HAMILTON, Bermuda, CMC – Bermuda’s economy demonstrated strong economic performance last year, growing by 1.9 per cent in real terms to reach US$7.1 billion, marking four consecutive years of economic growth and expansion.
According to the 2024 Annual Gross Domestic Product (GDP) report from the Department of Statistics released here, the government said the continued growth trajectory is a positive and stabilising development.
“Importantly, 12 of the 19 industrial groups contributed to this increase in value added, demonstrating broad-based resilience across much of the economy,” according to the document.
It showed that Bermuda’s economy increased by 6.9 per cent in nominal terms in 2024. At current purchasers’ prices, the gross domestic product (GDP) per capita rose to US$143,878 at the end of 2024. This compares with a GDP per capita of US$134,450 in 2023.
Bermuda’s economic growth in absolute terms was led by International Business Activities, which grew by US$48.5 million.
The Department of Statistics said that this industry, which had a historic 5,040 filled jobs in 2024, was the most significant contributor to GDP, accounting for 29.3 per cent of total GDP. Businesses engaged in reinsurance, insurance management, and portfolio advisory experienced value increases.
The Information and Communication industry experienced the second-largest increase in value added, rising 16.4 per cent or US$25.1 million, driven primarily by growth in telecommunications services.
The Human Health and Social Work industry also recorded strong performance, increasing 6.3 per cent or US$21.5 million, with notable growth in private health services and continued expansion in social work activities.
Construction and Quarrying was another positive contributor, rising 8.8 per cent or US$21.1 million due to increased construction project activity throughout the year.
The document said several other industries also demonstrated positive economic performance, namely administrative and support services, which increased 12.3 per cent or $16.8 million. In comparison, transportation and storage expanded by 5.9 per cent, or US$6.9 million, while accommodation and food services recorded a moderate increase of 0.3 per cent, or US$0.7 million.
The document shows several sectors contracted during the year. These include the wholesale and retail trade industry, which declined by 3.4 per cent or US$10.5 million; insurance activities, which decreased by 1.1 per cent or US$10.1 million; and education, which fell by 3.2 per cent or US$3.9 million.
Slight declines were also observed in Agriculture, Forestry and Fishing; Manufacturing; Electricity, Water Supply and Waste Management; and Public Administration.
Overall, the Annual GDP report on economic activity for 2024 indicates that Bermuda’s economy continues to grow, supported by strong diversified performance in key industries. Local business activity accounted for 67 per cent of the total growth recorded in 2024, while International Business accounted for 37 per cent.
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