The Island’s economy is turning a corner after four years of unprecedented decline, according to Grant Gibbons.

The Minister for Education and Economic Devlopment hails the increase in Bermuda’s Gross Domestic Product by almost one percent in 2013 as ‘good news’ in an opinion piece in today’s Royal Gazette.

And he said that Government continued to work tirelessly to revive the economy by attracting new companies to the island, working with hotel developers to get new properties built and retraining Bermudians to qualify for jobs.

“It is good news that our GDP — a measure of the total economic activity in Bermuda — increased by almost one percent in 2013 — the first growth in our economy in five years,” Mr Gibbons said.

“It is true that when adjusted for inflation, GDP was down 2.5 percent.

“It is also true that all economic sectors had not turned the corner in 2013 — but sustained, across-the-board economic progress does not happen overnight. Nevertheless, there were encouraging signs that a number of sectors began to recover.”

The Minister also pointed towards an increase in air arrivals and hotel room sales in 2013 as evidence of signs of stabilisation

“We are optimistic that 2014 will also be a good year for growing this important sector of economy, which makes up 26 percent of our overall GDP,” he said.