Annual Gross Domestic Product

About the Economic Activity Survey 

The objective of the Annual Economic Activity Survey (EAS) is to develop a range of statistics, suitable for comparing the relative economic performance of all industrial divisions of the Bermuda economy. The EAS is the instrument used by the Department of Statistics to collect key economic information from a broad range of businesses and organizations in both the private and public sectors of the economy. These institutions include incorporated businesses, schools, restaurants, sports clubs, hotels, religious entities, public bodies, small unincorporated enterprises, and international companies. A greater level of macroeconomic data about the changing economy is needed by business entities that aim for continuous growth. Reliable and relevant economic data enhance the quality of decision making in the public and private sectors.

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Annual Gross Domestic Product 2022 Highlights

Gross Domestic Product (GDP) at constant purchasers’ prices rose by 6.4 per cent to $6.7 billion in 2022. This figure is above the pre-pandemic figure of $6.5 billion in 2019. Overall, 12 of the 19 industrial groups contributed positive growth to the real GDP. The largest increases to value added in absolute terms were recorded for Financial and Insurance Activities, international business Activities and Accommodation and Food Services Activities which grew by $159.8 million, $137.0 million and $55.2 million, respectively. In contrast, value added in the Human Health and Social Work industry, the Agriculture, Forestry and Fishing industry and Public Administration decreased by $6.6 million, $5.7 million and $1.5 million, respectively. 

Economy-wide inflation, as measured by the implicit price index, was 0.9 per cent. Including inflation, GDP at current purchasers’ prices rose 7.4 per cent compared to 2021. GDP per capita at current prices was measured at $122,253. The public is encouraged to review the Annual Gross Domestic Product 2022 Highlights publication below.

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