Bermuda on the rise
Bermuda’s economy is on the rebound, and as a people, we have a lot to be encouraged and optimistic about regarding the future of our country.
The big headlines are:
GDP is up!
Consumer spending is up!
Employment income is up!
Tourism arrivals and spending are up!
Bermuda’s trade in goods and services with non-residents is up!
What does this mean for you?
Rising GDP means that under your Progressive Labour Party government, the economy is growing, and the resources available to Bermudians and residents — goods and services, wages, and profits — are increasing.
Rising consumer spending means that as Bermudians we are getting back to work, experiencing a greater sense of job security, and looking towards the future and more are spending within our economy. This benefits local businesses and workers, as it moves many from survival to profitability.
Increased employment income is good news because that means more Bermudians are earning more, allowing them to spend more, save more, and invest more in the security and future of their families.
Increased tourism arrivals and expenditure mean our hotels, Airbnbs, taxi drivers, restaurants and other components of the hospitality industry are seeing more business, earning more money, and providing more opportunities and job security for Bermudians.
A trade surplus in goods and services with non-residents means that Bermuda has increased the export of services related primarily to business, accounting and insurance services transactions. This means more money is coming into Bermuda than leaving, which is tremendously beneficial to our economy.
While the general economic performance of Bermuda is good, we must continue working together to sustain our economic growth and increase the number of jobs that so many of our people desperately need.
As your government continues to make the expansion and sustainability of Bermuda’s economy possible, we also recognise the significant role that our employers, business owners and consumers contribute to the Bermuda success story. Together we have made this happen and that unity resulted in encouraging economic trends, and justifies your government’s approach towards stimulating economic growth while providing opportunities for Bermudians.
Strong, listening leadership, decisive action and a united Bermuda brought us through the darkest days of the Covid-19 pandemic. That same approach will provide Bermuda with nothing but success as we live with Covid and rebuild Bermuda even better than before for all.
• Arianna Hodgson is a government senator and the Junior Minister for Labour, Finance and Health