The Ministry of Finance, in its 2015 National Economic Report released on Friday, “estimates that Bermuda’s GDP may have increased by 1.52.5 percent in 2015 following the decline of 0.4 percent in 2014”.
“While some of the major economic indicators such as employment, air visitors and construction activity declined in 2015, there were many encouraging results regarding international business, employment income, retail sales and balance of payments,” the report said.
“While some of the major economic indicators such as employment, air visitors and construction activity declined in 2015, there were many encouraging results regarding international business, employment income, retail sales and balance of payments. The number of jobs fell by 0.9 percent and the official unemployment rate was calculated at 7.0 percent in 2015.”
“In the tourism sector, air visitors fell by 1.2 percent while cruise arrivals rose by 4.2 percent. Employment in hotels fell by 4.4 percent. Employment income rose by 1.6 percent over the first three quarters of 2015 and increased in all major sectors with the exception of Banking, Insurance & Real Estate (0.4%) and construction (11.9%).
“The gross turnover generated by retail stores increased by 2.7 percent in 2015 while jobs in the sector rose by 0.4 percent. Over the first three quarters of 2015 the level of construction activity contracted by 41.3 percent with the value of work put in place falling from $97.9 million in 2014 to $57.5 million in 2015. The value of new projects started rose by 19.3 percent. Jobs in this industry fell by 1 percent year-over-year.
“The Consumer Price Index (CPI) measured 1.5 percent for 2015. This level of inflation was below the 2.0 percent recorded in 2014 and the 1.8 percent recorded in 2013.”
By Ceola Wilson
