Tourism Report: GDP, Employment & Revenue
The total combined contribution of the tourism industry’s gross value to the Bermuda economy was $583 million in 2014, and visitors spent $362 million purchasing tourism products, a decrease of $40 million over the previous year.
The total number of tourism-related jobs decreased from 3,218 in 2013 to 2,796 in 2014, while direct tourism contributed $260 million [or 4.6%] to Bermuda’s GDP, which is a decrease of $25 million from 2013.
These statistics are contained in the recently released Tourism Satellite Account report for 2014, which is described as “the conceptual framework for a comprehensive reconciliation of tourism data related with supply and demand.”
Chart extracted from the report:
Some of the tourism data contained in the report include:
- Tourism-related employment paid out $396 million in wages during 2014.
- Tourism contributed $194 million or 22% of the total government revenue for 2014.
- Visitors spent $362 million purchasing tourism products, a decrease of $40 million over previous year.
- Residents spent an estimated $374 million on foreign travel in 2014, $52 million more than in 2013.
- The total number of tourism-related jobs decreased from 3,218 in 2013 to 2,796 in 2014.
- The number of Bermudian jobs directly related to tourism was 2,043, a decrease of 314 from 2013.
- Tourism-related jobs represented 8.4% of total jobs in Bermuda in 2014, a decrease of 1%.
- Direct tourism contributed $260 million or 4.6% to Bermuda’s GDP – decrease of $25 million from 2013.
- Total combined contribution of tourism industry’s gross value to Bermuda economy was $583 million.
The Tourism Satellite Account report follows below [PDF here]:
Visitor spending down…
Tourism related Jobs down…
Bermuda jobs down…
Direct tourism investment down…
Bermudian spending abroad up….
The only thing up is the bta’s pay checks and their bonuses. Crazy.
Yet the total cost to the Government (and tax payer) has decreased !!!!
Blaming BTA for 2014 numbers? They were not even stared until halfway through the year. That’s crazy. And as far as salaries, they’re all Bermudians except the CEO. Taking shots at our own people.
No it isn’t shots at the people. It is a fact that they are over paid and under perform. Understand now????? If not You must be one of em.
What is really incredible in this report is that ‘Public Administration’ employs the highest number of people. Public Administration also contributes more to GDP than tourism. Stunning!
A new airport will fix all of this. Head to St. George tonight – good luck reasoning with these people. They will do as they please.
When people finally realize that over 90% of the value in fixed income, equities, for-ex,commodities etc. is all institutionally owned and manage they will then realize that he Wall Street wealth has little to zero correlation with main street economic health. Middle class wage earners are shrinking. Has been this way for years now…and regarding those ever decreasing unemployment numbers Big Bro likes to chest beat about a simple investigation would reveal they are manipulated in many ways – most notable a revision in what constitutes “full time employment” as well as workers who have not sought employment for a period of time – they are simply not counted as part of the labor force – employed or otherwise…check for yourself – the figures are bogus…
With that said, until we see a real increase in middle class income across western countries (who are in large part the countries that visit us) these figures will continue to decline regardless how we market ourselves.
It was great feeling the boost from this past weekends events to be sure but they were simply an out-lier to this downward trend. This or any government really needs to focus on diversifying the economy from this one-tire system we have presently.
To use a modern euphemism so readily bandied about this current Bermuda model is “unsustainable”
IMO, it’s not a case of middle class earning more its about decreasing hyperinflation. The cost of living is so inflated that there is no money left to spend on the economy. Healthcare costs , the cost of a home, the cost of a car are all way to high. Therefore, until the cost of living is lowered, the economy will never bounce back fully. I also think besides what I stated above, people are catching onto the fact that they are continuously spending their money on liability items that go down in value the day you take it home. Many are getting wise to saving their money instead of spending it on things that don’t make you happier in the end.
I just don’t think Bermuda can compete with other places for tourism. No matter how much effort we put in, we we always be too expensive compared to other places. And I fully understand that we can never be as inexpensive as other places that pay their employees a much smaller wage, I get it. But that information is not important to people when they are picking a destination. Expensive is expensive no matter how valid it may be.
What was truly sad to me was looking at the aerial views provided by the helicopter during the AC race coverage. Nothing but rooftops. Well done…we look like a concrete jungle in the middle of the ocean…that is product differentiation for you…again – unsustainable…
My country was once so beautiful…now it is…well… so much less.
The Huge local Goverment feeds on its self and the ecconomy of a population of 60,000 will never be able to support it.