Tourism Industry Contributed 3.8% To GDP

March 27, 2024 | 13 Comments

The Minister of Economy and Labour Jason Hayward released the 2022 Tourism Satellite Account report from the Department of Statistics.

Minister Hayward explained, “The Tourism Satellite Account Report highlights the tourism industry’s direct, indirect, and induced effects on output, employment, and wages in Bermuda. In 2022, the tourism industry contributed 3.8 per cent of the total Bermuda Gross Domestic Product in current prices. Gross value added from activities of tourism-related establishments, such as hotels, restaurants, travel agencies, and passenger transport businesses, totalled $815 million. Of this total, gross value added derived from direct tourist spending accounted for 36.2 per cent or $295 million.”

Chart extracted from the report

statistics Bermuda March 26 2024

“The tourism industry provided 2,113 jobs in 2022, an 85.8 per cent increase compared to 2021. These jobs accounted for approximately 6.6 per cent of the total jobs in the Bermuda economy. Employment of Bermudian workers related directly to tourism represented 67.4 per cent (1,425 workers), a 74.0 per cent increase compared to 2021.”

“After factoring in the multiplier effects of visitor spending on output, employment, and household wages, tourism indirectly contributed an additional $90 million in value to the economy and 290 additional jobs. The combined direct and indirect effects on wages were $261 million in 2022.”

Minister Hayward concluded, “The spending of these wages in the Bermuda economy, in turn, has a multiplier effect by further creating additional jobs and wages, referred to as the induced effect of tourism spending. These induced effects were measured at 522 jobs and $57 million in wages. Tourism’s contribution to government revenue in 2022 was $151 million or 13.6 per cent of the total revenue.”

A spokesperson said, “The 2022 Tourism Satellite Account report is available online at The public is advised to read the concepts and definitions on the last page of the report before reviewing the data.”

The full 2022 Tourism Satellite Account Report follows below [PDF here]:

click here banner Bermuda tourism

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Comments (13)

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  1. Joe Bloggs says:

    ” the tourism industry’s direct, indirect, and induced effects on output, employment, and wages in Bermuda”

    Oh, how I would love to be able to ask the Minister what that means in simple terms.

    • Ringmaster says:

      Plantation question. How dare you challenge the calculations. At best there would be refusal to answer. Or, are you that stupid to understand. Otherwise silence and deer in the headlamps look because he has no idea what he said.

      • Joe Bloggs says:

        So a question to a politician responsible for the economy who has demonstrated a complete lack of understanding of economics is a “plantation question”?

        If that is the case, I guess I am never allowed to ask a question again. Not merely in PLP Town Hall meetings, but ever, anywhere.

  2. Vortex says:

    Which is an incredibly small amount, and yet it is constantly debated.

    We are no longer a tourist destination, the UK which definitely does not see itself as a tourist destination is 5% of GDP.

    So can we please spend more time and attention on what really keeps Bermuda turning; Insurance and Reinsurance.

    • Joe Bloggs says:

      “We are no longer a tourist destination”

      Not leisure tourism. That has been the case for 30 years or more. But we have “business tourism”, and we need hotels, restaurants and entertainment to maintain that economic pillar.

      • Graham says:

        Business Tourism’?! I’m not sure that’s a thing, it just business.

        We need all those things you describe, but not because of tourism, because of business.

        Don’t fall foul of PLP spin.

        • Joe Bloggs says:

          It is not PLP spin. International business originally came here because Bermuda was an enjoyable place to be. At some point in the 1980s our economy flipped from being mostly tourism supported by international business to mostly international business supported by tourism. Since that time, most of our hotel guests have been here for business. We priced ourselves out of the leisure tourism market.

          With all of that said, we need to maintain hotel accommodation, restaurants and entertainment if we want to keep business visitors coming to Bermuda.

      • Pa says:

        We have 36 chiefs holding the bag who are sworn to manage the business of this our island paradise , What are we waiting for ?
        As I see some it these days many just pass the buck or bash each other for up ~ man~ ship, and playing the blame game, being the typical past time.

        Where on earth does that get you.

        Sad to say that has become a plague or is it we have to do their jobs for them that is evident because fact is that this island is going no where fast ,as we the public bash our heads against the wall to pay the taxes even for food , shame on our leaders.

        Let me dwell on this high tax situation which stops visitors from coming here, a reputation of being too expensive that one we do not need .

        If this Anglo/ Americal sea side place goes down the slippery do we all.

        It was said in the budget ,no new taxes .
        Never said the elimination of heavy taxes .
        Reduce overheads expenses before it is too late .

        We all know that he who has the most marbles wins the game Bermuda does not have very many marbles left .
        This island does not have very many irons in the fire and that has got to change the more cherries in the pie the better it taste, or is it some body had got their foot on the brake going up hill.

        All it takes is hard work; imagination; enthusiasm; fortitude; energy; a desire to win and beat the competiotin at their own game.
        it is evident that government wants our tax dollars with double dip land tax , pay role tax ,and the sale boat and car licenses.
        I am old enough to know we lived in an island where there were no taxes. Now it is all take and no give.
        I am a senior and at 65 you push me and hundeds of dedicated others out the door the rest got on the jet .

        Never fire the mechanic or the doctors

        Sad to say we live in the ” Island of no” !
        Every thing had fallen apart Thank alot !

  3. trufth says:

    2022? Is that a typo? Surely we aren’t JUST NOW hearing 2 year old news!!

    What about 2023? Or did those numbers not look good and need a bit more “massaging?”

  4. Ringmaster says:

    The Department of Statistics must be staffed by Supermen and women. To issue a report of statistics for a period that ended 15 months ago takes some real stamina and effort. Give these people a special award. Of course 2022 would look good compared to 2021. Bermuda was still under Government restrictions in 2021.

    • Question says:

      2022’s tourism would have looked a lot better had we not had the useless and unpopular TA forms for most of the year. But we all know the real reason for that, don’t we.

    • Hilarious! says:

      One reason why Excel is an excellent tool for statisticians to use to crunch numbers and produce outcomes.

  5. Hey says:

    Compare it to 2017 not 21 a COVID year. Let’s see how well the PLP have done versus the OBA. The PLP should be sacked.

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