Tourism Related Value Decreases 7% In 2012
Total tourism-related value added decreased to $634 million in 2012, down 7% from the $681 million measured in 2011, according to the Tourism Satellite Account report released this morning [Sept 26].
Employment derived from tourism-related activities reached a total of 5756 jobs in 2012, which reflected a decline of 402 jobs or 5.9%. The level of wages received from tourism activities reached $447 million; $11 million below the level in 2011.
The report also indicated that visitors spent $415 million in Bermuda last year, while Bermuda residents spent $411 million on foreign travel. Government spent $31 million to provide tourism services, which contributed $293 million [or 5.4%] to Bermuda’s GDP.
The full Tourism Satellite Account report is below [PDF here]:
For the 400 mill of visitor spending locals spend just as much in foreign countries. Can the Authority Think about not just bringing the foreigner here but appealing to the local! It’s obvious the cash is here to help this industry stay afloat, even if its in a rubber ring.