Video: Minister Hayward Press Conference
[Updated] Minister of Economy and Labour Jason Hayward is holding a press conference this afternoon [Aug 17] and we will have additional coverage later on and in the meantime the live video is below.
Update: The live broadcast has concluded and the replay is below
Update 3.35pm: Minister Hayward’s remarks:
Good day to members of the media and the listening public.
Quarterly GDP and Economic Performance
Bermuda’s economy continues to expand and show resilience. During the first quarter of 2023, the Bermudian economy grew by an estimated 3.6 per cent year-over-year after adjusting for inflation.
Economic expansion was a direct result of increased household expenditure and growth in the export of goods and services. GDP in current prices increased by 6.0 per cent during the first quarter.
Consumer Spending
Consumer spending in the first quarter increased 1.1 per cent year-over-year to $760.7 million. Consumption of services increased 1.1 per cent year-over-year, reflected in higher expenditure for air transport, vehicle maintenance and repair, and personal care services. Spending on durable goods rose by 5.7 per cent due largely to increased expenditure on furniture and furnishings, new and used motor vehicles and motorcycles.
Employment Income
Employment income in the first quarter was 7.9 per cent above 2022 levels. Employment income in the following industries all increased in the first quarter of 2023:
- International Business
- Hotels & Restaurants
- Banking Insurance & Real Estate
- Business Services
- Wholesale & Retail
- Construction
- Transport and Communication
The first-quarter growth in employee remuneration in these sectors is positive, and the income levels are also outpacing pre-pandemic employment income levels.
Tourism
The island hosted 24,667 air visitors during the first quarter of 2023, up from 12,280 in the first quarter of 2022. Estimated expenditure by air visitors increased to $43.4 million from $22.6 million recorded in the first quarter of 2022.
Government Expenditure
Consumption by the Government declined 3.2 per cent during the quarter, with lower expenditure on salaries, professional services and equipment.
Business Investment
Furthermore, Gross Capital Formation declined 4.3 per cent to $197.2 million. Investment related to construction fell 6.3 per cent. Investment in machinery and equipment also decreased by 2.1 per cent due to lower imports of water filtration, refrigerating or freezing equipment and industrial machine parts.
The External Balance of Goods and Services
Bermuda’s Trade Balance rose by 11.3 per cent to $703 million, as a result of receipts for the export of goods and services growing while payments for the import of goods and services declined. Exports of goods and services increased by 6.1 per cent during the quarter, partly due to increased fuel exports to visiting airlines and higher receipts related to travel services.
Business Registrations
Total business registration increased year-over-year, bringing the complete business register to 16,101. There were 233 new businesses registered in Bermuda during the first quarter of 2023.
Conclusion
The Government continues to facilitate the expansion and sustainability of Bermuda’s economy by creating a business environment which allows businesses to thrive. The Government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure Bermuda experiences sustainable economic growth and development.
For more information, please review the Quarter 1, 2023 Quarterly GDP by Expenditure publication available at the Department of Statistics online at gov.bm.
Thank you.
Increased by how much and from what comparative data?
Hopefully the Minister of Economy and Labour Jason Hayward will explain how the inflation rate in Bermuda is lower than those of the 3 countries we import 90% of our goods from
All positive trends. Well done!
Did you actually read it? Half of these are negatives, and these are the ones they chose to highlight.
When you hear this guy speak, it isn’t any wonder we are in a mess, lord help us.
PLP mouthpiece is “Watching”, modus operandi is to posts false soundbites to promote the PLP, bring up race or bash the OBA.
I agree there are some things that don’t make sense as well as negatives.
if (Exports – Imports) (External Balance of goods and services as quoted) = +11.3% and Exports were up 6.8%, then imports must have been:
6.8% – ? = 11.3% , then imports must have been down by around 5% …. one of the things listed as a cause for increase in exports was fuel for aircraft. We don’t manufacture fuel in Bermuda, we import it, so has this not been included in the import figure?
Also Consumer expenditure increased by 1.1%, Everything we buy is imported, so surely there should be an offset with imports increasing, but it does not appear to be so. Were the electric buses included in Q1 2022 imports (they were received and paraded in Q1 2022) so I guess these could be part of the cause of imports to be lower in Q2 2023 and govt expenditure to reduce too. That would be double counting though. Should just be on imports and not a reduction in Local Government expenditure So these can’t have anything to do with imports being lower in Q1 2023.
Things are not making sense, We the public deserve a full breakdown of each item.
SO many questions:
Also on July 1st 2023 Burt announced pay increases for CIVIL service. this included:
Payments represent a 2.25 per cent increase in 2022-23
Was inflation higher than the 2.25% making it look like the inflation adjusted expenditure had reduced? Something is not right. Would be interesting to see what inflation figure was used to adjust Q1 2023 to be comparable to Q1 2022.
GIGO
Garbage in garbage out
Stop talking about the OldboyAsh party.
LOL…Your meme is old and tired…like the plp.
It’s your government that have produced a multi billion dollar debt….the best you can do is to deflect from that.
LMFAO
The best the obaUBP can do is place another black man as leader in front of all white establishment! Let’s remember all the black men you have used as leaders how did that work out for the obaUBP. It’s truly a surrogate checker move that continues failing.
This is boring, There is no UBP, there are more ex UBP people in the PLP these days.
The OBA is a party representative of Bermuda, with people from all races go look at their website and educate yourself.
Who is this white establishment. Local business is tiny compared to international business. Many of those local businesses eg the banks are owned by companies overseas these days (The PLP allowed the sale of Belco, Bank of Bermuda, BNTB…remember there used to be a rule that companies had to be 60% owned by Bermudians, that was done away with by the PLP.) International business has nothing to do with old white UBP people. They don’t own the international business. Educate yourself and stop listening to rhetoric.
The X black people you speak about are the black Bermuda voters the help the mighty UBPoba win for years. These same black and I stress black voters are the ones that decide who controls government. Stop lying to us everyone knows why Mr. Richardson has been placed there as a black man. What the electorate can’t take is a lie year after year. Do you realize it would be better if someone like Dunkley came out and finally said………… “we change the name to run from a racist past, we also understand that we need a black face leader to appear diverse since we’re a WHITE party, we have learned and are willing to listen and do better the next election. Now give us a chance.” What do you have to lose by admitting the truth it’s 30-6?
OBA is pretty mixed and representative of Bermuda
https://oba.bm/team/
If you are talking about the way people vote rather than the party, well that is up to the individual. The individual needs to assess what is best for Bermuda, for their future and their children’s future. They need to consider have the incumbents delivered on promises that your elected them for, or have they failed.
ps I have nothing to do with either party, I vote based on this.
The OBA aka UBp is fronting black men and women surrogates. You’re also a member of the party bud but keep the the lies going.
I will never be a member of any political party. I don’t like any politicians, but we unfortunately need them under this system of government. I hold the belief that any party in for too long more than two terms needs to change, because the world changes and the promises that party made become stale and potentially damaging to a country. The current incumbents have not delivered in the first or second term of office and need replacing by the other party. given them one or two terms and then they will need replaced. I thought the OBA made a huge difference in their first term in office (you have to look at the facts, not the rhetoric). I would be voting against the OBA at the end of their second term as the country would need new impetus and you cant do that in a 3rd term.
Funny TITO! Trash in trash out.
Until we have a viable opposition plp will rule and we all will suffer or simply leave !
We need a third party with white and black Bermudians working as #1. The oba party is a front for the UBP and will continue to lose every election. You know what don’t listen to my advice I’m just a former swing voter.
The OBA website is diverse but the party is a white establishment with 95% white voters just as the PLP is 95% black. Not to worry keep up the BIG lie never give up the BIG lie it hinders you every election.
You talk about ex black UBP people as if you don’t desire us to return! Thank you this is noted. Mr Richardson it’s not to late leave them and start your own party before they take you to the bottom with the Titanic.
Huh,
Who said that. I noted that there are more UBP representing the PLP than the OBA. That is a fact. Said nothing about returning or not returning bud.
BINGO ….but they will lie and continue the big lie. He’s only there as another surrogate for the oba aka UBP.
You all lie.
You’re all bigots.
Enjoy your poverty.
Using surrogates and expecting something different will continue to give you the same results.
Sorry Karen but you need hurry up and give Jarion Richardson leader of the OldBoyAsh party his next instruction.