Bermuda Government Bullish On Further Growth In Airlift

• Wayne Furbert, the Minister of Transport for Bermuda, said airlift to the island will continue to rise as tourism bounces back from the pandemic.
• Mr Furbert told the House of Assembly that airlift had increased 22% between 2022 and 2023, with air capacity expected to continue rising. He added: “The growth in air travel showcases our ability to not just endure challenges but to emerge stronger, thriving as a destination of choice.”
• Mr Furbert told the House that in 2018, there were a total of 611,000 available Bermuda-bound seats. While that figure dipped 5% in 2019, airlift plummeted in 2020 with the Covid-19 pandemic as flights got grounded internationally. However, he said the number of seats rose from 170,000 to 237,000 in 2021, 356,000 in 2022, and 433,000 last year.
• He highlighted recent developments, including the growth of BermudAir, the return of American Airlines flights from Washington DC, and boosted airlift between the island and Newark, Boston, and Miami. These developments should add to greater tourist numbers for 2024.
• Bermuda’s solid economic growth, with GDP above pre-pandemic levels, reflects its competitive global insurance and reinsurance sector, construction sector, and recovery in tourism. Moody's Investor Services projects GDP growth of around 1.5% in 2023-2025, a conservative but more in line with the economy's pre-pandemic growth performance.
• S&P Global Ratings, however, projects GDP will grow by 3.0% in 2024 and will slow to an average of 1.1% during 2025-2027.

 (Sources: The Royal Gazette & NCBCM Research)