OBA’s De Couto On Economic Data & More
“This Government’s own statistics provide a clear view of its poor track record – the numbers don’t lie,” Shadow Finance Minister MP Douglas De Couto said.
Dr De Couto said, “Bermuda is struggling with four or more national crises, depending on how you count: education, healthcare, housing and cost of living, and violence and road deaths. But according to the Government, at least the economy is doing well, with International Business booming, and Government about to receive Corporate Income Tax (CIT) money.
“So how are things going for most Bermudians? In the Opposition’s Reply to the Budget, we identified several weaknesses, ranging from how the local economy is doing to issues with jobs, pay, and inflation.
“Six months later, we can check in to see if there have been improvements.
“While at a high level things might seem good, unfortunately for most Bermudians, the numbers tell a different story. That’s why the OBA’s Budget Reply, our Reply to the Throne Speech, and our 2025 election platform outlined many initiatives to tackle Bermuda’s crises and stalled economy.
“At Budget time, the Consumer Price Index which measures inflation, was 2.2% from the 12 months from November 2024 to November 2025. The most recent data from March 2025 to March 2026 shows inflation has now increased to 2.4%, the highest in 20 months!
“Food inflation has increased from 2.5% to 2.9%, and Health and Personal Care from 3.8% to 4.5%. So while areas such as Clothing and Fuel and Power have decreased [for example, due to Government tax cuts], the overall inflation picture is worse for Bermudian customers than six months ago.
“What about employment?
“The most recent Labour Force Survey is from November 2025, versus the May 2025 figures available at Budget time. Over this time total jobs shrank by 612, driven by 372 fewer Bermudian jobs and 240 fewer non-Bermudian jobs. More Bermudian jobs lost than for non-Bermudians.
“Total unemployment has grown from 1.4% to 1.7%, and youth unemployment (16-24 years old) has jumped from 1.3% to 2.1%, a 1.6 times increase!
“What about pay?
“Also from the Labour Force survey, total median pay that the person in the middle of the range earns, has increased 2.4% over the same period. For Bermudians, median pay has actually decreased by 1.3%.
“But for non-Bermudians, it has increased 28%. So again, for jobs and pay, the situation is worse for many Bermudians than six months ago.
“Other high-level measures show the local economy is pretty much flat at best.
“The March Retail Sales index shows that from April 2025 to March 2026, total retail sales were only up 0.1% versus the prior 12 months, after adjusting for inflation. And these sales numbers are still 3% lower than 2022. While there was a retail sales increase in early 2026, this just made up for low sales due to hurricanes in late 2025.
“Under the PLP Government local retail activity has never returned to pre-pandemic levels.
“Quarterly Gross Domestic Product, a high-level measure of the economy, shows that the four quarters from 2025 Q2 through 2026 Q1 grew only 1.1% from the same period in the prior year, about half of the 2.1% US GDP growth rate for 2025. And since we know most GDP activity is driven by International Business, it must be that IB growth has been offset by poor performance in the local economy.
“So in addition to the crises of education, healthcare, housing, cost of living, we can add: inflation increased; jobs down for Bermudians; pay down for Bermudians; and a local economy still stuck in neutral. This is the lasting legacy of the Progressive Labour Party Government.
“That’s why the One Bermuda Alliance presented many policies to tackle these issues, in our election platforms, and various replies to the Throne Speech and Budget. Ideas, such as cutting the sugar tax to address the cost of food. An independent education authority to improve our childrens’ future. A Housing Incentive Act to encourage building new apartments. And real accountability in how the Government spends the Bermudian taxpayers’ money, so we get the services and results we rightfully deserve.
“This Government’s own statistics provide a clear view of its poor track record – the numbers don’t lie.”
