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Quarterly GDP and Economic Performance 

Bermuda's economy continues its rapid expansion demonstrating strong economic performance. During the second quarter of 2024, the economy grew by an estimated 8.7 per cent year-over-year after adjusting for inflation.

Economic expansion was a direct result of increased trade balance and business investment. Gross Domestic Product by Expenditure in current prices increased by 10.1 per cent during the second quarter.

Consumer Spending

Consumer spending in the second quarter remained static at $807.5 million. Household Consumption of Services increased 0.4 per cent year-over-year, reflecting higher expenditures on travel services. Spending on durable goods increased by 4.9 per cent, due mainly to increased expenditure on new and used cars and motorcycles.

Employment Income

Employment income in the Second quarter was 8.8 per cent above 2023 levels. Employment income in the following industries all increased in the second quarter of 2024:

• International Business (16.2%)

• Hotels & Restaurants (7.3%)

• Banking Insurance & Real Estate (8.7%)

• Business Services (5.4%)

• Wholesale & Retail (1.2%)

• Construction (6.0%)

• Transport and Communication (13.1%)

The Second-quarter growth in employee remuneration in these sectors is positive, and the income levels continue to improve.

Tourism

The island hosted 67,121 air visitors during the Second quarter of 2024, up from 62,417 in the Second quarter of 2023.

Government Expenditure

The Government’s consumption increased by 1.1 per cent during the quarter, with higher expenditures on insurance, wages, and professional services.

Business Investment

Furthermore, Gross Capital Formation grew 1.6 per cent to $220.9 million. Investment in machinery and equipment increased by 4.4 per cent due to higher furniture imports, agricultural machinery and industrial machinery. Investment related to construction fell 1.4 per cent.

The External Balance of Goods and Services

Bermuda’s Trade Balance rose by 34.2 per cent to $541.0 million because of growth in receipts for the Exports of Goods and Services, outpacing the growth of payments for the Imports of Goods and Services. Exports of Goods and Services increased by 19.2 per cent during the quarter, partly due to increased receipts related to business services.

Business Registrations

Bermuda’s business ecosystem remains robust. In terms of total business registrations, 180 new businesses were registered in Bermuda during the Second quarter of 2024. Thirty-four new local companies were registered, bringing the local business register to 3,958, up 2.1% over the total local business registered in Q2 of 2023.

Conclusion

The Government continues to facilitate the expansion and sustainability of Bermuda's economy by creating a business environment that allows businesses to thrive. The Government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure that Bermuda experiences sustainable economic growth and development.

For more information, please review the Quarter 2, 2024 Quarterly GDP by Expenditure and Balance of Payments and International Investment Position publications available at the Department of Statistics online at gov.bm.

Thank you.