Bermuda's Economic Outlook 'Very Encouraging', Says Government

by Mike Godfrey, Tax-News.com, Washington

16 October 2002

Speaking to the Bermuda Sun last week, Finance Minister, Eugene Cox revealed that despite the 'double whammy' effect of the September 11 terrorist attacks and the global economic downturn, the Bermudian economy is back on track.

Mr Cox suggested to the newspaper that if the year continues as expected, the economy should continue to improve, and speaking of the progress towards recovery made so far, observed that 'Bermuda has been blessed'.

According to the Bermuda Sun, the jurisdiction's balance of payments had shown two quarters of deficit, a performance which Opposition leader, Grant Gibbons described at the time as a 'serious warning sign'. However, the economy now appears to have rallied as a result of increased tourist spending, a development which has greatly pleased the Finance Minister.

'The outlook is very encouraging,' he explained. 'The year to date we already have a $10 million surplus and we are picking up on the deficit. Things are going well.'

Bermuda Monetary Authority figures released last week show that tourist spending rose from $40 million in the first quarter of this year to $134 million in the second.

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