Good day to members of the media and the listening public...
Today, I am pleased to present an update on Bermuda’s economic performance, following the release of the 2025 Annual Gross Domestic Product report by the Department of Statistics.
The latest figures confirm that Bermuda's economy continued to expand in 2025, marking another year of positive economic growth.
The 2025 Annual Gross Domestic Product (GDP) report from the Department of Statistics confirmed that Bermuda’s economy grew by 1.0% in real terms in 2025 to reach $7.2 billion, marking five consecutive years of economic growth.
Bermuda’s economy increased by 6.5% in nominal terms in 2025 reaching approximately $9.85 billion, and exceeding the Ministry of Finance's estimate of 2.5 to 3 per cent growth. At current prices, the GDP per capita rose to $154,320 at the end of 2025. This compares with a GDP per capita of $144,705 in 2024.
Despite an increasingly complex global economic environment, characterised by geopolitical uncertainty, international trade pressures and changing economic conditions, Bermuda's economy has demonstrated resilience, stability and continued progress.
The results reinforce the importance of maintaining a clear economic development strategy, strengthening our international competitiveness, supporting local businesses, and ensuring that Bermudians have meaningful opportunities to participate in our country's economic success.
One of the encouraging findings in the annual GDP report is that 11 of Bermuda's 19 industrial groups recorded positive real economic growth in 2025.
Bermuda’s economic growth was led by Financial and Insurance Activities, which grew by 2.8% or $26.1 million. The performance was supported by non-life insurance which rose 12.8%, and life insurance and pension funding which rose 28.3%.
International Business continued to be Bermuda's largest contributor to GDP, accounting for approximately 29 per cent of total economic output. The sector expanded by 0.8% in real terms, adding approximately $16.8 million in value, and having 5,070 filled jobs in 2025. The industry’s performance demonstrates the continued importance of Bermuda's international business sector and reinforces the need to preserve our competitive position as a leading international business jurisdiction.
Construction and Quarrying was another positive contributor, rising 5.9% or $15.6 million due to increased building construction activity throughout the year. This follows growth of 9.1% in 2024, demonstrating two consecutive years of strong expansion in construction activity.
Other Service Activities increased 20.3% or $15.0 million, reflecting growth in hairdressing and beauty treatment services and other personal services.
The following industries also demonstrated positive economic performance:
- Public Administration, up 4.5% or $14.2 million,
- Transportation and Storage, up 6.7% or $8.4 million,
- Arts, Entertainment and Recreation, increasing by 24.8% or $7.3 million,
- Real Estate Activities, up 0.4% or $4.5 million, and
- Agriculture, Forestry and Fishing, recorded an increase of 30.4% or $4.4 million.
Other sectors experiencing modest growth include Information and Communication and Wholesale and Retail Trade.
While the overall results are positive, it is important that we acknowledge areas of the economy where performance has been weaker. The Accommodation and Food Service Activities industry declined by 5.6% or $15.9 million. Education fell 3.7% or $4.2 million. Electricity, Water Supply and Waste Management decreased 4.0% or $3.7 million and Manufacturing declined 11.5% or $3.2 million. Small declines were also observed in Human Health and Social Work; Administrative and Support Services; Professional, Scientific and Technical Activities; and Activities of Households as Employers.
Overall, the Annual GDP report on economic activity for 2025 indicates that Bermuda’s economy continues to grow, supported by performance in key industries such as financial and insurance services, international business and construction. While growth has moderated compared to recent years, continued expansion across most industries demonstrates the underlying strength and adaptability of Bermuda’s economy.
Bermuda's economy has recorded five consecutive years of real economic growth, demonstrating resilience and stability. Our focus now must be on accelerating that growth, diversifying our economy and ensuring that more Bermudians benefit through employment, homeownership, entrepreneurship and greater economic opportunity.
For more information, please review the 2025 Annual Gross Domestic Product report, available at the Department of Statistics online at gov.bm.
Thank you.
