Minister: Q2 2024 GDP & Economic Performance [Video]

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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 …