Minister: Q3 2024 GDP & Economic Performance
Minister of Economy and Labour Jason Hayward held a press conference to discuss Bermuda’s 3rd quarter 2024 GDP and economic performance.
Minister Hayward said, “Good day to members of the media and the listening public.Bermuda’s rapid economic expansion eased during the third quarter of 2024. After adjusting for inflation, the economy tapered by an estimated 1.1 per cent year-over-year.
“Economic contraction in the third quarter was a direct result of the increases in Imports of Goods and Services and contractions in Household and Government expenditures. In current prices, Gross Domestic Product [GDP] decreased by 1.4 per cent year over year.
“In contrast to the third quarter economic performance, the first quarter GDP Estimates have been revised upwards from a 6.6 per cent increase to a 6.8 per cent increase, and second quarter estimates have been revised upwards from an 8.7 per cent increase to a 9.5 per cent increase.
Consumer Spending
“Consumer spending in the third quarter declined 0.6 per cent year-over-year to $825.8 million. Consumption of services increased 0.6 per cent year-over-year, reflected in higher expenditures on services related to vehicle maintenance and repair.
“Spending on non-durable goods fell 1.6 per cent influenced primarily by decreased spending on clothing, footwear, and alcoholic beverages.
“Spending on durable goods contracted 2.5 per cent due to reduced spending on new and used cars, furniture and furnishings, and major household appliances.
Employment Income
“Employment income in the third quarter was 6.5 per cent above 2023 levels. Employment income in the following industries increased in the third quarter of 2024:
- International Business [8.7%]
- Hotels & Restaurants [8.5%]
- Banking Insurance & Real Estate [6.7%]
- Business Services [10.6%]
- Wholesale & Retail [2.8%]
- Public Administration & Defence [3.0%]
- Construction [4.5%]
- Transport and Communication [15.3%]
“The third-quarter growth in employee remuneration in these sectors is positive, and the income levels continue to outpace pre-pandemic employment income levels.
Tourism
“The island hosted 66,920 air visitors during the third quarter of 2024, up from 61,432 in the third quarter of 2023. Estimated expenditure by air visitors increased to $139.4 million from $111.5 million in the third quarter of 2023.
Government Expenditure
“Government Final Consumption declined by 1.6 per cent during the quarter, driven by lower expenditures on insurance, wages and professional services.
Business Investment
“Investments grew by 10.9 per cent to $208.2 million. Investment related to construction rose 5.1 per cent, while investment in machinery and equipment increased by 17.3 per cent due to higher agricultural and industrial machinery imports.
The External Balance of Goods and Services
“Bermuda’s Trade Balance fell by 7.8 per cent to $352.5 million as payments for the Import of Goods and Services outpaced the growth of receipts for the Exports of Goods and Services. Exports of Goods and Services increased by 10.0 per cent during the quarter, partly due to increased revenues related to travel and other services. Imports of Goods and Services increased by 26.6 per cent as payments rose for business, transportation and travel services. The Imports of Goods rose 40.3 per cent with increased imports of fuels and machinery.
Business Registrations
“Bermuda’s business ecosystem remains robust, and total local business registration increased year-over-year, bringing the complete business register to 4,003. During the third quarter of 2024, 48 new local businesses registered in Bermuda.
Conclusion
“The third quarter economic performance highlights that Bermuda’s economy remains robust despite easing growth. The Government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure that Bermuda experiences sustainable economic growth and development.
“For more information, please review the Quarter 3, 2024 Quarterly GDP by Expenditure and Balance of Payments and International Investment Position publications available at the Department of Statistics online at gov.bm.”
The Quarterly GDP by Expenditure Q3 2024 follows below [PDF here]:
The BOP & IIP Q3 2024 follows below [PDF here]:
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Bermuda’s rapid economic expansion
If you repeat a lie enough. It becomes the truth.
Goes hand-in-hand with his low inflation stats despite us importing everything from jurisdictions that were and are experiencing high inflation rates.
“Goes hand-in-hand with his low inflation stats”
The only way I can reconcile Bermuda’s reported retail price inflation (which is consistently lower than that of Canada, the U.S., and the U.K.) is to assume what what is reported as our inflation rate reflects only locally generated price inflation and that is in addition to the inflation rate of the country from which the goods were imported.
So if you double our reported inflation rate over the past 5 years you will achieve results that accord with anecdotal evidence and what people believe is the real rate of retail price inflation in Bermuda.
I would say the lie “becomes accepted” or “is believed” rather than “becomes the truth”.
A lie, by definition, can never become the truth.
We are getting a lecture on the english language . Now listen up. !
The truth become a lie every day. UM MUM ! MUM UM ?
Got to keep the people in the dark or the” twilight zone”.
Space ships have 77 gears !
Standard MO for the PLP. It works.
You got what you voted for . More of the same coming your way.
Some odd data presented. 1st Qtr. revised upwards to 6.8%, 2nd Qtr. revised upwards to 9.5% but 3rd Qtr down minus 1.1%. Where is the explanation or does Hayward just accept what’s given to him? Any well run business would give a detailed reasoning so it seems he doesn’t understand.
“it seems he doesn’t understand”
I second that.
“Gross Domestic Product [GDP] decreased by 1.4 per cent year over year”
So, our economy is contracting, but our “Government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure that Bermuda experiences sustainable economic growth and development.”
Can people now see why I am critical of our Minister of Economy’s grasp of economics?
I mean just like in America, uneducated uniformed voters have proven and will continue to prove they are incapable of recognising unintellegence, ignorant and utterly incompetent leaders propoganda and lies.. Thanks PLP voters, u will reap the benifits of ur stupidity once again
Has it become quite impossible to think positive for a change ?
TRY THIS Joe !
The beautiful Bermuda islands has become world renowned as a well known venue to come here to do Business.
That was certainly true in the 20th century, PAC MAN.
Sadly, in the 21st century our government has delivered a very different message to exempt companies in Bermuda. Hence the loss of so many well-paying jobs and so many people as long ago as 2007, before the economic crisis of 2008.
The order of the day. having secures the nomination and secured a sucessfull vote, does that selected politicion have any obligation to meet contact with their Parish district voters, to bring maters of concern to Parliament, from the past present and future .
Can not exactly have a debate or kiss an cuddle at the poling station.
A potential candidate a taxi owner residing in Warwick Parish was concern about crime in his district .
at 4:00 am before an after the patrols are out there in rain blow an shine.
We have not seen or heard, or we taken for granted by any political repesentative or nominee even contact us or mail an invitation in twenty years to their party . we did make a request fpr transportation this bur was aparently ignored .
Are we asking too much. it is not as it the electorate are in the thousands. We have yet to receive an responce from three by e mail in. 2025 from the leader or agent of for our area .
There is a hole in the bucket dear Liza dear liza . Does that all come under “OTHER “. armstrong scale
AT 4 am this morning I lay awake where as do most of my thinking by wondering why the statistical report above made no mention of the large B.E.L.C.o bill which are being sub subsidized by the Government from your taxes, no relief there, as you are paying for it one way or another that was a cheep shot more to come . while the RA are fast asleep..
You are not only paying per KW which including the whole. B.E.L.C.o” kit and caboodle ” including they tax on fuel etc built in from the GM ckeck down to the guy risking his life at 2.30 am in the bucket truck on top a hundred thousand dollar pole truck that get an oil change twice a year. Not to leave out pole repairs from hurricane damage .
While i am resting there are men at B.E.L.C. on shift working the dog watch ,you have got to take your hat off to them.
I do not want to leave out that fancy electric car you just purchased all that burns power and every thing else ..
70 year ago we did not have all that, it was a candle and a kereseen stove and an out side toilet and guess what mother managed with her pushbike with me on the back on a metal seat . .
Not tomorrow , to day and NOW !
We will talk about un recorded and money waisted .
I am wide awake, another item in the islands statistical budget is sadly missing, which is the cost or price paid for private school and public school education .
There has been was big chunk of money spent but left out left out of the unacounable rewards being part of the private and national recorded expenses of the economic survey ..
if not why not !
Failure of education often debated in the house as that publis taxpayer acadenic gift to the public school gets our young people,no where !
to the point of costing the country millions with no lasting rewards towards failure .
They must not know that not ever young person could be academically challenged or less than interested as they seen no future,me included when oi was young .
Many young people are gifted with their hands that fact needs to be realized their firs pay check will bring maths to the for.
why does the government not take a reverse look at education and teach the hand on theory involvin skill and ability
Not ever young person is cut out to be a lawyer or a Doctor Bermuda had a young lady mechanic one of their best.
let me use carpentery or pulmbing for example not only that Matamatics an English becomes part of that trades there is physics even painting buildings, require a degree of sientific knowledge scaffolding is being part of it.
Can’t Government not pay a licensed garage the accept appentaces being age related at an early age i am talking about a revolving door to education.
Wy did a get into real estate simply because :-
I could see it
I could feel it;
I could thouch it.
I could draw it
I could envision it
It paid for my lunch.
Stop forcing education down young peoples throats .
I learnrd more after school age than when i was in it .
Offer them a new , better and different way .
Let the young people in turn to run to it at the other end of the rainbow .