Bermuda’s GDP Per Capita: $96,018 In 2015
[Updated] Bermuda’s gross domestic product [GDP] per capita was measured at $96,018 per person in 2015, according to a report released by the Department of Statistics.
“Final estimates of Gross Domestic Product [GDP] in current prices for 2015 were measured at $5.9 billion, a 4.0% increase over 2014,” the report said.
“Thirteen of the fifteen industries recorded growth in value added led by international business activity and retail trade activity which experienced the largest nominal increases in value added. The rise in economic growth translated into a 4.1% gain in GDP per capita which was measured at $96,018 per person in 2015.
Real GDP increased 0.6%
The report said, ”When adjusted for inflation, final estimates of GDP in constant prices increased 0.6%. In 2015, average price levels as measured by the selected basket of goods and services in the Consumer Price Index [CPI], increased 1.5%.
“Alternatively, average price levels for all goods and services produced in the economy [economy-wide inflation] as measured by the GDP implicit price index [IPI] increased 3.3%. After factoring out economy-wide inflation, GDP in constant dollars was measured at $4.6 billion in 2015 [Table 4].
National Accounts Aggregates
“At the end of 2015, Gross National Disposable Income [GNDI] reached $6.0 billion. GNDI represents the income that can be used by households for consumption or savings as well as the income not distributed to owners of equity for non-financial and financial corporations. GNDI increased 3.4% compared to 2014 due mostly to a higher GDP.
“After adjusting GNDI for consumption expenditure, Gross National Savings [GNS] was measured at $1.9 billion which represented a 6.0% increase year-over-year. Of the total savings, $704.2 million was spent on gross capital formation [investment in capital goods] which positioned the Bermuda economy as a net lender to the rest of the world in the amount of $1.2 billion.”
Update 2.59pm: “This a very encouraging milestone,” said Ross Webber, CEO Of the Bermuda Business Development Agency [BDA].
“The fact this is real GDP growth, led by international business, is reassuring and underscores the BDA’s mission—to raise GDP and create jobs. Though the BDA Concierge Service, we are certainly seeing more companies establishing in the jurisdiction across industry sectors, and we will continue our efforts to keep the trend on track.”
The full 16-page report is below [PDF here]
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I needed another reminder as to how poor I am, thanks gdp!
And there has been a WAGE FREEZE for at least 5 years and those that can afford it get concessions.
WTF
You need a reminder about what the figure actually represents. It’s not what you seem to think.
What a difference a change in government makes.
From driving business away, to welcoming business to Bermuda.
Do you know how to read a graph? Positive change was consistently increasing from 2011, before the election, which indicates it had nothing to do with change of government…
But if you look at the graph you can clearly see a bigger jump in figures from 2012 onwards
He thinks -4% two years running is “positive change”.
In constant prices (adjusted for inflation in order to compare apples with apples) 2011 to 2012 was tiny compared to the shifts since the election.
Perhaps you should reflect on your statement.
Less people = more GDP/capita. GDP adjusted for inflation is down since the OBA took charge.
Nope.
Keep that head stuck in the sand.
$96,018 per person
LMFAO….wish I even came close
Most of us don’t. GDP per capita will be quite different than median income, particularly in Bermuda.
Shows just how rich the rich really are compared to the everyday citizens.
That’s not what it shows.
You aren’t completely wrong though. The “rich” do have more money than the “everyday citizen” (odd term but I think I know what you mean). As an “everyday citizen” myself (I think) I say so what?
Double edged sword the higher the GDP the greater the disparity of wealth in Bermuda.
One thing the PLP was good at was making sure nobody did well. Particularly the middle class. I remember Burch gleeful at how house prices were dropping. Most ordinary people’s biggest life investment. He loved it when we were in financial trouble.
Wow. I’m definitely considered poor, or below poor if there is even a standard. Oh well I guess middle class Is no longer the bracket I belong in.
This is frustrating….
It is very obvious folks don.t have a clue what this means
Kevin, can you explain (in simple terms) how they quantify the value of the services side of the equation?
I think I understand how they would calculate for goods but I don’t understand how they determine the value of services.
Is the value of services determined by salaries? If it is then it makes sense that people who earn far less than that amount would be bothered by the number presented?
Some of us do know what it means but choose to use a bit of tongue-in-cheek in this instance to get a point across.
I guess your point is that some people earn more money than others, or perhaps that some earn less than others. Either way you are certainly correct.