Bermuda GDP
Following are the GDP figures for Bermuda as reported by Department of Statistics:
2016 GDP of Bermuda
$4.6 billion
After adjusting inflation, the real GDP has declined by 0.1% compared to 2015. Here are the main sectors or industries that contributed to the GDP.
Agriculture, forestry and fishing: 0.9%
Manufacturing: 0.8%
Electricity, gas and water supply: 1.6%
Construction and Quarrying: 3.4%
Wholesale and retail trade and repair services: 7.2%
Hotels and restaurants: 4.7%
Transport and communications: 4.5%
Financial Services: 12%
Real estate and renting activities: 16.4%
Business activities: 9.2%
Public Administration: 5.2%
Education, health and social work: 8.2%
Other community, social and personal services: 2.4%
International business: 27.3%
2014 GDP of Bermuda
$5.7 billion
0.2% increase from previous year at current prices (i.e. without adjusting inflation). However after adjusting inflation, the GDP has actually reduced by 0.4% compared to 2013.
GDP per capita: $91, 479 (increase of 0.5% from previous year)
Following are the major percentage contributions to GDP from the various sectors:
Agriculture, forestry and fishing: 0.6%
Manufacturing: 0.8%
Electricity, gas and water supply: 1.5%
Construction and Quarrying: 3.2%
Wholesale and retail trade and repair services: 6.7%
Hotels and restaurants: 4.6%
Transport and communications: 4.6%
Financial Services: 12.2%
Real estate and renting activities: 17.2%
Business activities: 9.3%
Public Administration: 5.9%
Education, health and social work: 8.4%
Other community, social and personal services: 2.0%
International business: 27.1%
Following are the GDP percentage changes by sector or industrial section at current prices:
Agriculture, forestry and fishing: -11.6%
Manufacturing: -9.6%
Electricity, gas and water supply: 3.6%
Construction and Quarrying: 0.6%
Wholesale and retail trade and repair services: 1.1%
Hotels and restaurants: 0.1%
Transport and communications: -3.7%
Financial Services: -3.7%
Real estate and renting activities: 1.9%
Business activities: 9.3%
Public Administration: -2.9%
Education, health and social work: -4.7%
Other community, social and personal services: -1.2%
International business: 0.2%
2013 GDP of Bermuda
$5.6 billion (as made available in September 2014)
0.7% increase from previous year, but with inflation adjusted, the real GDP declined by 2.5% vs. 2012.
GDP per capita: $85, 747 (increase of 0.4% from previous year)
Following are the major percentage contributions to GDP from the various sectors:
27.1% from international business,
16.9% from real estate and rental;
13% from financial services;
8.9% from education, health and social work;
8.6% from business activities;
6.7% from wholesale, retail trade, and repair services;
6.1% from public administration;
4.8% from transport and communications;
4.7% from the hotel and restaurant sector;
3% from construction;
1.5% from utilities supply.;
0.9% from manufacturing.
2008 GDP of Bermuda
$6.43 billion (current market price). Out of that
24% from international business,
13% from real estate and rental;
14% from financial services;
9% from business activities;
6% from education, health and social work;
6% from wholesale, retail trade, and repair services;
5% from public administration;
5% from construction;
4% from the hotel and restaurant sector;
4% from transport and communications; and
1% each from manufacturing, utilities supply and community/social/personal services.
GDP growth rate (in 2008): 4.6%. Per capita nominal GDP (2009): $91,477.
2007 GDP of Bermuda
In 2007, nominal GDP was reported as $5.8 billion. Adjusted for inflation, the level of economic activity, or real GDP, increased in 2007 by 4.6 per cent, slightly above the five-year average (2003-2007) of 4.4 per cent. Government borrowing was at about 11 per cent of GDP in 2008. This is considered low by international standards.
International business which mainly comprises of Insurance and Re-insurance business, made majority contribution to the expansion of the Bermuda's economy in 2007. It contributed $1.6 billion in total, which amounted to 27.2 percent of total GDP.
This was a 22.4 per cent increase compared to 2006. The international sector contributed more than half of GDP growth for 2007. Its share of GDP grew from 19.5 per cent to 27.2 per cent between 2003 and 2007.
The financial intermediation sector was the second largest contributor to Bermuda’s economy, providing $823 million in output. This is 14.1 per cent of total GDP, increasing by 11.3 per cent over 2006. This growth was due to increased licensing, supervisory and incorporation fees collected from international business entities and higher credit demand.
The business activities sector provides professional and other services to the international business sector. This sector contributed $551 million to the economy in 2007, representing a further 9.4 per cent of GDP.
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 By Raj Bhattacharya
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