Bermuda’s GDP Per Capita: $91,479 In 2014
Bermuda’s gross domestic product [GDP] per capita was measured at $91,479 per person in 2014, according to a report released by the Department of Statistics.
“Final estimates of Gross Domestic Product [GDP] in current prices for 2014 were measured at $5.7 billion, a marginal 0.2% increase over 2013,” the report said.
“Seven of the fifteen industries recorded growth in value added led by business activities such as legal, accounting and management consultancy services. The increase in economic growth translated into a 0.5% rise in GDP per capita which was measured at $91,479 per person in 2014.
Real GDP declined 0.4%
The report said,”When adjusted for inflation, final estimates of GDP in constant prices declined 0.4%. In 2014, average price levels as measured by the selected basket of goods and services in the Consumer Price Index [CPI], increased 2.0%.
“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 0.6%. After factoring out economy-wide inflation, GDP in constant dollars remained relatively unchanged at $4.6 billion in 2014 [Table 4].
National Accounts Aggregates
“At the end of 2014, Gross National Disposable Income [GNDI] was measured at $7.0 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 decreased 1.1% compared to 2013 due to lower compensation and property income received from the rest of the world.
“After adjusting GNDI for consumption expenditure, Gross National Savings [GNS] was measured at $3.1 billion which represented a 1.9% decline year-over-year. Of the total savings, $606.0 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 $2.4 billion.”
The full 15-page report courtesy of the Department of Statistics is below [PDF here]
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An impressive figure – what therefore has gone wrong that so many people right across the spectrum are struggling? Is it the same as the US where the middle classes have really taken a huge hit (in all sorts of ways), while the very rich have insulated themselves (in every conceivable way).
As an economist I find these figures disgusting. Instead of removing the red tape that exists here in Bermuda and allowing business to flow in as we see fit we are constantly saying “Bermudian this Bermudian the other”. Start selling citizenship, start pivoting to the BRIC economies and stop living in the same delusional stone age that is going to ruin the United States and Europe. One day there are going to be bail ins, and all that money is going to need to go somewhere else. Why not Bermuda? Why not allow wealthy foreigners to invest in our island home. More money spent in Bermuda means more work for Bermudians. Period. It’s about time a real economic analyst (someone who knows the facts – not what is being reported on wall street and bloomburg) took Bermuda in the direction of financial prosperity.
It’s not about looking out for the average Bermudian but bringing in the bacon so to speak. We have so much potential here if we could just get our heads out of our rear ends.
Unfortunately, educating the xenophobes locally is impossible??? When they realize that the only way eventually they can feed themselves is through cannibilism, then and only then they might start to understand??
Omg!!…you are the only person that I have read that knows what’s really about to happen right before our eyes…but the down side of it is we really would be selling our souls to the devil…Bermudian Pride will not let that happen…although it could be the death of us.
Now what…decisions decisions.
betterread all this. We look pretty good compared to many countries.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita