HAMILTON, Belize, CMC – The Bermuda government says the results of the third quarter of the island’s economic performance tell a “powerful story” about the collective confidence driving Bermuda forward.
“These results are more than numbers on a page; they reflect the strength of our people, the stability of our institutions, and the demonstration of an economy that continues to outperform expectations,” Economy and Labour Minister Jason Hayward said.
According to Hayward, during the third quarter of 2025, Bermuda’s economy experienced robust growth, expanding 9.9 per cent after adjusting for inflation, making this the largest quarterly growth since the 10.2 per cent expansion registered in the second quarter of 2021.
“The strong economic expansion in the third quarter was a direct result of a strong trade balance, increased investment, and robust government and consumer spending.”
Hayward said that consumer spending in the third quarter increased 1.1 per cent year-over-year to U$862.9 million.
He said consumption of services increased by 1 per cent year-over-year, reflected in higher expenditure on air transport, catering, and personal care services.
Spending on non-durable and semi-durable goods rose 1.6 per cent, influenced primarily by spending on fuel and power, food, and non-alcoholic beverages. Spending on durable goods increased 1.1 per cent, largely due to higher expenditure on jewelry, clocks and watches, and new and used cars.
The government said employment income in the third quarter was 4.5 per cent above 2024 levels and that the third quarter growth in employee remuneration in the various sectors of the economy “is positive” and that the income levels continue to demonstrate a robust labour market.
Hayward said government consumption increased by 5.4 per cent during the quarter, driven by higher wages and salaries.
He said gross capital formation grew by 11.6 per cent to US$207.3 million. In comparison, investment in construction rose 5.8 per cent, while investment in machinery and equipment increased by 17 per cent due to higher imports of agricultural and industrial machinery.
Bermuda’s trade balance rose by 32.8 per cent to US$473.4 million as growth in receipts for the export of goods and services expanded, while payments for importing goods and services contracted.
Hayward said exports of goods and services increased by 8.7 per cent during the quarter. Imports of goods and services decreased 8.3 per cent, driven by lower fuel imports.
The total number of local businesses registered in Bermuda declined year over year, bringing the total to 3,830. There were 42 new local businesses registered in Bermuda during the third quarter of 2025.
“Overall, the third quarter’s performance reflects encouraging momentum across key economic indicators, including rising employee remuneration, increased government spending, robust investment activity, and a strengthened trade balance. These positive trends affirm the country’s growth trajectory.
“The government will continue to execute the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure that Bermuda experiences sustainable economic growth and development.
“In addition, the government will be releasing shortly a Fintech Strategy as well as a National Entrepreneurship Strategy that will further support diversified and inclusive economic growth,” Hayward said.
and then 