Gap between revenue and expenditure narrows
The gap between Bermuda Government's revenue and expenditure narrowed during the first three months of the year compared with the same period a year ago.
Government reported revenue of $244.6 million between January and March, up 3.7 per cent, while expenditure rose to $286.4 million, an increase of 2 per cent.
The data was released in a quarterly bulletin issued by the Department of Statistics.
Employment income was up 2 per cent, or $17.6 million, with payroll tax increasing in all industries except for construction, banking, insurance, real estate, transport and communication.
The value of imported goods fell by just under 1 per cent to $216.1 million.
During the first three months of the year gross receipts for cottage colonies and housekeeping improved by $1.7 million, however receipts for hotels and guest houses edged lower.
The interest on public debt paid by Government increased from $32.2 million to $42 million for the quarter, year-on-year.
Revenue generated from vacation and business visitors was up $13 million compared with the same three months in 2014. The boost was equally split between air visitors and cruise passengers.
See Quarterly Bulletin in related media for full release.
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