A new economic development strategy for the island is on the horizon, the Minister of Economy and Labour told the House of Assembly yesterday.

Delivering a ministerial statement on the island’s fourth quarter economic results, Jason Hayward said that the new strategy would “provide a strategic framework that will guide Bermuda to sustainable economic growth and development”.

He said the strategy would be released “within the coming weeks”.

Addressing the island’s fourth-quarter economic performance, Mr Hayward said the economy returned to positive quarterly growth, after adjusting for inflation, with the gross domestic product in constant prices increasing by 2.4 per cent.

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He said the level of economic expansion was a direct result of increased household expenditure and growth in the export of goods and services.

Gross domestic product in today’s prices increased by 5.6 per cent during the quarter, he said.

Taking into account fourth-quarter results and revisions to reported GDP figures for the first three quarters of the year, the quarterly GDP estimates indicated that the economy expanded by at least 5.9 per cent in nominal terms last year, Mr Hayward said.

He added that in real terms the inflation adjusted economy is estimated to have grown by at least 2.9 per cent in 2022.

Mr Hayward also reported that:

• Consumer spending in the fourth quarter increased 4.5 per cent year-over-year to $795.2 million

• Employment income in the fourth quarter was 7.3 per cent above 2021 levels

• The results for government expenditure showed that consumption declined 2.6 per cent during the fourth quarter

• With respect to business investment, gross capital formation declined 3.5 per cent to $208.9 million

• The fourth-quarter balance of payments indicates that Bermuda’s trade with non-residents resulted in a $161 million surplus for the quarter, down $64 million from a year ago

• The fourth-quarter international investment position for the stock of foreign assets held by Bermuda residents registered above its stock of foreign liabilities by an estimated $4.3 billion. The net IIP increased by $569 million from the third quarter of 2022

• Total business registrations increased by 0.8 per cent year-over-year, bringing the complete business register to 16,103. There were 132 new businesses registered in Bermuda during the fourth quarter

Mr Hayward said: “The Government continues to facilitate the expansion and sustainability of Bermuda's economy by creating a business environment which allows business to thrive.”