Hayward argues rising incomes across sectors show economic gains are felt outside of IB
Bermuda’s economy contracted by 1.2 per cent in the second quarter of 2025, new figures show.
While employment income is up across several sectors, economic growth eased amid higher imports and reduced government spending.
Alisa Bernardo questioned Labour and Economy Minister Jason Hayward about whether that growth is being felt evenly and what’s ahead for key industries.
The Minister says rising employment income across multiple sectors suggests that economic gains are not limited to international business and that concerns about a widening wealth gap may be overstated.
Government data shows employment income was up 6.5 per cent year over year, with a near 20% gain recorded in public administration owing to a pay hike for public officers.
This was followed by international business at 8.2%, construction at 5.5% and hotels & restaurants at 4.8%.
Looking ahead, Minister Hayward described how significant the long-anticipated re-opening of the Fairmont Southampton will be in terms of boosting the economy.
View the Second Quarter GDP 2025 Report below.
