Our economy remains strong
The Progressive Labour Party 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 gross domestic product will grow by between 4 per cent and 4.5 per cent in 2023, building on the impressive 6.4 per cent growth in 2022. This growth is broad-based, with 12 of the 19 industry sectors experiencing positive growth. The ministry is projecting growth of 4.3 per cent to 4.5 per cent in 2024.
Jobs
The number of jobs in Bermuda increased by 2.9 per cent in 2023, marking the second consecutive year of job growth. Key sectors such as 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 expansion.
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, with approximately 4,909 individuals, of which 60 per cent (about 2,950) 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 programmes, economic development and workforce development will further strengthen the economy and ensure its benefits reach all Bermudians.
• Leslie Robinson is a government senator and the Junior Minister of Economy and Labour and Public Works
• Source: National Economic Report, see Related Media
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