Obligation Bermudes 3.375% ( USG10367AG83 ) en USD

Bermudes

70.22 % ▼

Bermudes

USG10367AG83 ( en USD )

3.375% par an ( paiement semestriel )

19/08/2050

Prospectus brochure de l'obligation Bermuda USG10367AG83 en USD 3.375%, échéance 19/08/2050

G10367AG8

20/02/2026 ( Dans 68 jours )

L'archipel des Bermudes, territoire britannique d'outre-mer situé dans l'océan Atlantique Nord, est connu pour ses plages roses, ses récifs coralliens, et son histoire liée à la piraterie et à la Compagnie des Indes orientales.

L'Obligation émise par Bermudes ( Bermudes ) , en USD, avec le code ISIN USG10367AG83, paye un coupon de 3.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/08/2050

OFFERING MEMORANDUM
GOVERNMENT OF BERMUDA
$675,000,000 2.375% Senior Notes due 2030
$675,000,000 3.375% Senior Notes due 2050
The Government of Bermuda (the "Government," "we," "us" and "our") is offering $675,000,000 aggregate principal amount of its 2.375%
Senior Notes due 2030 (the "2030 notes") and $675,000,000 aggregate principal amount of its 3.375% Senior Notes due 2050 (the "2050 notes" and,
together with the 2030 notes, the "notes" and each a separate "series" of notes). The 2030 notes will bear interest at a rate of 2.375% per year,
accruing from August 20, 2020. Interest on the 2030 notes will be payable on August 20 and February 20 of each year, commencing on February
20, 2021. The 2050 notes will bear interest at a rate of 3.375% per year, accruing from August 20, 2020. Interest on the 2050 notes will be payable
on August 20 and February 20 of each year, commencing February 20, 2021.
The 2030 notes will mature on August 20, 2030 unless earlier redeemed. We may redeem the 2030 notes, in whole or in part, at any time
prior to May 20, 2030 (three months prior to the maturity date of the 2030 notes) by paying the greater of the outstanding principal amount of the
2030 notes and a "make-whole" amount calculated by a calculation agent appointed by the Government. In addition, we may redeem the 2030 notes,
in whole or in part, at any time on or after May 20, 2030 (three months prior to the maturity date of the 2030 notes), at a redemption price equal
to 100% of the principal amount of 2030 notes to be redeemed, plus accrued and unpaid interest. See "Description of the Notes--Optional
Redemption."
The 2050 notes will mature on August 20, 2050 unless earlier redeemed. We may redeem the 2050 notes, in whole or in part, at any time
prior to February 20, 2050 (six months prior to the maturity date of the 2050 notes) by paying the greater of the outstanding principal amount of the
2050 notes and a "make-whole" amount calculated by a calculation agent appointed by the Government. In addition, we may redeem the 2050 notes,
in whole or in part, at any time on or after February 20, 2050 (six months prior to the maturity date of the 2050 notes), at a redemption price equal
to 100% of the principal amount of 2050 notes to be redeemed, plus accrued and unpaid interest. See "Description of the Notes--Optional
Redemption."
The notes will be general, direct, unconditional, unsubordinated and unsecured obligations of the Government and will rank pari passu
with all of its other existing and future unsubordinated and unsecured debt. It is understood that this provision will not be construed so as to require
the Government to make payments under the notes ratably with payments being made under any other external indebtedness. The notes will be
backed by the full faith and credit of the Government. The indenture pursuant to which the notes will be issued contains "collective action clauses."
Under these provisions, which differ from the terms of the Government's Public External Debt issued prior to 2016, the Government may amend the
payment provisions of any series of debt securities issued under the indenture (including the notes) and other reserve matters listed in the indenture
with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the
outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are
met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in
the aggregate; or (3) with respect to two or more series of debt securities, more than 66% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed modification, taken individually. See "Description of the Notes--Meetings,
Amendments and Waivers."
Application will be made to list the notes on the official list of the Luxembourg Stock Exchange and to trading on the Euro MTF Market
(the "Euro MTF Market"). Application will also be made to list the notes on the Bermuda Stock Exchange (the "BSX"). Ocorian Securities
(Bermuda) Limited has been appointed as the BSX listing sponsor for the notes.
The BSX takes no responsibility for the contents of this document, makes no representations as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this
document.
Investing in the notes involves risks. See "Risk Factors" beginning on page 15 of this offering memorandum.
_____________________
2030 notes Offering Price: 99.885%, plus accrued interest, if any, from August 20, 2020.
2050 notes Offering Price: 99.719%, plus accrued interest, if any, from August 20, 2020.
_____________________
The notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws
of any other jurisdiction. The notes will be offered only to qualified institutional buyers in the United States pursuant to Rule 144A of the
Securities Act and to persons outside the United States pursuant to Regulation S of the Securities Act. For a description of certain restrictions
on transfer of the notes, see "Transfer Restrictions" and "Plan of Distribution."
This offering memorandum includes particulars given in compliance with the listing regulations of the Luxembourg Stock
Exchange and the BSX for the purpose of providing information with regard to the Government.
We expect to deliver the notes to investors on or about August 20, 2020 in book-entry form only through the facilities of The Depository
Trust Company ("DTC") and its direct and indirect participants, including Euroclear Bank SA/NV and Clearstream Banking, S.A.
_____________________
Joint Book-Runners
Goldman Sachs & Co. LLC
HSBC
The date of this offering memorandum is August 17, 2020.
32594.00004

TABLE OF CONTENTS
Page
Page
Presentation of Economic, Financial and
Employment, Union Representation
Statistical Information...............................iv
and Salaries .......................................67
Forward-Looking Statements ...................vi
Balance of Payments and Foreign
Trade .................................................69
Summary ....................................................1
Money Supply and Foreign Currency
Risk Factors .............................................15
Position .............................................71
Use of Proceeds........................................25
Public Finance..........................................74
Bermuda...................................................26
Overview...........................................74
Immigration Reform .........................26
Public Finance Policy .......................75
Constitution, Government, Legal
Annual Budget ..................................77
System and International Cooperation26
Government Revenue Sources and Tax
Military .............................................34
Policy ................................................78
Independence ....................................35
Government Expenditures ................83
Infrastructure.....................................35
Public Debt........................................84
Education ..........................................41
Description of the Notes ..........................91
Social Welfare...................................42
Book-Entry, Delivery and Form ............105
Litigation...........................................44
Transfer Restrictions..............................112
A Regulated Cannabis Scheme for
Enforceability of Civil Liabilities under
Bermuda............................................44
U.S. Federal Securities Laws and Other
Economy ..................................................45
Matters ...................................................114
Economic Policy ...............................45
Taxation .................................................115
GDP ..................................................47
Plan of Distribution................................118
International and Domestic Affiliations49
Official Statements.................................124
Bank Regulations ..............................50
Legal Matters .........................................124
Insurer Solvency ...............................52
General Information...............................125
Principal Sectors of the Economy.....53
_______________________________
The information contained in this offering memorandum has been provided by us and other sources identified
in this offering memorandum, which we believe to be reliable. No representation or warranty, express or implied, is
made by the initial purchasers as to the accuracy or completeness of the information contained in this offering
memorandum, and nothing contained in this offering memorandum is, or should be relied upon as, a promise or
representation by the initial purchasers, whether as to the past or the future.
The notes described in this offering memorandum have not been registered with, recommended by or
approved by the U.S. Securities and Exchange Commission (the "SEC"), or any other U.S. federal or state securities
commission or regulatory authority, nor has the SEC or any such state securities commission or authority passed upon
the accuracy or adequacy of this offering memorandum. Any representation to the contrary is a criminal offense.
This offering memorandum has been received by the BSX. The BSX takes no responsibility for the contents
of this offering memorandum, makes no representations as to its accuracy or completeness and expressly disclaims
i

any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this offering
memorandum. The BSX is not prohibited from distributing this offering memorandum and will make it available upon
request. Neither the BSX or any other regulatory body in Bermuda has approved or disapproved of the notes and,
other than the BSX, no regulatory body in Bermuda has passed opinion upon the adequacy of this offering
memorandum. Any representation to the contrary is a criminal offense.
Each person receiving this offering memorandum is deemed to acknowledge that this offering memorandum
does not contain all the information that would be included in a prospectus if this offering were registered under the
Securities Act. In addition, certain information included in this offering memorandum may not conform to the
requirements for offerings under the Securities Act.
This offering memorandum may be used only for the purposes for which it has been published. You must
comply with all applicable laws and regulations in connection with the distribution of this offering memorandum and
the offer or sale of the notes. See "Transfer Restrictions." You are not to construe the contents of this offering
memorandum as investment, legal or tax advice. You should consult your own counsel, accountant and other advisors
as to legal, tax, business, financial and related aspects of a purchase of the notes. We are not, and the initial purchasers
are not, making any representation to you regarding the legality of an investment in the notes by you under applicable
laws.
In making an investment decision regarding the notes, you must rely on your own examination of the
Government and the terms of the offering, including, without limitation, the merits and risks involved. The offering
is being made on the basis of this offering memorandum. Any decision to purchase notes in the offering must be
based on the information contained in this offering memorandum.
This offering memorandum contains summaries, believed to be accurate, of some of the terms of specific
documents, but reference is made to the actual documents, copies of which will be made available upon request, as
indicated under "General Information." All summaries are qualified in their entirety by this reference.
The notes are subject to restrictions on transferability and resale and may not be transferred or resold except
as permitted under the Securities Act and applicable state securities laws pursuant to registration or exemption
therefrom. See "Transfer Restrictions." You should be aware that you may be required to bear the financial risks of
an investment in the notes for an indefinite period of time.
No person is authorized in connection with any offering made by this offering memorandum to give any
information or to make any representation not contained in this offering memorandum and, if given or made, any other
information or representation must not be relied upon as having been authorized by us or the initial purchasers. The
information contained in this offering memorandum is presented as of the date hereof and subject to change,
completion or amendment without notice. Neither the delivery of this offering memorandum at any time nor any
subsequent commitment to enter into any financing shall, under any circumstances, create any implication that there
has been no change in the information set forth in this offering memorandum or in our affairs since the date of this
offering memorandum.
We reserve the right to withdraw the offering of the notes at any time, and we and the initial purchasers
reserve the right to reject any commitment to subscribe for the notes in whole or in part and to allot to you less than
the full amount of notes subscribed for by you. We are making this offering subject to the terms described in this
offering memorandum.
This offering memorandum does not constitute an offer to sell or a solicitation of an offer to buy the notes to
any person in any jurisdiction where it is unlawful to make such an offer or solicitation. The distribution of this
offering memorandum and the offer and sale of the notes may be restricted by law in certain jurisdictions. Persons
into whose possession this offering memorandum or any of the notes come must inform themselves about, and observe,
any such restrictions. See "Plan of Distribution" and "Transfer Restrictions."
Application will be made to list the notes on the official list of the Luxembourg Stock Exchange and to
trading on the Euro MTF Market. Application will also be made to list the notes on the BSX. This offering
ii

memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectuses for securities
dated July 16, 2019. We will use our reasonable efforts to facilitate the listing and maintenance of the listing of the
notes on the official list of the Luxembourg Stock Exchange for trading on the Euro MTF Market and on the BSX so
long as any notes are outstanding; provided that, if at any time we determine that maintenance of either listing becomes
unduly onerous or requires disclosure of information beyond what we would be required to make publicly available
in Bermuda, we may delist the notes from the official list of the Luxembourg Stock Exchange and the Euro MTF
Market or the BSX, as the case may be. If the notes are delisted from the official list of the Luxembourg Stock
Exchange and the Euro MTF Market, we will use our reasonable efforts to list the notes on another internationally
recognized securities exchange.
This offering memorandum includes particulars given in compliance with the listing regulations of the
Luxembourg Stock Exchange for trading on the Euro MTF Market and the BSX for the purpose of providing
information with regard to the Government. The Government accepts full responsibility for the accuracy of
the information contained in this offering memorandum and confirms that, having made all reasonable
inquiries and to the best of the Government's knowledge and belief, there are no other facts the omission of
which would make any statement herein misleading.
_______________________________
iii

PRESENTATION OF ECONOMIC, FINANCIAL AND STATISTICAL INFORMATION
Economic and financial data and statistical information provided in this offering memorandum may be
subsequently revised in accordance with our ongoing review of such data and information, and we are not obligated
to distribute such revised data and information to any investor. In addition, some of the economic and financial data
and statistical information presented herein includes estimates and forecasts based on available data and, accordingly,
are subject to revision.
Unless otherwise indicated, estimates in this offering memorandum are estimates of Bermuda's Ministry of
Finance, Ministry of Tourism and Transport, Ministry of Public Works, Ministry of The Cabinet Office, Department
of Statistics, Department of Communications, the Bermuda Tourism Authority (the "BTA") or the Bermuda Monetary
Authority (the "BMA"). Unless otherwise indicated, references to years are to the relevant calendar years. References
to fiscal years are to Bermuda's fiscal year, which begins April 1 of each year and ends on March 31 of the following
year (e.g., 2019/2020 fiscal year refers to the fiscal year that began on April 1, 2019 and ended on March 31, 2020).
The Accountant General of the Ministry of Finance issues historical financial statements of the Government's
Consolidated Fund (the "Consolidated Fund") that are prepared in accordance with the Public Sector Accounting
Board and the Accounting Standards Board of the Chartered Professional Accountants of Canada (which are promoted
by the Chartered Professional Accountants of Bermuda by signed agreement and therefore generally accepted in
Bermuda, which we refer to herein as "Bermuda GAAP") and on an accrued accounting basis. These financial
statements are prepared on a different basis from the revenue/expenditure and debt information included in this
offering memorandum, which information has been prepared on a modified cash basis. The financial statements as
of and for the 2018/2019 fiscal year are available on the Government's website at www.gov.bm. These financial
statements and any other information on the Government's website are not part of, or incorporated by reference in,
this offering memorandum. Unless otherwise stated, the financial information provided for the 2019/2020 fiscal year
and any subsequent period, are preliminary estimates or projections, respectively, based on the information currently
available to the Government, which is subject to change.
The Office of the Auditor General audited the historical financial statements of the Consolidated Fund for
the 2018/2019 fiscal year, which is not included or incorporated by reference in this offering memorandum. It was
the independent opinion of the Auditor General that the annual accounts of the Consolidated Fund are presented fairly,
in all material respects, and in accordance with Bermuda GAAP. This unqualified opinion is consistent with the
March 31, 2013 through 2017 audit reports. The March 31, 2018 accounts were qualified, however the items that
precipitated the 2018 qualified opinion were rectified, resulting in a return to a clean opinion for the 2019 audit. As
mentioned above, under the Audit Act 1990, section 6(1)(b), the Auditor General is able to include in her report any
other comments she considers appropriate. In the March 31, 2019 report, the Auditor General has, for the eighth
consecutive year, included an additional explanatory paragraph as `other information,' which discusses the increased
level of net debt and guarantees and explains that the usefulness of the financial statements is limited because they are
not "summary financial statements" as they do not consolidate the results of all Government entities (such as other
public funds and Government-controlled organizations), only the Consolidated Fund. These explanatory paragraphs
do not alter the Auditor General's unqualified opinion but are rather highlighted matters.
In this offering memorandum, references to "GDP" are to gross domestic product. References to "real GDP"
are to real gross domestic product at constant 2013 prices (which is GDP at 2013 prices less net indirect taxes); and
references to "nominal GDP" are to nominal gross domestic product (which is GDP at current prices less net indirect
taxes). References to "GDP per capita" are to nominal GDP divided by the mid-year average population of the relevant
calendar year. The latest annual period for which final GDP and certain other operating data are available is the 2018
calendar year. Quarterly GDP data is available for the quarterly period beginning January 1, 2019 and ended March
31, 2020; however, GDP and certain other operating data for periods ended after December 31, 2019 have not been
finalized, and the GDP data for such periods included in this offering memorandum reflect the Government's
preliminary estimates based on the information currently available to the Government, which is subject to change.
In this offering memorandum, references to "$" or "dollars" are to the U.S. dollar as well as the Bermuda
dollar, which is pegged to the U.S. dollar at an exchange rate of one U.S. dollar to one Bermuda dollar.
iv

Totals in certain tables in this offering memorandum may differ from the sum of the individual items in such
tables due to rounding.
v

FORWARD-LOOKING STATEMENTS
This offering memorandum contains certain forward-looking statements regarding the Government of
Bermuda (the "Government," "we," "us" or "our"). All statements relating to the Government, other than statements
of historical fact, included or referenced in this offering memorandum which address activities, events or
developments that the Government expects or anticipates will or may occur in the future are forward-looking
statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar
expressions are also intended to identify forward-looking statements. These statements are based on certain
assumptions and analyses the Government has made in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other factors believed to be appropriate in the
circumstances. However, actual results and developments may not conform to expectations and predictions due to
risks and uncertainties that could cause actual results to differ materially from expectations, including, among others,
the following:

the effects of pandemics, such as the novel coronavirus ("COVID-19"), and the measures taken by the
Government and other governments in response thereto, on our economy and its effects on global and
regional economic growth, tourism and our creditworthiness;

political, economic and other conditions in Bermuda and globally;

our financial condition and budgeted revenues and expenditures, including, for example, our ability to
increase revenues and reduce expenditures;

legislative, regulatory or administrative initiatives affecting businesses, including insurance companies
and other financial service businesses in Bermuda;

changes in tax and other laws in the United States or Bermuda and other major financial centers that may
affect the attractiveness of financial services in Bermuda;

economic conditions in the United States, Canada, the United Kingdom and the European Union that
may have an impact on the demand for financial services or tourism in Bermuda;

the impact of the departure of the United Kingdom from the European Union on the Bermuda economy,
regulatory regime and legal system;

declines in demand for financial services or tourism in Bermuda, due to competition from other countries
or otherwise;

prevailing conditions in domestic, international and multilateral lending markets and domestic and
international capital markets that may affect our ability to finance budgetary requirements, to refinance
outstanding debt and other obligations or to finance new projects;

weather, climatic or geological occurrences, particularly hurricanes and tropical storms;

terrorism, particularly acts of terrorism outside of Bermuda that affect financial markets or tourism
within Bermuda;

changes in interest rates or exchange rates;

a reduction in our foreign currency reserves;

the financial condition and liquidity of banks and other financial institutions in Bermuda;

trade and tariff policies of Bermuda's trading partners;
vi

declines in tax revenues;

revisions to economic, financial and statistical information; and

other factors identified in this offering memorandum.
All of the forward-looking statements related to the Government made in this offering memorandum are
qualified by cautionary statements. The Government assumes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.
vii

SUMMARY
The following summary is qualified in its entirety by, and should be read in conjunction with, the more
detailed information in this offering memorandum. In this offering memorandum, references to the "Government,"
"we," "us" and "our" are to the Government of Bermuda, and references to "Bermuda" are to Bermuda, a
self-governing British Overseas Territory, in each case, unless otherwise indicated.
Bermuda
Bermuda is a self-governing British Overseas Territory comprising the Bermudas or Somers Islands, an
archipelago of some 150 islands in the Atlantic Ocean, approximately 570 nautical miles southeast of the state of
North Carolina, United States. Bermuda covers an area of approximately 21 square miles with an estimated population
of 64,054 as of July 2020. Bermuda is the most populous British Overseas Territory and has an affluent and educated
population. Real GDP in 2019 was an estimated $6.6 billion, with an estimated per capita nominal GDP of $114,914,
one of the highest in the world.
Historical Highlights

Political, economic and social stability. Bermuda has a demonstrated history of political, economic and
social stability. Bermuda has the third-oldest continuous parliament in the world with a democratic
government dating back to 1620. Originally functioning under the British government, Bermuda has
had its own constitution since 1968. Bermuda has a strong economy and proved its fiscal responsibility
after the global financial crisis in 2008 by cutting expenses, fostering economic growth and working
towards a balanced budget in response to changed economic circumstances.

Global leader in GDP per capita. Bermuda has one of the highest per capita nominal GDPs in the world,
serving as a preferred jurisdiction for financial services and international business while offering luxury
tourist infrastructure and world-class facilities. Bermuda's per capita nominal GDP was estimated at
$114,914 for the 2019 calendar year, one of the highest in the world.

Commitment to foreign trade and foreign investment. Foreign direct investment is widely recognized
by the Government as one of the main drivers of economic activity. With low personal and corporate
taxes, a professional and skilled labor force, proximity to the United States and its markets, and extensive
air transportation and communication network, Bermuda is highly attractive for foreign direct
investment. Furthermore, as a British Overseas Territory, Bermuda's legal system is grounded in the
common law of the United Kingdom. Its legal, regulatory and accounting systems adhere to high ethical
and transparency standards. Bermuda effectively and impartially enforces laws to combat corruption,
money laundering and the financing of terrorism. The Government's policies facilitate the free flow of
financial resources in the product and factor market, and the SEC has recognized the BSX as a
"Designated Offshore Securities Exchange." Bermuda's culture of investment has created a climate of
responsible business conduct among producers.

Commitment to equality. In 1834, slavery was abolished in Bermuda and schools were integrated during
the 1960s. Following the 1993 election, the Government formed a new Ministry of Human Affairs to
address issues of discrimination, particularly those relating to race and gender. The Ministry of Human
Affairs subsequently evolved into the Human Rights Commission, a non-Ministry department that
provides research and policy recommendations to the Government to promote evidence-based decision-
making and to foster partnerships to protect rights of all Bermudians and further promote equality. It
also monitors Bermuda's compliance with relevant international conventions on individual rights. The
current Government is focused on reducing economic inequality, in particular by providing more
opportunities for Bermudians to work and promote entrepreneurship.

A balanced democracy. Mr. E. David Burt, a member of the Progressive Labour Party ("PLP"), became
Premier on July 19, 2017, following the PLP's victory in the General Election. Mr. Burt replaced former
Premier, Mr. Michael Dunkley, a member of the One Bermuda Alliance Party ("OBA") who served as
1

Premier from May 19, 2014 until the appointment of Mr. E. David Burt. Of the 36 seats in the House of
Assembly, 25 are held by the PLP and 11 are held by the OBA. The elected Speaker of the House (the
"Speaker") is also a member of the PLP, but as Speaker is not permitted to take part in House of
Assembly discussions or to vote on matters, unless there is a tie. The leader of the official opposition is
Mr. Craig Cannonier (who previously served as Premier) of the OBA. In general, the policies of the
PLP are pro-democracy and are relatively similar to those of the OBA.
Bermuda Economy
Overview
The economy of Bermuda is based primarily on international business and the high-end segment of the
tourism sector. Bermuda is regarded as a leading international financial center because of the following factors:

a long-established and highly developed commercial and social infrastructure;

geographic proximity to the United States and Canada and ease of access to and from major European
cities and the United Kingdom;

recognized by the Organization for Economic Cooperation and Development (the "OECD"), the
International Monetary Fund (the "IMF") and other multilateral organizations as having internationally
acknowledged transparency standards;

transparent and consistent application of financial services policy towards the financial services sector;

close international relations in the financial sector, including bilateral relations with the G7 and G20
economies as well as other markets that are of significant economic importance to Bermuda;

well-established reputation as a domicile of choice for insurance and reinsurance;

the BSX is one of the world's largest offshore, fully electronic securities markets recognized by the SEC
as a "Designated Offshore Securities Market";

modern business infrastructure and facilities;

high standards of living;

well-educated population and world-class labor force;

absence of direct taxation and exchange controls for international business; and

stable regulatory framework.
The largest concentrations of international companies doing business in Bermuda are involved in the
insurance and financial services sectors. The international business activity and tourism sectors of the economy
together accounted for approximately $2.7 billion (excluding financial services) in foreign currency receipts and
29.1% of real GDP in 2018.
Preliminary GDP results for 2019 indicated an estimated GDP at constant prices of $6.6 billion, which
represented a 1.7% increase in constant prices, after adjusting for inflation, registering positive results during the year
relative to 2018. The main driver of the growth was a rise in the surplus on the external balance of goods and services.
During the 2019 period, GDP at current prices increased by 2.8%.
2