Log In

Reset Password

Feeling our economic progress

Leslie Robinson is a government senator and Junior Minister of Economy and Labour and Public Works

We recognise that the devastating economic impact of a once-in-a-century pandemic, wars, worsening climate conditions, high interest-rate environment and supply-chain issues did not start overnight and will not be completely solved overnight.

Where we could and when we could, we’ve done what we could to help hold off the worst impacts of these global conditions. Whether reducing taxes for lowest-paid Bermudians, freezing fuel prices at the pump, introducing a minimum wage or eliminating duty on staple grocery items, we have sought to use the power of government on behalf of Bermudians.

Yet, holding back the tide of the global impact on Bermuda and recovering from these conditions is not enough. We have to rebuild our economy stronger, better and fairer. That is why we have been working steadily on executing our National Economic Development Strategy.

As a result of that work, we have some good news on our economy that I would like to share with you.

Unemployment numbers have reached 2.5 per cent, the lowest level in Bermuda since 1980.

More Bermudians working means more people better positioned to provide for their families, make ends meet and spend in our economy.

Wages went up by 7.1 per cent with increases in take-home pay seen across:

• Construction

• Hotels and restaurants

• Wholesale and retail

• International business

• Banking, insurance and real estate

• Transport and communication

More Bermudians with more money in their pockets across such a diverse set of industries means more of our people are better able to survive and thrive in an environment where global conditions and greed are driving up costs for essentials.

Tourism arrivals and spending are up with nearly 10,000 more air visitors during the third quarter of 2023, with increased spending to $111.5 million from $75.3 million.

There were 314 new businesses registered in Bermuda during the third quarter of 2023. This means more funds coming into the government coffers to pay off the debt, while also funding social programmes. Most importantly, it means more job opportunities for Bermudians!

As a country, our economy grew by 8.3 per cent in the third quarter of 2023, the fastest pace of growth in the past two years and the fourth consecutive quarter of economic growth. Gross domestic product in current prices increased by 8.9 per cent during the third quarter, marking three quarters of strong economic performance in 2023 for the Bermuda economy.

Simply put, more Bermudians are being hired, getting better wages and spending more in our economy.

We still have a lot of work to do together to ensure that every Bermudian feels the benefit of our growing economy. The real, tangible evidence of our economic progress matters little if it has not touched the lives of every single hard-working Bermudian. That is why on the government end, we are going to keep pushing for things that help lift everyone, such as better worker and social protections, and building additional affordable housing.

• Leslie Robinson is a government senator and the Junior Minister of Economy and Labour and Public Works

• Comments are closed on political content until after the May 22 by-election to stem the flow of purposefully inflammatory and litigious comments during the election cycle. Users who introduce extreme partisan comments into other news content will be banned