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Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
Tmp 1030 2-25-2013_14854_
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Tmp 1030 2-25-2013_14854_

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  • 1. Bermuda’s EconomyBackdrop to the 2013 BudgetChamber of CommerceFebruary 2013ChamberThe BermudaOf Commerce
  • 2. Bermuda EconomyRealities behind the budget– Shrinking tax base– Tight bank lending– Growing public service costs– Increasing deficit and other liabilities
  • 3. 2011 HighlightsGross Domestic Product• Third consecutive year ofdecline• Economic growth stifledby job losses andbusiness closures• Ten of fifteen industriesshrank• Strongest impact felt inConstruction andInternational Businesssectors2009 2010 2011$5,806million$5,757million$5,557millionData Source: Bermuda Department of Statistics
  • 4. Bermuda EconomyUnbalanced employment : wealth-consuming activities aregrowing…Data Source: Bermuda Department of Statistics
  • 5. Bermuda Economy…while wealth creating activities shrinkData Source: Bermuda Department of Statistics
  • 6. Bermuda EconomyBanks are squeezed by higher non-performing loans and lower profits.Note: all data in percentage terms, Data Source: The Bermuda Monetary Authority; Quarterly Banking Digest
  • 7. Bermuda EconomyThe cost of Government employees isrising…Full cost includesretirement benefits andspecial compensatedabsences.Data Source:Consolidated FinancialStatements and BudgetBooks
  • 8. Bermuda Economy…and the price of their future pensions andhealth benefits is growingFigures in MillionsData Source:Consolidated FinancialStatements and BudgetBooks
  • 9. Bermuda EconomyBermudian population is ageing …05,00010,00015,00020,00025,0002000 2005 2010 2015 2020 2025 2030Number of Bermudiansaged 65 or olderNumber of Bermudiansaged 15 or underData source: Bermuda population projections 2000 - 20309
  • 10. Bermuda Economy...resulting in fewer working taxpayers05,00010,00015,00020,00025,00030,00035,00040,0002000 2005 2010 2015 2020 2025 2030Total dependent BermudiansBermudian Working populationData source: Bermuda population projections 2000 - 2030 10
  • 11. Bermuda EconomySolutions:• Private industry growth• Smaller public sector• Influx of new workers• Influx of foreign capital to alleviatedebt stress• Privatizations

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