Tourism Contributed $658M To GDP
In 2010, the travel and tourism industry contributed $658 million to GDP, according to statistics released today [Nov.29].
The Department of Statistics released the 2010 Tourism Satellite Account [TSA] report, which measures the economic value of tourism to Bermuda. The report said that in 2010, a total of 585,266 visitors to Bermuda translated into $393 million spent on goods and services within the local economy
The statistics also show that employment in the tourism industry increased 8 percent, visitors spent $393 million in Bermuda, and that Bermuda residents spent $417 million on foreign travel.
Tourism-related employment level grew by 557 workers to 5,594 jobs in 2010, which includes 3,579 jobs stemming from direct tourism output and 2,015 jobs from indirect tourism.
The report said, “The Bermuda Government spent $35 million in current expenditure to facilitate the operation of the tourism industry. Spending on tourism promotion, marketing and related professional services was $2 million higher and accounted for 74 per cent of total government spending on tourism in 2010.”
The full 4-page report is below, click ‘Fullscreen’ for greater clarity:
I suggest an independent agency verify these published statistics. Until then I will be hesitant to believe anything published by a Government agency.
Also Bermuda needs to stop using GDP as an indicator of its citizens well-being and move towards more social welfare indexes.
- 2 cents
How did the retail tax holiday save 4,000 jobs when there are only 3,000 jobs in the “retail and wholesale” industry?
Well according to this dubious document, there are hundreds of jobs being created all over the place.
I think this was the kind of document they probably gave to Fitch to get them to say we’re stable and doing ok. A complete work of fiction.
“MIC CHECK”
we need to verify before we trust!
The tax income for this would not be enough to pay for the GP cars, the salaries of the MPS, and the luxury vacations they like to go on.
Take out business travellers and then revisit the numbers.
600,000 visitors spent $393 million. 65,000 Bermudians spent $417 million… How does this make sense?!
this whole analysis is bogus and misleading. just like maddawg said, this is one of the document our illustrious government concocts up to make us “look good” and send off to rating firms.
call an election PAULA!!
The statistics do not pass the smell test. Added to the comments above, how can they calculate what Bermuda residents spend on foreign travel? How do they obtain information to tell them how much a person spends on hotels, restaurants, taxis etc etc when away? Very suspect information overall.
lOoKs Lyke BIneWz His meeSSed Up……AnnUUDar WalTOn maLLfUncTion…..
Remember, this is put out by the people that will deceive you if they have to.
WaLL um WOtin YoO BEE PeA….
Where do they get these numbers from?
$417M for resident foreign travel represents over $6000 per person for every man, woman & child in Bermuda.
Who spends that kind of money on travel if you only have a few weeks a year vacation?
Last time I did a family vacation the 2 week trip, including a good dose of shopping, was far less than $4000 per person.
Nope, don’t trust the numbers.
How much of that revenue came from tourist busted with miniscule amounts of mary jane ? Please next time add in what was stolen from innocent people by the courts .
Don’t be so narrow minded “Triangle Drifter” Foreign Travel is broader than vacation travel. It includes Expenditure on all goods and services such as Education overseas, Health overseas, Vacation, etc. It is unfortunate that OBA members do not know how things work.
Whether one is OBA, PLP UBP or whatever, these numbers don’t add up or provide an accurate position of Bermuda’s financial position. For the last 3 years the PLP have been blaming the Global Recession on the reduction in the number of Tourists with a loss of jobs and reduction in revenue. Yet these statistics point to increased jobs, increased spending and increased revenue. How do you explain that?
you idiots are too funny
The Tourism Satellite Account is one of the most advanced economic indicators that a Country can produce. Your Government should be applauded for producing such Statistics. The TSA looks at the direct, indirect and induced effects of tourism. The methodology is very technical and I am sorry if many don’t have the aptitude to research or understand the numbers.
Bermuda Government Statistical Agency keep up the good work.
Oh thanks, True Economist. Essentially, your explanation is: “I’d love to explain it to you idiots at some point, but right now I don’t have the time”.
What crapola.
These stats are s**t. We have thousands of unemployed, hotels closing, companies leaving, and these stats indicate a very bouyant picture including hundreds of jobs created. And your explanation is that the “methodology is very technical”. Yeah, you guys are really spashal on the technical stuff.
I notice nothing is being said about how much some of our guest workers are sending our hard earned US dollars home to their countries building them up???
I guess Bermudians are spending more then that on overseas shopping???
“some of our guest workers are sending our hard earned US dollars home to their countries building them up”
‘OUR’ hard earned US dollars? Don’t you mean THEIR hard earned dollars?
I knew tourism was booming…..the recession is a myth perpetuated by the combined opposition of the UBP/OBA/RG and the defunct Mid Ocean News….lies about unemployment and companies and IB staff leaving all lies…..things are great and we have tourists coming from everywhere including China,India, Martha’s Vineyard and all over South America…..they are coming by the boatload and we will be able to replace all of the ships that have said they will not be coming….we do not have room to handle all of the tourists that the Goverment says are here…. and sheeple actually believe this dribble….
I say put the ombudsman on it and see what she comes up with.