Today, the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, 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."
"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."
The 2022 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.