News Release: Sunday, January 6, 2019 – Minister for the Cabinet Office, Walton Brown today released a new set of economic data showing “positive signs” in Bermuda’s economy,
In a statement released today, Mr Brown said while the island “is still recovering after several years of economic contraction”, he said the following publications released by the Department of Statistics “exhibits some positive signs”:
- Consumer Price Index (CPI) – September 2018
- Consumer Price Index (CPI) – October 2018
- 2018 Quarter 2 – Gross Domestic Product (GDP)
- 2018 Quarter 2 – Balance of Payments / International Investment Position
“In September and October 2018 consumers paid 1.1 per cent more for the CPI basket of goods and services than they did in September and October 2017,” said the Minister.
“This low level of inflation is beneficial to the economy since it helps to keep check on the price of goods and services, and also encourages people to spend and businesses to invest.”
He also explained that in the second quarter of 2018, Bermuda’s balance of payments, “which is an important strength in the Bermuda economy, recorded a very respectable current account surplus of $149 million”.
Finally, the Minister noted, “The real GDP for the second quarter increased 0.8 % which shows some strengthening in the economy especially when this is being compared with the second quarter of 2017 when Bermuda hosted the America’s Cup. This is encouraging to see.”
The public can access all statistics reports via www.gov.bm.