Estimated Changes in Real GDP Components 2008-2014 Consumer Expenditure Investment Government Spending Exports of Goods & Services Imports of Goods & Services Net Exports Gross Domestic Product
Percentage Change -10.9% -48.2% -6.6% -15.2% -15.5% -14.7% -17.3%
In 2008 Prices -$ 329,347,326 -$ 506,017,034 -$ 62,037,674 -$ 468,811,079 -$ 311,546,270 -$ 157,264,809 -$ 1,054,666,843
Keen observers will note the 17.3% decline in real GDP does not agree with the previous estimate of 18.2%. Hence the confusion caused any international economist in attempting to analyse our data. The economic data produced by the Bermuda Government in the past ten years could be improved upon considerably. It has been neither timely, comprehensive, complete, nor in most instances really relevant. The nonsensical results of some of our National Accounts data even suggest some of the calculations are being tabulated incorrectly. The 17.3% decline in real GDP is my estimate using our nominal data reported on a National Accounts basis adjusted by the aggregate GDP implicit price deflator reported on an industrial sector basis. The 18.2% decline in real GDP is the Bermuda Government’s estimate reported on an industrial sector basis (2008 real GDP: BD$ 5,609,525,000 ; 2014: BD$ 4,590,547,000.) For those who prefer looking at charts, Bermuda’s economic decline since 2008 looks like this: Percentage Change
Estimated Real Change 2008-2014 in GDP Components
0
Government Spending
-10
-20
Consumer Expenditure
Net Exports Real GDP
-30
-40
-50
Investment
-60
12