut down. Can we please use the savings to construct at least a bridge to replace the Bailey Bridge which by now must be 10 years past its best by date. Then the swing bridge. Both are far more useful than all these ridiculous statistics that no sane person believes.