A Government survey of income and expenses is set to begin next week to gather crucial data about the island’s economy.

The Department of Statistics announced that the 2024 Household Income and Expenditure Survey will start on January 2.

A statement from the Department said: “This island-wide survey is of critical importance to Bermuda as it collects information on all types of expenditures by Bermuda's consumers, including food, housing, clothing and transportation.

“Data on the various sources of household income is also obtained.”

The data gathered during the survey is used to update the “basket of goods and services” used to calculate the island’s Consumer Price Index, which is in turn used to adjust salaries, insurance premiums and rents.

The survey data also helps track income and expenditure patterns on the island, indicate the living standard of residents, update the consumer expenditure estimates for Bermuda’s GDP and inform decision making by Government and the private sector.

“Households randomly selected to complete the survey have been sent letters advising the month of their interview, as data collection will last a year to account for seasonality,” the statement added.

“Interviewers will be visiting the selected households and will have a letter of authenticity and an ID card identifying themselves as an authorised representative from the Department of Statistics.

“Households not assigned an interviewer will be provided with a diary and asked to call the Department of Statistics to arrange an interview.”

The Department is also looking for new members of its interview team and encouraged interested people to email hies@gov.bm for more information.