2024 Tourism Satellite Account Report Released
The Ministry of Economy and Labour Jason Hayward released the 2024 Tourism Satellite Account report from the Department of Statistics.
The Minister explained, “The Tourism Satellite Account Report highlights the direct, indirect and induced effects of the tourism industry on output, employment and wages in Bermuda. In 2024, the tourism industry contributed 4.5 per cent of Bermuda’s Gross Domestic Product in current prices. Gross value added produced from activities of tourism-related establishments such as hotels, restaurants, travel agencies and passenger transport businesses, totalled $987 million. Of this total, gross value added derived from direct tourist spending accounted for 41.6 per cent or $410 million.”
“The tourism industry generated 2,782 jobs in 2024, a 7.7 per cent increase when compared to 2023. These jobs accounted for approximately 8.3 per cent of the total jobs in Bermuda’s economy. Employment of Bermudians directly associated with tourism totalled 1,740 workers, representing 62.5 per cent of tourism jobs and reflecting a 4.2 per cent increase compared with 2023.”
The Minister concluded, “After factoring in the multiplier effects of visitor spending on output, employment and wages to households, tourism indirectly contributed an additional $131 million in value added to the economy and 407 additional jobs. The combined direct and indirect effects on wages were measured at $367 million in 2024. The spending of these wages in the Bermuda economy, in turn, has a multiplier effect by further creating additional jobs and wages, which is referred to as the induced effect of tourism spending. These induced effects were measured at 745 jobs and $105 million in wages. Tourism’s contribution to government revenue in 2024 was $189 million or 15.1 per cent of the total revenue.”
The spokesperson said, “The 2024 Tourism Satellite Account report is available online at https://www.gov.bm/tourism-statistics. The public is advised to read the concepts and definitions on the last page of the report before reviewing the data.”
The 2024 Tourism Satellite Account report follows below [PDF here]:
“2024 Tourism Satellite Account Report Released”
First, why has it taken more than 1 year to publish the report?
Second, is the report any more accurate than the retail price inflation statistics that suggest the price of goods reduces once put on a ship in Port Elizabeth N.J?