Column: Robinson On Economy, Jobs & More
[Opinion column written by Senator Leslie Robinson]
The PLP Government continues to demonstrate fiscal and economic competence. The data is clear, Bermuda’s economy is thriving, and there has been an expansion of jobs. The National Economic Report released last week highlighted the significant economic progress made.
Economic Growth
The Ministry of Finance is projecting that Bermuda’s GDP will grow by 4.0-4.5% in 2023, building on the impressive 6.4% growth in 2022. This growth is broad-based, with 12 of the 19 industry sectors experiencing positive growth. The Ministry of Finance is projecting growth of 4.3 -4.5% in 2024.
Jobs
The number of jobs in Bermuda increased by 2.9% in 2023, marking the second consecutive year of job growth. Key sectors like tourism, international business, and professional services are leading the way in creating new opportunities. There were an estimated 935 new jobs in 2023, with 17 of the 19 industrial sectors experiencing an expansion of Jobs.
International Business
The International Business sector, a cornerstone of the Bermudian economy, continues to expand, attracting new companies and generating jobs. This sector is diversifying beyond insurance and reinsurance, reflecting its resilience and adaptability. Jobs in International Business also have shown strong growth, adding 215 new posts. IB remains Bermuda’s largest employer and now employs approximately 4,909 individuals of which 60% are Bermudian or spouses of a Bermudian.
Tourism
The tourism industry is bouncing back, with significant increases in air and cruise visitors. This translates to higher visitor spending and a boost to the Accommodation and Food Services sector. This sector was the largest contributor to the growth in jobs in 2023 increasing by 339.
Moving Forward
The future of Bermuda’s economy looks promising, with continued growth and job creation on the horizon. The government’s focus on investing in infrastructure, social programs, economic development and workforce development will further strengthen the economy and ensure its benefits reach all Bermudians.
- Senator Leslie Robinson, Junior Minister of Economy & Labour and Public Works.
The 2023 National Economic Report follows below [PDF here]:
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