Employment income rose $93m in 2017

  • Getting paid: all sectors of Bermuda’s economy saw higher total employment income in 2017

    Getting paid: all sectors of Bermuda’s economy saw higher total employment income in 2017

Employment income in Bermuda jumped by almost $100 million last year, with international business, construction and public administration seeing notable rises.

The figures were released by the Bermuda Government in its Quarterly Bulletin of Statistics covering the fourth quarter, and also including full-year totals.

Total employment income was $3.369 billion for 2017, a rise of about $93 million on the previous year, with all sectors seeing year-end higher totals.

International business was the largest single sector in terms of employment income, at $1.131 billion for the year, up $40 million on 2016. Public administration and defence rose by $14 million to $422.5 million, with a $7 million increase spike in the third quarter.

Construction of hotels and the new airport terminal was reflected in the construction sector employment income total, which rose $9 million year-on-year to $124.3 million. There was an $11 million increase in wages paid to hotel and restaurant employees, with total employment income for the sector reaching $181.2 million for the year.

The bulletin also showed a 45,000 increase in total cruise and air visitors for the year, while total imports in the fourth quarter were $236.7 million, down 5.3 per cent year-on-year, largely due to a $9.3 million drop in imports of fuels.

The hotel sector employed 2,548 staff, as of October 31, an increase of 137 year-on-year, with an additional 95 Bermudians and 42 non-Bermudians.

Separately, the Government also released the Consumer Price Index for April, which showed inflation up 0.2 percentage points to 2 per cent, compared to March.

Health insurance premiums increased by an average of 4.1 per cent as the health and personal care sector rose 2.9 per cent.

The average cost of insurance and licensing fees for motorcycles and private cars jumped 9.2 per cent and 4.9 per cent, respectively, with the transport and foreign travel sector up 1.4 per cent.

Subscriptions to recreation clubs went up by an average of 3.1 per cent, which was one of the factors that led to a 0.4 per cent increase in the education, recreation, entertainment and reading sector.

Higher prices for grapes, pork loin rolls and green peppers were noted in the food sector, which was 0.3 per cent higher. The tobacco and liquor sector advanced 0.6 per cent, and clothing and footwear was 0.1 per cent higher.

The only sector that dipped was household goods, services and supplies, which was down 1 per cent, with the average cost of domestic cleaning service decreasing 14.3 per cent.

The all-items index was 104.9 in April. This means that a basket of goods and services that cost $100 in April 2015, now costs $104.90.

Click on Related Media for Quarterly Bulletin document, and the Consumer Price Index document

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Published Jun 21, 2018 at 6:27 pm (Updated Jun 21, 2018 at 6:27 pm)

Employment income rose $93m in 2017

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