Remarks by Minister Wayne Furbert on the 4th Quarter QBS Report.

Today I am pleased to highlight some good economic news for Bermuda. Our 4th Quarter 2018 Quarterly Bulletin of Statistics indicate that our economy has experienced some positive growth.

Here are a few of the year-over-year highlights:

• Employment income increased 3.2% or $25.5 million.
• Estimated total expenditure by air visitors was $83.7 million which was 5.0% higher.
• Total estimated expenditure for cruise passengers more than tripled from $7.0 million to $23.9 million.
• The level of employment in the hotel industry increased by 94 employees, representing 48 Bermudians and 46 non-Bermudians
• Hotel gross receipts increased 0.5 % or $0.3 million.
• Overseas declarations by residents decreased 2.2 % to $18.4 million.

Overall, our Fourth Quarter 2018 Quarterly Bulletin of Statistics indicate that we are making economic progress. These results are a tangible demonstration that this Government’s socio-economic policies are bearing fruit, and this is good news for Bermuda.