Quarterly Bulletin of Statistics - Q1 2018

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The document discusses trends in Bermuda's economy including imports, employment, tourism, and the hotel industry in the first quarter of 2018.

Imports decreased while employment income was down in the international business sector but up in other industries such as public administration. Imports from the US declined the most.

Air visitor arrivals and their expenditures both increased year-over-year in the first quarter. Cruise passenger visits and spending decreased.

QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

Q1
GOVERNMENT OF BERMUDA

2018
Department of Statistics

Quarterly Bulletin of Statistics


Q1 2018 Highlights

Imports
• Imports decreased 9.8 per cent to $224.4 million (See Figure 1; Table 1). The value of imports was lower
for six of the nine commodity groups. The largest decrease was recorded in the Finished Equipment
commodity group which fell $8.6 million due to fewer imports of medical equipment and computer
& office equipment. Imports of Machinery decreased $7.9 million due largely to a decline in industrial
machinery. Transport Equipment declined $5.6 million with lower imports of boats and automobiles.
The commodity group of Food, Beverages & Tobacco dipped $1.3 million while Chemicals decreased
$1.2 million.
• Imports from the United States of America contracted $25.6 million while imports from the All
Other Countries category declined $11.2 million (See Table 2). Imports from the United Kingdom
experienced a marginal decline of $0.7 million. In contrast, imports from the Caribbean increased
$8.0 million while imports from Canada were $5.0 million higher year-over-year.

Figure 1
1st Quarter 2018 Total Imports

300.0

248.8
250.0
222.1 224.4
200.0
$ Millions

150.0

100.0

50.0

0.0
2016 2017 2018

Year

Employment Income by Industry


• Employment income decreased 1.6 per cent or $15.5 million. The International Business sector
recorded the largest nominal decrease in remuneration of $24.5 million (See Table 3), due largely to
declines in bonuses and stock options. Among other industries, the All Other sector and the Wholesale
& Retail sector recorded declines of $3.3 million and $2.1 million, respectively. Remuneration for
workers in the Business Services sector and Hotels & Restaurants sector decreased by less than
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QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

$1 million each. In contrast, employment income in the Public Administration & Defence sector
increased $7.1 million while the Banking, Insurance & Real Estate sector increased $4.7 million. The
Transport & Communication sector and the Construction sector also recorded increases in employment
income of $1.9 million and $1.7 million, respectively.

Arrivals and Expenditure


• The Island hosted 40,325 air visitors during the first quarter of 2018, an increase of 9.7 per cent year-
over-year (See Table 4). Estimated total expenditure by air visitors increased 13.2 per cent to $51.6
million when compared to the same period of 2017. Visitors spent $4.4 million more on Accommodation
and Food, while expenditure on Shopping, Entertainment and Transport, etc. was $1.6 million higher.
(See Table 5).
• A total of five cruise ships visited the Island carrying 4,687 passengers (See Table 4). Total expenditure
for these passengers was estimated at $0.5 million (See Table 5). In comparison, an estimated $1.1
million was spent by 9,282 cruise visitors, on nine cruise ships, during the same period in 2017.

Hotel Accommodations
• At the end of January 2018, there were 2,416 workers employed within the hotel industry
(See Figure 2). The level of employment increased by 114 employees, representing 53 more Bermudians
and 61 additional non-Bermudians.
• Hotel gross receipts totaled $43.3 million for the first quarter 2018, down 6.4 per cent or $3.0 million
(See Table 6). Declines in alcohol sales and other non-food sales were the main contributors to the fall
in receipts compared to last year.

Figure 2
Employment in Hotel Industry as at January 31st

3,000

2,302 2,416
2,500
Number of Employees

2,279

2,000
1,606 1,577 1,630
1,500

1,000 725 786


673

500

0
2016 2017 2018
Bermudian Non-Bermudian TOTAL

Year

Overseas Declarations by Residents


Residents spent $11.1 million on overseas declarations during the first quarter of 2018. The total value
of goods declared was $66,000 less than a year ago, representing a 0.6 per cent decline in overseas
expenditure (See Table 7). Lower levels of overseas spending were declared for six of the nine commodity
groupings with the largest percentage decrease of 27.8 per cent being reported for the Tapes and Compact
Discs category.
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QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

TABLE 1 – IMPORTS BY COMMODITY GROUPS(1) $000 f.o.b.

Food Basic
Beverages Materials Transport Finished
Clothing Fuels Chemicals Machinery Misc. Total
and and Equipment Equipment2
Tobacco Semi-Mfg
2016
1st Qtr 47,896 6,643 18,555 21,023 17,629 29,609 10,555 68,765 1,414 222,089
2nd Qtr 53,958 7,643 18,582 22,707 20,660 31,855 16,617 86,466 78 258,566
3rd Qtr 51,010 6,616 25,148 22,132 13,922 33,239 13,501 75,397 3 240,968
4th Qtr 51,088 5,620 19,954 21,507 14,333 35,959 13,213 86,720 1,419 249,814
Year 203,952 26,522 82,239 87,369 66,544 130,662 53,886 317,348 2,914 971,437
2017
1st Qtr 51,002 6,522 17,183 21,761 13,860 40,758 16,018 81,710 3 248,817
2nd Qtr 61,037 8,397 28,385 25,438 21,616 42,033 33,760 134,507 85 355,258
3rd Qtr 55,009 6,695 22,576 22,947 14,531 28,150 15,146 79,525 73 244,652
4th Qtr 54,885 5,495 10,681 23,661 15,772 33,043 12,069 81,084 2 236,692
Year 221,933 27,109 78,825 93,807 65,779 143,984 76,993 376,826 163 1,085,419
2018
1st Qtr 49,658 6,293 17,318 20,583 14,144 32,815 10,392 73,067 148 224,418
1. The above figures have been adjusted to exclude goods not changing ownership. Source: H.M. Customs
2. Includes some imports by teams participating in the 35th America’s Cup.

TABLE 2 – IMPORTS BY COUNTRY (1, 2) $000 f.o.b


United States United Kingdom Caribbean (2) Canada All Other Countries Total
of America
2016
1st Qtr 157,064 8,125 3,965 22,969 29,966 222,089
2nd Qtr 176,369 8,086 10,363 28,403 35,345 258,566
3rd Qtr 173,461 6,615 2,446 25,501 32,945 240,968
4th Qtr 171,370 8,571 4,571 32,878 32,424 249,814
Year 678,264 31,397 21,345 109,751 130,680 971,437
2017
1st Qtr 167,815 7,734 10,082 21,271 41,915 248,817
2nd Qtr 226,136 19,939 23,994 29,774 55,415 355,258
3rd Qtr 154,309 7,599 20,397 25,660 36,687 244,652
4th Qtr 157,765 8,702 11,315 25,738 33,172 236,692
Year 706,025 43,974 65,788 102,443 167,189 1,085,419
2018
1st Qtr 142,227 7,065 18,107 26,318 30,700 224,418
1. The above figures have been adjusted to exclude goods not changing ownership. Source: H.M. Customs
2. Principally oil imports from the Netherlands Antilles (Aruba, Curacao)

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QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

TABLE 3 – EMPLOYMENT INCOME BY SELECTED INDUSTRY–$000


Hotels Banking, Wholesale Public Transport
International Business All
& Insurance & & Administration Construction & Total
Business Services Other
Restaurants Real Estate Retail & Defence Communication
2016
1st Qtr 390,195 37,237 90,434 75,788 52,310 100,858 27,169 19,323 135,100 928,414
2nd Qtr 253,670 43,562 80,131 81,387 50,396 103,592 28,206 19,407 139,849 800,200
3rd Qtr 220,888 47,688 70,492 84,526 54,443 101,617 29,367 18,386 146,822 774,229
4th Qtr 226,981 42,305 73,362 83,757 53,492 102,577 30,527 17,465 143,580 774,047
Year 1,091,734 170,791 314,419 325,458 210,642 408,644 115,269 74,581 565,351 3,276,889
2017
1st QtrR 394,295 39,950 90,884 80,707 55,124 102,481 30,581 18,382 145,275 957,679
2nd Qtr 271,795 47,977 80,058 81,508 56,283 104,239 30,263 20,384 139,938 832,444
3rd Qtr 236,444 48,410 71,383 83,671 53,874 111,467 31,732 18,510 141,724 797,216
4th Qtr 230,200 45,387 76,924 83,361 55,480 104,788 32,126 18,386 142,551 789,202
Year R
1,132,734 181,724 319,248 329,248 220,761 422,975 124,703 75,663 569,487 3,376,541
2018
1st Qtr 369,765 39,533 95,599 80,077 53,069 109,586 32,269 20,292 142,025 942,215
R – Revised P – Provisional Source: Tax Commissioner
NOTE: Readers should exercise caution when interpreting the data as it reflects employment income when the report was printed, with data on late returns incorporated subsequent to printing.

TABLE 4 – VISITOR ARRIVALS


Air Visitors by Country of Origin

Cruise Passengers U.S.A. Canada U.K. Other Total(1) Cruise & Air Visitors

2016
1st Qtr 3,341 22,017 4,498 3,258 2,460 32,233 35,574
2nd Qtr 150,811 57,612 6,777 6,448 4,893 75,730 226,541
3rd Qtr 190,333 68,270 6,355 7,206 5,117 86,948 277,281
4th Qtr 53,419 34,997 6,114 4,826 3,643 49,580 102,999
Year 397,904 182,896 23,744 21,738 16,113 244,491 642,395
2017
1st Qtr 9,282 25,298 5,264 3,315 2,875 36,752 46,034
2nd Qtr 165,560 62,304 7,943 8,171 8,906 87,324 252,884
3rd Qtr 200,455 71,434 6,919 6,793 5,160 90,306 290,761
4th Qtr 42,752 39,218 7,289 4,718 3,927 55,152 97,904
Year 418,049 198,254 27,415 22,997 20,868 269,534 687,583
2018
1st Qtr 4,687 28,684 5,925 3,092 2,624 40,325 45,012
1. Excludes ship and yacht visitors. Source: Bermuda Tourism Authority

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QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

TABLE 5 – ESTIMATED EXPENDITURE OF VACATION AND BUSINESS VISITORS – $MILLIONS

Air Visitors
Accommodation Shopping, Entertainment, Cruise Total
and Food Transport, etc. Total Visitors Expenditure
2016
1st Qtr 25.6 11.9 37.5 0.4 37.9
2nd Qtr 74.1 31.4 105.5 25.0 130.5
3rd Qtr 85.5 38.7 124.2 32.0 156.2
4th Qtr 44.4 21.2 65.6 8.1 73.7
Year 229.7 103.1 332.8 65.5 398.2
2017
1st QtrR 31.6 14.0 45.6 1.1 46.7
2nd QtrR 94.0 43.8 137.8 25.9 163.7
3rd QtrR 97.6 42.0 139.6 32.1 171.7
4th QtrR 55.7 24.0 79.7 7.0 86.7
YearR 278.9 123.8 402.7 66.0 468.7
2018
1st Qtr 36.0 15.6 51.6 0.5 52.2
Source: Department of Statistics

TABLE 6 – HOTEL GROSS RECEIPTS – $000

Cottage Colonies Guest Houses


Hotels Total
and Housekeeping and Micro-Units(1)

2016
1st Qtr 32,023 4,791 168 36,982
2nd Qtr 83,742 11,793 679 96,214
3rd Qtr 92,032 11,404 649 104,085
4th Qtr 50,481 7,222 484 58,187
Year 258,277 35,210 1,980 295,468
2017
1st QtrR 40,510 5,321 459 46,290
2nd Qtr 98,845 12,759 824 112,428
3rd Qtr 103,123 13,271 648 117,042
4th Qtr 57,791 9,680 500 67,972
YearR 300,270 41,031 2,432 343,732
2018
1st Qtr 36,810 6,113 407 43,330
1. Does not include ‘floatels’ Source: Department of Statistics

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QUARTERLY BULLETIN OF STATISTICS – 1st Quarter 2018

Table 7 – Overseas Declarations by Residents(1) – $000

Clothing Electronic & Hhld Items Toys & Tapes & Computer Jewellery Tools
& Photographic Furniture & Sports Compact Hardware & Machinery Misc. Total
Footwear Equipment Appliances Goods Discs & Software Watches & Parts

2016
1st Qtr 5,719 1,056 364 496 76 528 342 212 3,221 12,014
2nd Qtr 7,797 998 371 470 71 457 353 226 3,531 14,274
3rd Qtr 7,693 1,037 353 514 72 491 414 217 4,080 14,870
4th Qtr 8,482 1,725 391 818 99 640 473 270 4,436 17,333
Year 29,691 4,816 1,479 2,298 318 2,116 1,581 924 15,268 58,491
2017
1st Qtr 5,249 993 356 452 63 429 253 249 3,131 11,175
2nd Qtr 7,537 910 370 428 45 366 346 206 3,417 13,626
3rd Qtr 7,449 1,077 345 540 53 456 348 230 4,018 14,517
4th Qtr 9,068 1,977 471 914 91 569 541 296 4,933 18,860
Year 29,304 4,957 1,542 2,335 252 1,821 1,488 981 15,498 58,177
2018
1st Qtr 5,171 1,064 308 451 45 336 316 215 3,204 11,109
1. Value of goods as declared to H.M. Customs on entry or re-entry to Bermuda. Does not include purchases through mail-order or on the internet. Source: H.M. Customs

Symbols used: Published by the Government of Bermuda August 2018


(..) not available
For further information regarding the Quarterly Bulletin please
(-) nil or negligible contact us at:
(e), (p) estimated or provisional Department of Statistics
figure Cedar Park Centre
48 Cedar Avenue
(R) revised figure Hamilton HM 11
Q1 1st quarter (Jan.-Mar.) Bermuda

Q2 2nd quarter (Apr.-Jun.) Telephone: (441) 297-7761


Fax: (441) 295-8390
Q3 3rd quarter (Jul.-Sep.) E-mail: [email protected]
Q4 4th quarter (Oct.-Dec.) Website: www.gov.bm

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