Country Economic Forecasts - Bermuda

Country Economic Forecasts - Bermuda

Bermuda has been in the middle of the pack relative to the other Caribbean economies in terms of recovery from the pandemic, with real GDP growing by 2.1%. However, any further recovery in 2022, in our view, will depend on global growth rates and an increase in tourism receipts.An example contributing to the economy’s limited recovery has been the decline in cruise and air travel, which is down $20.7 million, compared to Bermuda’s initial budget. Despite the decline, the average length of stay has risen to almost 14 days, more than double the pre-pandemic average. Bermuda’s rigorous arrival process has played a key role in consumers’ decisions when choosing a safe destination. After running a budget deficit in 2021, when the government spent $127.2 million in pandemic-related expenses, the aim is to achieve a balanced budget within the next three years. Total expenditure is 1.6% lower than Bermuda’s previous estimate, mostly due to effective vaccine distribution and cutting costs across all ministries by an average of 5.1%.254000104140Real GDP is forecast to grow 2.5% in 2022, with average length of stay by tourists exceeding double pre-pandemic levels00Real GDP is forecast to grow 2.5% in 2022, with average length of stay by tourists exceeding double pre-pandemic levelsDespite the ongoing effects of the pandemic, the international business sector has remained strong. Jobs in this sector have grown 4.5% amidst the pandemic, while jobs in tourism are recovering thanks to a new hotel and a new resort on the island. These factors have kept the unemployment rate relatively low, at 4.9%.Inflation is expected to increase slightly over the medium term but still remains below 2%.

​Bermuda: The following represents a general Table of Contents outline for the Country Economic Forecast.
The actual report may cover any or all of the topics listed below.
Highlights and Key Issues
four/five paragraphs of analysis covering the main economic and political issues contained in the subsequent Economic Overview
Forecast Table showing % changes for the country
with 2 years of historical data and 4 years of forecast data for the following:
Domestic demand
Private consumption
Fixed investment
Stockbuilding (% of GDP)
Government consumption
Exports of goods and services
Imports of goods and services
Consumer prices
Current account balance (US$ and % of GDP)
Government budget (% of GDP)
Short-term interest rates (%)
Long-term interest rates (%)
Exchange rate (vs. US dollar)
Exchange rate (vs. euro)
Economic Overview
two pages of events-driven analysis highlighting the most recent economic activity and, where relevant, political developments of the country, detailing significant changes to Oxford Economics' forecasts
Charts and Tables
covering a full range of economic developments relevant to the time period covered.
These could include such topics as:
Contributions to GDP growth
Monthly industrial output
Business and consumer confidence
Unemployment rate
Retail sales
Prices and earnings
Consumption and investment
Government balance and debt
GDP and industrial production
Monetary policy and bond yields
Background Information on the country
One or two pages of text covering the main historical political and economic factors that determine the country's current position
Key Facts on the country
Map of the country
Key political facts
Long-term economic and social development
changes since 1980
Structure of GDP by output
latest year
Long-term sovereign credit ratings and outlook
Corruption perceptions index
latest year
Structural economic indicators
changes since 1990
Destination of goods' exports -prior years
latest year
Composition of goods & services exports
latest year

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings