Wages and imports rise in first quarter
Employment income in Bermuda increased by $9.4 million, or 1 per cent, during the first three months of the year.
International business contributed the largest value increase of $3.9 million, reflecting higher salaries and bonuses. The business services sector recorded the largest percentage increase in remuneration of 4.5 per cent due to increased employee numbers, salaries and wages.
Employment income increased in all sectors, except for public administration and defence, and transport and communication.
Total employment income for the quarter was estimated to be $922.6 million. The data is included in the Bermuda Government’s Quarterly Bulletin of Statistics.
Imported goods increased year-on-year by $6 million, or 2.8 per cent, to $222.1 million.
The value of imports increased for all commodity groups, with the exception of machinery and finished equipment. The largest increase was recorded in the basic materials and semi-manufactured commodity group, which rose $4.8 million driven by imports of iron and steel. Imports of food, beverages and tobacco rose $4 million due mostly to higher imports of beverages and spirits.
Imports from the US increased by $11.9 million to $157 million, while imports from Canada, Britain and the Caribbean declined.
Residents declared overseas spending of $12 million, an increase of 8 per cent compared with the same period last year. The biggest increase was a 28.9 per cent jump in household items, furniture and appliances.