Support for Bermuda’s buoyant economy is now at its highest point in more than two years, according to a new poll.

Nearly two thirds of people — 65.6 percent — described the economy as either good or excellent in a Royal Gazette survey earlier this month.

It represents an increase from 63 percent in January, and is the third consecutive rise from our polls. Statistics dating back to November 2004 show the figure had remained consistently in the 50s until the past few months.

The latest survey was carried out about a month after Finance Minister Paula Cox stated that for the fifth Budget in succession Government was raking in far more revenue than projected thanks to the booming economy.

However, some people have argued the economy is overheating, and that extra spending could lead to rising inflation rates.

Asked their opinion on economic conditions in Bermuda, 13.1 percent described it as excellent, slightly down from 14.6 percent in January, and 52.5 percent said it was good, up from 47.9 percent two months ago.

Meanwhile, 29.5 percent said the economy was only fair, up from 26.8 percent, and 5.0 percent said it was poor, down from 10.7 percent. Reflecting on the results, Chamber of Commerce vice president and restaurateur Philip Barnett said many businesses were thriving thanks to international visitors attracted to the Island by the economy.

“The economy is certainly giving a lot of opportunity to individuals,” he said.

“It’s definitely a better environment than in the past, especially with the growth of international business.

“In the heyday of tourism, you knew you would make your money in the summer and lose money in the winter.

“Now, with international business the way it is, you get people coming here for a week all through the year, buying goods and services. It helps companies flourish.”

Questioned on their views of the way the economy is heading, 55.2 percent said it was moving in the right direction, 28.5 percent said it was going in the wrong direction, and 16.3 percent were unsure.

In January, 50.1 percent had said it was moving in the right direction, with 27.7 percent holding the opposite view and 22.1 percent not sure.

It was announced earlier this year that Bermuda’s residents had the highest Gross Domestic Product (GDP) per capita in the world.

Bermuda’s total GDP — the market value of all the goods and services produced — rose by 9.1 percent in 2005, mainly due to the expansion of the international business sector.

The Island’s total GDP was estimated at $4.857 billion, or $76,403 per head, more than $10,000 more than second-placed Luxembourg. This compares with the US figure of $41,600, Canada’s $33,900 and the UK’s $30,100. However, earlier this month Opposition Senator E.T. (Bob) Richards, an economist, blasted Government for allowing the economy to overheat. Mr. Richards said credit — which had grown 161 percent since 1998 — was vastly outstripping inflation.

He said the construction boom was doing nothing to help house ordinary Bermudians.

A breakdown of the poll shows overwhelming support for the economy among the richer section of society.

Among people with a household income of more than $100,000, 83.6 percent described it as good or excellent, with just 1.6 percent saying it was poor. Of those bringing in less than $50,000, 50.1 percent said it was good or excellent, with 17.5 percent saying it was poor. Men had a more favourable view than women, with 74.0 percent saying good or excellent, compared with 57.7 percent of women.

Support for booming economy