Jason Hayward, the Minister of Economy and Labour says its not a concern for the government
Bermuda’s economy contracted marginally for the first time after several quarters of growth, according to the Ministry of Economy and Labour.
After adjusting for inflation, the economy fell by an estimated 1.1% percent during the third quarter of 2024 compared to Q3 2023.
Jason Hayward.. the Minister for Economy and Labour said this was due to an increase in imports of goods and reduced spending by households and the government.
Government spending declined by 1.6% percent due in part to lower expenditure on wages and professional services, according to the Minister.
Meanwhile, 48 new local businesses registered in Bermuda bringing the total number of businesses registered on island to 4,003.
Gross capital formation increased by 10.2% percent to $208.2 million dollars.
Construction investment rose 5% percent while investment in equipment went up 17.3 % percent compared to the 2023 Q-3 figures.
Minister Hayward further stressed that the government will soon implement cuts on fees and taxes to boost consumer spending to encourage economic activity.
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