Bermuda’s Economy Continues to Expand says PLP HQ

The PLP continues to demonstrate excellent stewardship of the Economy. Last Month my colleague the Minister of Economy and Labour, The Hon. Jason P. Hayward, JP, MP provided an economic update to the House of Assembly which indicated that Bermuda’s economy
continues to expand and show resilience.
The quarterly GDP estimates indicate that the economy has expanded by at least 5.9% in nominal terms in 2022.


In real terms, the inflation-adjusted economy is estimated to have grown
by at least 2.9% in 2022. This growth means that the economy has surpassed pre-pandemic economic activity of 2019.

The Government’s strong economic stewardship has been validated by S&P rating agency who reaffirmed Bermuda’s A+ Credit Rating and provided a stable outlook for Bermuda. , following
their annual review carried out in April 2023, is an independent endorsement of this government’s prudent and considered fiscal strategy.

S&P Stated “We view Bermuda’s policymaking as largely effective, predictable, and proactive; and its political institutions as stable. We believe the territory can and is willing to implement reforms to ensure the long-term sustainability of public finances. They further went on to say,
“We estimate real GDP increased by 3.3% in 2022 and will grow by 2% in 2023. This would lead to GDP per capita of about $127,153 in 2023, one of the highest in the world.”

There is no doubt that our economy is currently performing well, but we cannot rest on our laurels. The recent release of the Government’s Economic Development Strategy demonstrates
that the Government has a sound and robust plan for the future of the Bermudian economy. The Plan sets out a roadmap for sustainable economic growth and development that covers all
sectors of the community while ensuring that Bermuda’s people and business are supported.

The plan is centered on 5 strategic priority areas which include:

1. Local and International Business Retention and Expansion;

2. Attracting businesses and promoting investments into Bermuda;

3. Entrepreneurship and Small Business Development;

4. Continued execution of the Economic Recovery Plan; and

5. Investing in People.

The PLP has demonstrated that it has a firm handle on the economic affairs of this country and a clear vision for the future. The people of Bermuda can be reassured that Government will
continue with an economic strategy which has the people of Bermuda at its core.

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